Core Viewpoint - Ruida Futures plans to invest 589 million yuan to acquire 11.9351% equity in ShenGang Securities, but the completion of this cross-industry layout remains uncertain due to regulatory approvals needed [1][3] Group 1: Investment Details - The acquisition involves purchasing 8.1112% equity from the second-largest shareholder, Yucheng Global, and 3.8239% from the eighth-largest shareholder, Jiatai New Capital [3][12] - The current major shareholders of ShenGang Securities include Maocen Group and Yucheng Global, each holding 12.1669%, while Changjia Investment and Zhongchengxin Investment hold 11.5875% each [3][4] - The total capital of ShenGang Securities is 431.5 million yuan, with a net asset of 5.826 billion yuan as of September 2025, showing slight growth from the previous year [10][11] Group 2: Strategic Rationale - The acquisition aims to achieve a "globally competitive derivatives investment bank" strategy, integrating securities and futures business resources to enhance comprehensive financial services [3][7] - The overlap in customer bases between futures and securities businesses could lead to resource sharing and expanded service offerings in risk and wealth management [5][6] Group 3: Regulatory and Financial Considerations - The transaction is subject to several preconditions, including the release of pledged shares held by Yucheng Global, which is critical for the deal's completion [5][12] - Ruida Futures has sufficient capital to support the acquisition without additional financing, as indicated by its total assets of 20.44 billion yuan and net profit of 388 million yuan in the first three quarters of 2025 [8][13] Group 4: Industry Context - This acquisition is notable as it represents a rare case of a futures company acquiring a securities firm, contrasting with the more common trend of securities firms acquiring futures companies [5][14] - The regulatory environment poses challenges, as the Securities Company Shareholding Management Regulations impose strict requirements on shareholder qualifications, although Ruida's planned stake is below 5%, simplifying the approval process [14]