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on the evening of september 24, the china securities regulatory commission issued the "opinions on deepening the reform of the merger and acquisition market of listed companies". the relevant policies will significantly boost the merger and acquisition market, and promote market activity and corporate transformation and upgrading through specific and powerful measures.

on september 26, the "smart investment in the future, new merger and acquisition pattern - 2024 minsheng securities semiconductor technology enterprise investment and m&a summit" was grandly held in wuxi, hosted by the office of the financial committee of the wuxi municipal committee of the communist party of china and minsheng securities co., ltd., and supported by the wuxi semiconductor industry association and china merchants bank wuxi branch. this conference was the first investment and m&a summit held in the industry after the official announcement of the "six mergers and acquisitions" and has attracted much attention and attention from all parties. it attracted nearly 200 people including relevant government leaders and authoritative figures, well-known entrepreneurs and experts and scholars in the industry, and the main leaders of industrial funds, many well-known investment institutions, and financial institutions to attend the meeting. the venue was packed and popular.

many people discussed the "core" of chen dahai, and many institutions signed contracts on the spot

zhang hongjun, deputy secretary of the wuxi municipal committee of the communist party of china's financial work committee, said in his speech that in recent years, wuxi has thoroughly implemented the spirit of the 20th national congress of the communist party of china and the spirit of the central financial work conference, closely focusing on the purpose of financial services for the real economy, and has issued special policies to support the high-quality development of listed companies, established a high-quality development fund for listed companies, built a new service platform for "financial reception rooms", and carried out "one-on-one" research and consultation services to cover all aspects, and continued to promote the "wuxi sector" of the capital market. he emphasized that the day before yesterday, chairman wu qing put forward the "six opinions on supporting mergers and acquisitions" to further stimulate the vitality of the merger and acquisition market. today, we are holding the semiconductor technology enterprise investment and merger summit here for the first time, which is another important measure to implement the policy requirements at all levels and promote the development of financial empowerment industries. i hope that all entrepreneur friends will seize the opportunity, communicate in depth, seek opportunities for cooperation, and create more win-win models for capital and industry; i hope that minsheng securities will give full play to the advantages of leading institutions in the field of domestic investment banks, provide all-round professional financial services for corporate investment and mergers and acquisitions, and create a golden signboard for financial services.

xiong leiming, president of minsheng securities, extended a warm welcome to the guests. in his speech, he mentioned that the integrated circuit industry is the "trump card industry" with the longest development history in wuxi. at present, minsheng securities is actively engaged in the layout of wuxi's semiconductor industry, and is committed to providing diversified, full-chain comprehensive financial services to relevant departments of the wuxi government and semiconductor companies, jointly exploring opportunities, integrating resources, and promoting development. in the future, minsheng securities will also closely follow the requirements of the wuxi municipal party committee and municipal government, and through the integration of policies and resources, capital and financial services, empower semiconductor companies to develop in wuxi, and jointly build a coordinated and efficient development pattern.

in recent years, the global semiconductor industry has faced tremendous changes, and china's semiconductor industry plays an important role in the restructuring of the global supply chain. as the international situation becomes more complicated and technological barriers deepen, china continues to increase its efforts to promote independent innovation, technological breakthroughs and domestic substitution in the semiconductor industry. faced with technical bottlenecks in chip design, manufacturing, packaging and testing, equipment and materials, the intellectual support of industry experts is particularly important.

as a boutique securities firm focusing on high-tech and strategic emerging industries, minsheng securities has been deeply involved in the semiconductor industry and has always been committed to providing customers with a full range of financial services. in order to better respond to the national semiconductor independent and controllable strategy, and give full play to the important role of industry experts in promoting technological innovation, industrial integration and capital operation. for this conference, minsheng securities specially hired 9 industry experts with deep professional background and rich experience in the semiconductor field as consultants of the company. through the guidance of experts and industry insights, minsheng securities will further provide more accurate financial solutions for semiconductor companies, and help the independent development of china's semiconductor industry and enhance its international competitiveness.

as global technological competition becomes increasingly fierce, especially in the semiconductor industry, china is entering a critical period of accelerated catch-up and breakthroughs. the government has always played a vital role in promoting regional economic development and industrial upgrading. relying on policy guidance and industrial resource advantages, the districts of wuxi city actively build platforms to promote the deep integration of enterprises and capital. through the guidance of the government, the innovation power of enterprises and the resource support of capital can be fully combined, which has promoted the growth and improvement of the entire semiconductor industry chain.

at the conference, minsheng securities signed cooperation agreements with wuxi high-tech zone and two enterprises to promote win-win cooperation among wuxi high-tech zone, cooperative enterprises and minsheng securities, further accelerate the integration and development of the regional semiconductor industry chain, and lay the foundation for wuxi to build a more solid semiconductor industry ecology. in addition, minsheng securities signed cooperation agreements with 21 cooperative enterprises to start resource sharing and achieve complementary advantages.

