Core Viewpoint - The ownership change of Credit Suisse Securities has been completed, with the company now renamed Beijing Securities, marking the end of a nearly year-long equity sale process and the beginning of a new chapter under the control of Beijing State-owned Assets Management Company [2][11]. Group 1: Ownership and Structural Changes - Credit Suisse Securities has been renamed Beijing Securities, with Beijing State-owned Assets Management Company becoming the largest shareholder with an 85.01% stake, while UBS Group's stake has decreased to 14.99% [2][11]. - A supplementary agreement was signed on July 21, detailing seller responsibilities regarding potential claims arising from business activities prior to the equity transfer, with a claim limit set at 75% of the transaction price [2][4]. - The ownership transition reflects a strategic move by UBS Group to streamline its operations in China, as it retains its other entity, UBS Securities, while divesting from Credit Suisse Securities [9][10]. Group 2: Historical Performance and Challenges - Credit Suisse Securities, established in 2008, struggled with profitability, reporting losses in eight out of its first ten years, with total assets not exceeding 1 billion yuan [3][4]. - The peak performance year was 2021, with revenues of 497 million yuan and a net profit of 45 million yuan, largely driven by investment banking activities [4][5]. - The company faced significant challenges in 2022, resulting in a net loss of 254 million yuan, and continued to report losses into 2024, with revenues dropping to 57 million yuan, a 63.81% decline year-on-year [5][6]. Group 3: Future Prospects and Market Context - The rebranding to Beijing Securities signifies a renewed opportunity for the company to leverage local state-owned resources in a competitive market [11]. - The local state-owned securities firms are expanding, with Beijing Securities joining the ranks of other state-controlled brokerages, indicating a trend of consolidation and potential for improved performance [11]. - The market is witnessing a wave of mergers and acquisitions, raising questions about whether the new Beijing Securities can achieve profitability and capitalize on emerging opportunities [11].

Group 1 - Beijing State-owned Assets Management Company has now acquired at least five securities firms, including the newly renamed Beijing Securities, formerly known as Credit Suisse Securities [1][2] - Credit Suisse Securities was established in October 2008 as a joint venture between Founder Securities and Credit Suisse, with respective ownership stakes of 66.7% and 33.3% [1] - In June 2023, Credit Suisse was merged into UBS, leading to the need for UBS to resolve its ownership issues regarding both UBS Securities and Credit Suisse Securities under the "one reference, one control" regulation [1] Group 2 - The agreement for the transfer of shares in Credit Suisse Securities to Beijing State-owned Assets Management Company was reached in June last year, with the respective transaction prices being $91.35 million and $124 million [2] - The total transaction amount for the share transfers exceeded 1.5 billion RMB [2] - With the acquisition of Credit Suisse Securities, the number of securities firms controlled by Beijing State-owned Assets Management Company has increased to five, alongside other firms such as Founder Securities and CITIC Securities [2]

致:国联证券股份有限公司 北京市嘉源律师事务所 北京市嘉源律师事务所 关于国联证券股份有限公司 向特定对象发行 A 股股票之 补充法律意见书 (三) 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 关于国联证券股份有限公司 向特定对象发行 A 股股票之 补充法律复见书 (三) 嘉源(2023)-01-327 敬启者: 根据发行人与本所签订的《专项法律顾问协议》,本所担任本次发行的专项 法律顾问,并获授权为本次发行出具律师工作报告及法律意见书。本所已于 2023 年 2 月 27 日出具了嘉源 (2023) -01-102 号《律师工作报告》、嘉源(2023) -01-101 号《法律意见书》,于 2023年 1月 29 日出具了嘉源(2023)-01-026 号 《北京市嘉源律师事务所关于国联证券股份有限公司非公开发行 A 股股票之补充 法律意见书(一)》,并于 2023年 3月 30日出具了嘉源(2023)-01-250 ...