On the evening of May 14, Guolian Securities (601456. SH) disclosed a major asset restructuring plan and issued an announcement on the resumption of trading, and the A-share shares resumed trading from the opening of the market on May 15.
According to the restructuring plan, Guolian Securities intends to purchase 100% of the shares of Minsheng Securities held by 46 counterparties such as Guolian Group and Fengquanyu at a price of 11.31 yuan per share by issuing A shares, and raise matching funds of no more than 2 billion yuan from no more than 35 specific investors for the development of Minsheng Securities business.
Previously, on the evening of April 25, Guolian Securities issued an announcement on the progress of the suspension of major asset restructuring matters, stating that the company is planning to acquire control of Minsheng Securities Co., Ltd. and raise matching funds by issuing A shares. According to the relevant regulations of the Shanghai Stock Exchange, upon the application of the company, the company's A shares will be suspended from the opening of the market on April 26, 2024.
On May 15, Guolian Securities opened with a daily limit, closed to the close, and closed at 11.51 yuan per share.
The prospect of "League of Nations + People's Livelihood" is promising
In March last year, Guolian Group, the controlling shareholder of Guolian Securities, spent 9.1 billion yuan to acquire a 30.30% stake in Minsheng Securities; In April, Minsheng Securities submitted an application for change of major shareholders to the CSRC and was accepted; In September, Minsheng Securities' application was accepted by the China Securities Regulatory Commission. On December 15 of the same year, the application for the change of major shareholders of Minsheng Securities was approved by the China Securities Regulatory Commission, and Guolian Group officially became the largest shareholder of Minsheng Securities.
Industry insiders believe that the prospect of "Guolian + Minsheng" is promising, and Guolian Securities and Minsheng Securities have strong business advantages and regional complementarity. From the perspective of business advantages, Minsheng Securities' investment banking business strength is outstanding, and it also has strong advantages in institutional research and sales business, equity investment business and other fields; Guolian Securities has distinctive characteristics and advantages in wealth management, fund investment advisory, asset securitization and derivatives business.
Guolian Securities and Minsheng Securities have similar capital strength, but there are still certain limitations in the business access of financial institutions, business qualification application, industry classification evaluation, etc., and it is difficult to give full play to their respective resource advantages. This transaction will promote the optimization and integration of business channels, customer resources and products and services of the two brokerages, complement each other's strong and weak businesses, and give full play to the scale effect, reduce operating costs, improve operational efficiency, and achieve capital-intensive development while enhancing comprehensive capital strength.
Guolian Securities said in the merger and acquisition plan that this transaction can build a large-scale securities company with leading business scale, strong capital strength and large market influence, make full use of Wuxi's industrial advantages and shareholder empowerment, Shanghai's financial resources and talent gathering advantages, realize the expansion of business geographical territory, the sharing of customer and channel resources, the complementarity of business advantages, and achieve synergy in various businesses, so as to achieve leapfrog development and obtain opportunities for development and growth in the increasingly fierce market competition.
The wave of mergers and acquisitions of securities companies continues to progress
In fact, with the frequent introduction of relevant policies, the wave of mergers and acquisitions of securities companies represented by "Ping An + Founder", "Pacific + Huachuang", "Zhejiang Merchant + Guodu" and "Guolian + Minsheng" has been continuous. In addition to the recent progress made by Guolian Securities in the acquisition of Minsheng Securities, on May 10, Zheshang Securities announced that it would further participate in the equity acquisition of Guodu Securities, which also means that it is one step closer to the landing of "Zheshang + Guodu".
The promotion of "Ping An + Founder" is also progressing steadily. On March 29, Founder Securities held a performance briefing, in response to investors' questions, Shi Hua, chairman of Founder Securities, said that Founder Securities will work with all parties to maximize the value of shareholders and investors, and promote relevant work in accordance with the reorganization investment agreement and regulatory requirements of Founder Group. If there is any new development in the future, it will be disclosed in a timely manner in accordance with the regulations and guidelines of the financial regulatory authorities.
In terms of "Pacific + Huachuang", on April 25, Huachuang Yunxin said in response to investors' questions that the company will coordinate and promote relevant businesses under the guidance of regulatory authorities in accordance with the principles of legal compliance, respect for the market and respect for professionalism. In December last year, Huachuang Yunxin, an A-share listed company, announced that the board of directors deliberated and passed the "Proposal of Huachuang Securities to Hold Pacific Securities".
Some analysts said that through the joint effect of policy guidance and market promotion, mergers, reorganizations and bankruptcy between existing financial resources may become the norm, and a new round of integration and optimization of financial resources will be opened.
Source: Financial Times client
Reporter: Li Ziqin
Editor: Yang Jingyi
Email: [email protected]