Guosen Securities(SZ:002736)2024-09-08 11:56Group 1: Acquisition Strategy - The acquisition of 96.08% of Wanhe Securities is driven by three main considerations: responding to higher-level directives, enhancing cross-regional layout, and achieving resource complementarity [1][3]. - The acquisition aligns with national strategies to build a first-class investment bank and optimize state-owned enterprises, enhancing core competitiveness [3][4]. Group 2: Strategic Positioning Post-Acquisition - Wanhe Securities has 52 branches, with approximately one-third located in the Guangdong-Hong Kong-Macao Greater Bay Area, which complements GuoXin Securities' wealth management services [4][5]. - The strategic location of Wanhe Securities in Hainan Free Trade Port provides significant policy advantages, facilitating breakthroughs in cross-border asset management [4][6]. Group 3: Transaction Details - The transaction involves seven shareholders of Wanhe Securities, collectively holding 96.08% of the equity, with the acquisition structured as a share issuance for asset purchase [4][5]. - The share price for the transaction is set at 8.60 CNY per share, which complies with regulatory requirements, being no less than 80% of the average price over the past 20, 60, and 120 days [5][6]. Group 4: Future Developments - Post-acquisition, the integration of Wanhe Securities will be conducted in accordance with regulatory requirements, with potential consideration for a name change based on brand reputation and integration plans [6]. - The company is actively engaging intermediary institutions to expedite due diligence, auditing, and evaluation processes for the acquisition [6].