Core Viewpoint - Guosen Securities is progressing with the acquisition of Wanhe Securities, having received acceptance from the Shenzhen Stock Exchange for its application to issue shares for asset purchase [1][3][4] Group 1: Acquisition Details - Guosen Securities plans to acquire 96.08% of Wanhe Securities through the issuance of A-shares to several major shareholders [3] - The acquisition process began in August 2024, with various disclosures and approvals from the Shenzhen State-owned Assets Supervision and Administration Commission and Guosen Securities' shareholders [3][4] - The transaction requires further approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission (CSRC) before it can be officially implemented [4] Group 2: Financial Performance of Wanhe Securities - Wanhe Securities reported revenues of 1.02 billion yuan in 2022, 5.14 billion yuan in 2023, and 4.21 billion yuan in the first 11 months of 2024, with net profits of -279 million yuan, 61.54 million yuan, and 29.20 million yuan respectively [5] - Over 80% of Wanhe Securities' revenue comes from wealth management and proprietary investment businesses, which generated 188 million yuan and 184 million yuan respectively in the first 11 months of 2024 [5] Group 3: Market Position and Rankings - As of the end of 2023, Wanhe Securities ranked 81st in total assets, 76th in net assets, 83rd in operating income, and 78th in net profit among its peers [6][7] - The company has seen improvements in its operating income ranking, moving from 99th in 2022 to 83rd in 2023 [6] Group 4: Strategic Implications for Guosen Securities - The acquisition is expected to enhance Guosen Securities' regional layout and capitalize on the policy advantages of the Hainan Free Trade Port [8] - It will also strengthen Guosen Securities' capabilities in serving key national development areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [8]