fang jing, chief analyst of the electronics industry at minsheng securities research institute, expressed his latest strategic views in his speech. he mentioned that looking back at the growth of the semiconductor industry in the past 20 years, each round of semiconductor cycles was driven by representative product demand, such as 2002-2007 in the pc era and 2012-2018 in the smartphone era. at present, the wave of ai will start in 2023. at present, it is mainly cloud capital expenditure construction. in the future, it will enable a number of traditional applications such as mobile phones, pcs, automobiles, and the internet of things, which will be the main driving factor for the next round of semiconductor cycles.

at the conference, many experts, scholars, industry leaders, corporate representatives, etc. delivered keynote speeches and shared wonderful views on the development status and broad prospects of the semiconductor technology industry.

gu wei, president of wuxi guolian group, secretary of the party committee of guolian securities, and chairman of minsheng securities, pointed out in his concluding speech at the conference that the summit aims to build a high-end platform for in-depth exchanges for participating companies, promote cooperation in the fields of investment, financing and mergers and acquisitions, jointly explore new opportunities, and open a new chapter of win-win. he said that the integration of guolian securities and minsheng securities is progressing steadily. in the future, the integrated 100 billion-level securities company will have more capabilities and resources to continue to work hand in hand with the industry and institutions to jointly promote the prosperity and development of china's semiconductor industry.

give full play to the advantages of the "three investments" engine and expand the efficiency of industrial and financial integration

as one of the few cities in china that has developed the entire integrated circuit industry chain, wuxi has built an industry map covering the entire industry chain including design, manufacturing, packaging and testing, equipment, and materials, and its comprehensive strength ranks first in the country. faced with the opportunities of ai and storage chips entering a growth period, automobile and energy chips entering a consolidation period, and domestic substitution of equipment and materials entering an acceleration period, under the leadership of leading enterprises, the production capacity of major projects in wuxi continues to be released, and the development of the integrated circuit industry continues its strong momentum and ushers in a golden period of development. entering the post-moore era, facing new challenges and opportunities, wuxi has made the development of the integrated circuit industry an important part of accelerating the development of new quality productivity in accordance with local conditions.

on september 24, the china securities regulatory commission studied and formulated the "opinions on deepening the reform of the listed company merger and acquisition market", adhering to the market-oriented direction and better playing the main channel role of the capital market in mergers and acquisitions. the "six mergers and acquisitions" clearly stated that mergers and acquisitions are an important way for enterprises to integrate resources, expand scale or upgrade industries. measures to promote mergers and acquisitions actively encourage traditional industries to reasonably improve industrial concentration through restructuring, and strongly support and guide more resource elements to gather in the direction of new productivity, which will further promote the capital market to better play its important role in serving the real economy and developing new productivity.

it is reported that the semiconductor technology enterprise investment and m&a summit aims to build a platform for in-depth exchanges for participating companies and promote cooperation in the fields of investment, financing and mergers and acquisitions; through the integration of policies and resources, capital and financial services, it will enable the development of semiconductor companies and new quality productivity in wuxi, and jointly build a coordinated and efficient development pattern.

as a securities firm that proposed the "investment + investment banking + investment research" strategy earlier in the market and continued to implement it, minsheng securities has become a boutique securities firm in the industry with investment banking business as the leader, "investment" + "investment research" as the two wings, three investments linked, prominent main business, distinctive characteristics, and differentiated competitive capabilities. it is reported that minsheng securities has been deeply engaged in the region and the industry, and is committed to providing integrated and comprehensive financial services to scientific and technological enterprises, small and medium-sized growth enterprises, and local governments through the "three investments". at the end of last year, wuxi guolian group officially became the largest shareholder of minsheng securities. while giving full play to the advantages of shareholder empowerment, minsheng securities is also supporting local recruitment and cultivation of high-quality innovative enterprises, helping wuxi city to attract investment and other aspects and spare no effort to "feed back" regional development. at the beginning of 2024, minsheng securities held the 2024 capital market summit in wuxi, signed strategic cooperation agreements with huishan district and xishan district of wuxi city, reached tripartite cooperation with liangxi district and high-tech enterprises, and established strategic cooperation relations with many well-known investment institutions; in june 2024, minsheng securities, liangxi district people's government, and wuxi municipal committee of the communist party of china financial committee jointly hosted a high-level aerospace industry development conference, and established the "liangxi minsheng aerospace industry fund" at the conference, which has successfully promoted the two aerospace industry enterprises hexing guanglian and kairui xingtong to settle in wuxi. in addition, minsheng securities also actively participated in the huishan investment cooperation forum held in huishan district, and continuously expanded the scope of cooperation. on the basis of serving wuxi's investment promotion and deepening cooperation, minsheng securities further leveraged its investment and research advantages to serve the investment, financing, research and market value management needs of local listed companies in wuxi, as well as the think tank needs of the wuxi municipal government and relevant economic and financial management departments at all levels, and promote high-quality regional development with high-quality research.

