竞拍拿下！进度条：99.98%！

Core Viewpoint - Guolian Minsheng Securities has acquired 81.543 million shares of Minsheng Securities from Pan Ocean Holdings through judicial auction, increasing its stake from 99.26% to 99.98% [2][3][5]. Group 1: Transaction Details - The shares were purchased for 171 million yuan, representing 0.72% of Minsheng Securities' total equity [2][3]. - The transaction is pending the completion of share transfer procedures [3][5]. - This acquisition is part of a long-term strategy for equity integration between Guolian Securities and Minsheng Securities [6]. Group 2: Background on Guolian Minsheng Securities - In March 2023, Guolian Group, the controlling shareholder of Guolian Securities, acquired 3.471 billion shares of Minsheng Securities, amounting to 30.3% of its equity for 9.105 billion yuan [6]. - The merger process accelerated in 2024, with Guolian Securities planning to issue A-shares to purchase 100% of Minsheng Securities [6]. Group 3: Context of Pan Ocean Holdings - Pan Ocean Holdings is facing a significant debt crisis, which has led to the judicial auction of its shares in Minsheng Securities [7][8]. - The auction was conducted due to debt disputes, with the proceeds intended to reduce some of Pan Ocean's liabilities [9]. - As of October 31, 2025, Pan Ocean Holdings reported a net loss of 6.758 billion yuan and total debts of 34.159 billion yuan, indicating severe liquidity issues [12].