证监会，批了！券业又一并购拿下批文

Core Viewpoint - The acquisition of Wanhe Securities by Guosen Securities has received approval from the China Securities Regulatory Commission (CSRC), marking a significant step in the consolidation of the securities industry under local state-owned assets [1][2]. Group 1: Acquisition Details - On August 22, the CSRC approved Guosen Securities to become the major shareholder of Wanhe Securities, with Shenzhen Investment Holding Co., Ltd. as the actual controller [2]. - Guosen Securities will acquire 2.184 billion shares of Wanhe Securities, representing 96.0792% of the total shares, through a share swap [2]. - The approval allows Guosen Securities to issue shares to several entities, including Shenzhen Capital Operation Group Co., Ltd. and others, to purchase related assets [2]. Group 2: Timeline and Progress - The acquisition process has been slower than expected, taking over a year since Guosen Securities first announced the acquisition plan on August 2, 2024 [3]. - The project underwent various stages, including a public announcement in September 2024, approval from the Shenzhen State-owned Assets Supervision and Administration Commission in December, and a successful review by the stock exchange in June 2025 [3]. - The time from application acceptance to receiving the approval took four months [3]. Group 3: Financial Performance - Guosen Securities reported a revenue of 20.167 billion yuan and a net profit of 8.217 billion yuan for 2024, while Wanhe Securities had a revenue of 500 million yuan and a net profit of 52.39 million yuan [4]. - For the first five months of 2025, Wanhe Securities generated a revenue of 161 million yuan with a net profit of only 139,200 yuan, indicating a struggle to maintain profitability [5]. Group 4: Strategic Focus and Integration - The acquisition reflects a strategic move by local state-owned assets to reassess resource allocation and integrate brokerage assets rather than a typical strong merger [4]. - Guosen Securities aims to position Wanhe Securities as a leading regional brokerage in specific business areas, particularly in cross-border asset management within the Hainan Free Trade Port [5]. - The integration plan includes the consolidation of branch offices, with Guosen Securities planning to streamline operations by closing underperforming branches [6][7].