Guosen Securities(SZ:002736) 券商中国·2025-04-11 08:09Core Viewpoint - The merger and acquisition activity in the securities industry is progressing, with Guosen Securities acquiring a 96.08% stake in Wanhua Securities, aiming to optimize the strategic layout of state-owned financial assets in Shenzhen [2][4]. Group 1: Merger and Acquisition Progress - On April 10, 2024, the Shenzhen Stock Exchange accepted the transaction for Guosen Securities to acquire Wanhua Securities, marking the start of the regulatory review process [2][4]. - The acquisition was initially announced in August 2024, with various stages of approval completed by December 2024, but the regulatory review took several months to commence [4][6]. - The acquisition price is set at 8.6 yuan per share, valuing the transaction at 5.192 billion yuan, with no additional fundraising involved [4][6]. Group 2: Financial Impact - If the acquisition is completed, Guosen Securities expects a slight increase in total assets, equity, revenue, and net profit, all projected to grow by less than 5% [2][6]. - Based on financial data as of November 30, 2024, Guosen Securities' total assets would increase to 520.097 billion yuan, with revenue rising to 18.313 billion yuan and net profit reaching 7.453 billion yuan [6]. - Wanhua Securities reported significantly lower financial metrics, with revenue of 421 million yuan and net profit of 29.204 million yuan for the same period, highlighting the disparity between the two firms [6]. Group 3: Strategic Objectives - The acquisition aims to enhance the strategic restructuring and professional integration of state-owned financial assets, improving the efficiency of capital allocation [6][7]. - Guosen Securities plans to leverage the policy advantages of Hainan Free Trade Port to develop cross-border financial services, creating new profit growth points [7]. - The geographical distribution of Wanhua Securities' branches is seen as beneficial for expanding Guosen Securities' service capabilities in key economic regions such as the Guangdong-Hong Kong-Macau Greater Bay Area and the Yangtze River Delta [7].