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guolian securities’ merger with minsheng securities has finally reached the stage of regulatory approval.

on the evening of september 27, guolian securities issued the "announcement on the acceptance of applications related to major asset restructuring", stating that it had received the "notice on the acceptance of applications for the issuance of shares to purchase assets and raise supporting funds from guolian securities co., ltd." issued by the shanghai stock exchange. at the same time, several administrative license applications related to guolian securities and minsheng securities were quietly updated on the china securities regulatory commission website.

this means that this high-profile 30 billion yuan merger has officially entered the regulatory review stage. coupled with the favorable policies issued by the china securities regulatory commission on september 24 in the "opinions on deepening the market reform of mergers, acquisitions and reorganizations of listed companies" (referred to as the "six mergers and acquisitions"), this transaction is expected to take the lead in this wave of industry mergers, acquisitions and reorganizations.

regulatory authorities accept approval

information on the official website shows that the china securities regulatory commission has accepted on september 27 guolian securities’ change of major shareholder and establishment of a professional subsidiary, minsheng securities’ change of controlling shareholder and actual controller, minsheng fund management co., ltd.’s change of actual controller, and minsheng futures co., ltd.’s change application for administrative license of actual controller.

according to an announcement released on the evening of august 8, guolian securities plans to purchase 99.26% of the shares of minsheng securities held by 45 counterparties including guolian group and fengquanyu through the issuance of a shares. the total amount of supporting funds raised this time will not exceed rmb 2 billion, and the number of a shares issued will not exceed 250 million shares. after deducting intermediary agency fees and transaction taxes, the raised funds will all be used to increase capital to minsheng securities and use it to develop minsheng securities business.

specifically, no more than 1 billion yuan of the above funds will be used for wealth management business, with the purpose of improving professional service capabilities in wealth management, building a service ecosystem, optimizing outlet layout, and enhancing brand image; no more than 1 billion yuan will be used for information technology. the purpose is to consolidate the basic foundation of science and technology, strengthen the construction of digital middle platform, continue to promote application product innovation, and strengthen technological empowerment.

according to the announcement, based on data from january to march 2024, after the completion of the transaction, guolian securities' assets will increase by 77% from 93.2 billion yuan to 165.3 billion yuan; operating income will also increase from 173 million yuan, a significant increase of 613% to 165.3 billion yuan. 1.237 billion yuan. "it is conducive to enhancing the listed company's ability to resist risks and continue operating capabilities, and its asset quality and overall operating performance have been improved, which is in the interest of all shareholders."

according to the china securities journal, after the transaction is completed, the actual controllers of minsheng securities and its fund companies and futures companies will also change. due to the existence of share swaps, new faces will also appear on the list of major shareholders of guolian securities.

policy sails escort

from the release of the reorganization draft on august 8, to the announcement on september 3 that it received "in-principle consent" from the jiangsu provincial state-owned assets supervision and administration commission, to the shareholders' meeting held and approved on september 4, and now to the regulatory approval and acceptance, guolian securities and minsheng this "marriage" of securities seems to be on a highway and is progressing very quickly.

on the evening of september 24, the china securities regulatory commission issued the "six mergers and acquisitions", which significantly boosted the m&a and reorganization market. it further clarified that the policy side should increase the reform of the m&a and reorganization market of listed companies and improve the vitality and reorganization of the m&a and reorganization market. efficiency attitude and determination.

zhang jiarong, a non-banking analyst at western securities, said that as intermediaries in the capital market, securities firms need to improve their institutional customer service capabilities, increase investment in financial advisory services, and actively promote mergers and acquisitions and restructuring transactions; on the other hand, supervision has once again become clear "support listed securities companies to enhance their core competitiveness through mergers, acquisitions and reorganizations and accelerate the construction of first-class investment banks." subsequent mergers, acquisitions and reorganizations will remain the main line of the industry.

in fact, since the central financial work conference proposed building a first-class investment bank, the wave of market-oriented mergers and acquisitions and restructuring has continued to emerge. in addition to the sensational "guotai junan + haitong", securities industry mergers and acquisitions such as "guolian + minsheng", "guosen + vanhe", "western + guorong", "ping an + founder", "pacific + huachuang" and "zheshang + guodu" all matters are highly concerned by the market.

according to liu xinqi, chief analyst of non-banking companies at guotai junan, the "six m&a rules" provide simplified procedures for mergers and acquisitions of high-quality securities companies and increase tolerance for pricing, commitment arrangements, horizontal competition and related transactions. support listed securities companies to enhance their core competitiveness through mergers, acquisitions and reorganizations, and accelerate the construction of first-class investment banks. the investment value of the industry is expected to increase.