Xin Lang Zheng Quan·2025-11-26 12:45Group 1 - The core point of the news is that Xinda Securities is planning to issue A-shares to merge with Dongxing Securities and itself, resulting in the historical disappearance of "Xinda Securities" [1] - After the merger, the combined asset scale of the new brokerage will exceed 1 trillion yuan [1] - However, the merger will not significantly increase the equity investment banking project reserves, as Xinda Securities currently has only one remaining project, which is the private placement of Beiken Energy [1][2] Group 2 - Beiken Energy's private placement plan involves issuing up to 54 million shares at a price of 6.59 yuan per share, raising a total of no more than 353 million yuan [2][4] - The current controlling shareholder, Chen Pinggui, will see his shareholding decrease from 14.15% to 11.15% after the private placement, while Chen Dong's shareholding will increase from 0% to 21.18% [2][4] - Concerns arise regarding Chen Dong's ability to pay the 353 million yuan subscription amount, given his average annual salary of less than 1 million yuan [4] Group 3 - Chen Pinggui has been reducing his holdings in Beiken Energy, cashing out approximately 5.5 million yuan over the past year [4][5] - The private placement price of 6.59 yuan per share is about 2 yuan lower than the recent selling price of Chen Pinggui, creating an 80% arbitrage opportunity if the placement is successful [5] - If the private placement is completed, Chen Dong could potentially realize a paper profit of approximately 280 million yuan [5] Group 4 - The news also highlights the recent IPO of Aomeisen, which was previously sponsored by Xinda Securities, raising questions about the company's financial practices [6][12] - Aomeisen's net profit showed significant fluctuations, with a 70.5% drop in 2022 after withdrawing its IPO application, followed by a 248.09% increase in 2023 [10][11] - Concerns about Aomeisen's internal control and financial accounting practices were raised during inspections by the Guangdong Securities Regulatory Bureau [11][12]