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Core Viewpoint - Huatai Securities plans to increase its stake in Huafu Fund Management Co., Ltd. to 51%, becoming the controlling shareholder, which will further expand its wealth management footprint [2][4]. Group 1: Company Overview - Huafu Fund was established on April 19, 2004, in Shanghai, with a registered capital of 250 million RMB. Its main business includes fund raising, fund sales, and asset management [4]. - Currently, Huatai Securities holds 49% of Huafu Fund's shares, making it the largest shareholder, while Anhui Credit Financing Guarantee Group Co., Ltd. and Hefei Xingtai Financial Holding Group Co., Ltd. hold 27% and 24%, respectively [4]. Group 2: Financial Performance - As of September 30, 2025, Huafu Fund's total consolidated assets amounted to 866 million RMB, with a net asset of 705 million RMB. For the first three quarters of 2025, it achieved a consolidated operating income of 254 million RMB and a net profit of 19 million RMB [4]. - By the end of 2025, Huafu Fund managed 87 public funds with a management scale exceeding 100 billion RMB, reflecting a 20% growth compared to the previous year [5]. Group 3: Strategic Implications - The acquisition of a controlling stake in Huafu Fund will allow Huatai Securities to obtain a public fund license, enhancing its wealth management business layout and creating a diversified product spectrum [5]. - Huatai Securities has been actively expanding in the wealth management sector, with a reported over 15% growth in revenue from this business line in 2024 [5]. - The integration of Huafu Fund into Huatai Securities' full business chain is expected to improve asset allocation services and strengthen its core competitiveness [5].