Zheshang Securities(SH:601878) 券商中国·2025-05-16 13:10Core Viewpoint - The restructuring of Guodu Securities' board marks a significant milestone in the merger and integration process with Zheshang Securities, laying a crucial foundation for the latter's strategic goal of becoming a leading national mid-to-large-sized brokerage firm [2][3]. Group 1: Board Restructuring - Guodu Securities held its first extraordinary shareholders' meeting for 2025 on May 16, where a new board of directors and supervisory board were elected, with Zheshang Securities' president Qian Wenhai becoming the chairman [1]. - The new board consists of 10 directors and 3 independent directors, with 6 directors and 2 independent directors nominated by Zheshang Securities successfully elected [3]. - The newly appointed directors possess extensive experience in the securities industry, with Qian Wenhai having over 20 years of financial management experience [3][4]. Group 2: Strategic Integration - The integration process, which began in December 2023, has seen Zheshang Securities acquire a 34.76% stake in Guodu Securities, establishing a controlling position [3][8]. - The board restructuring is a key step in the merger, transitioning from capital integration to governance integration, aiming to enhance market-oriented governance [5][9]. - The merger is expected to significantly increase capital strength and total asset scale, facilitating large investment banking projects and expanding institutional business [5][6]. Group 3: Regional Synergy - The integration breaks traditional regional barriers, allowing Zheshang Securities, which focuses on the Yangtze River Delta, to combine with Guodu Securities, which has a strong presence in the Beijing-Tianjin-Hebei region [6][7]. - This collaboration aims to create a comprehensive financial ecosystem that leverages regional strengths and provides customized services for manufacturing upgrades and emerging industry financing [6][7]. Group 4: Financial Performance and Cost Optimization - The acquisition has been a market-driven process, costing approximately 5.185 billion yuan over 15 months, with a strategy of phased acquisition and cost optimization [8][9]. - The integration is expected to enhance service capabilities across wealth management, investment banking, and credit trading, transitioning to a comprehensive service model [7][9].