in terms of intensive cultivation of semiconductor technology, the investment banking team of minsheng securities has three notable characteristics: first, it always adheres to the strategy of "investment banking + investment + investment research", deeply explores potential projects with an investment perspective, and provides customers with comprehensive financial solutions; second, it took the lead in establishing a service team focusing on the semiconductor industry, dedicated to supporting the development of enterprises in the industry; third, it is rooted in wuxi, giving full play to the government's attention to the semiconductor industry, providing high-quality investment and research services to local companies, and assisting foreign companies to develop in wuxi. since 2019, minsheng securities has provided professional and efficient comprehensive financial services to nearly 40 semiconductor customers, and successfully completed the ipo projects of nova nebula, sina navigation, tiancheng technology, xidiwei, and hongwei technology, the refinancing project of xinsen technology, and the merger and reorganization project of zhonghuan semiconductor. at the same time, it also continues to provide listing services to nearly 30 semiconductor companies, covering major fields such as semiconductor design, manufacturing, packaging and testing, equipment, and materials.

the successful co-hosting of the semiconductor technology enterprise investment and m&a summit with the office of the financial committee of the wuxi municipal committee of the communist party of china is an important measure for minsheng securities to deepen its regional and industry roots and promote new-quality productivity through financial services to entities. it will also further stimulate the development vitality of wuxi's semiconductor technology industry and accelerate the high-quality development of the region enabled by finance.

"guolian + minsheng" is steadily moving towards becoming a first-class investment bank

since the beginning of this year, the integration of guolian securities and minsheng securities has attracted much attention from the market.

less than a month after guolian securities released the restructuring draft on august 8, guolian securities issued the "resolution announcement of the first extraordinary general meeting of shareholders of guolian securities co., ltd. in 2024 and the first a-share class general meeting of shareholders in 2024" on september 4, indicating that guolian securities' acquisition of minsheng securities has completed the full set of prescribed actions before submission for regulatory review, ushering in an important milestone.

as we all know, the integration and merger of securities companies has always been a big project, involving supervision, shareholders, employees, business integration and other aspects, with high complexity and difficulty in operation. the series of actions for the integration of "guolian + minsheng" have been successfully "passed", which shows the support attitude of all parties involved in this merger and acquisition, as well as good expectations for the long-term growth value and shareholder returns after the merger. with the support of various favorable factors, the integration of minsheng securities and guolian securities is progressing in an orderly manner, and is expected to become the first successful case of market-oriented mergers and acquisitions of securities companies after the central financial work conference and a model case for the integrated development of the yangtze river delta.

in the past five years, minsheng investment bank has ranked first in the industry in terms of the number of ipos approved, underwriting and sponsorship income, and the number of projects under review. in 2023, minsheng securities had 18 ipo projects approved, ranking third in the industry in terms of the number of ipo projects approved; 20 companies were listed, ranking fourth in the industry; 18 companies were listed on the stock transfer system, ranking third among sponsoring securities firms. in the first half of 2024, minsheng securities' investment banking business continued to lead the industry, completing 4 sponsored listing projects, ranking second in the industry; and 26 projects under review, ranking third in the industry.

minsheng securities research institute is one of the fastest growing research teams in the domestic capital market, and occupies a leading position in the industry in the fields of artificial intelligence, tmt, metals, energy, automobiles, strategy, etc. over the past three years, as the size of the fund sub-account market has shrunk year by year and the industry has been under pressure, minsheng securities' investment research business has made a strong counterattack from the end of the industry, with sub-accounts increasing sevenfold and market share increasing tenfold in three years. in the first half of 2024, minsheng securities achieved sub-account income of 201 million yuan, becoming the only brokerage firm among the top 20 brokerages in terms of sub-account commissions to achieve positive year-on-year growth in sub-account commission income in the first half of 2024, significantly advancing 10 places to ninth in the industry ranking, and strongly breaking into the top ten against the trend.

in addition, minsheng securities' fixed income business focuses on creating a distinctive market-making business model, insists on empowering its business with financial technology, and its market activity and visibility are increasing year by year. it has built a differentiated competitive advantage in the industry and established a "boutique market maker" brand in the market. in addition to its advantageous investment banking business, fixed income business and rapidly developing research business, the company's investment business, brokerage business and other businesses and subsidiaries have achieved coordinated development. minsheng securities has developed into a securities company with influence and core competitiveness in the industry.