Guosen Securities completes acquisition of Wanhe Securities stake for 5.19 bn yuan

Guosen Securities Co., Ltd. has announced the completion of the transfer of a 96.08% stake in Wanhe Securities Co., Ltd., acquired through the issuance of A-shares to seven transaction counterparties. The transfer was finalized on August 26, 2025, following regulatory approval from the China Securities Regulatory Commission (CSRC) on August 22, 2025. This move makes Wanhe Securities a controlled subsidiary of Guosen Securities, with Guosen now holding 2,183,877,825 shares.

The total transaction price for the 96.08% stake in Wanhe Securities was set at 5,191,837,913.76 yuan, based on an asset appraisal as of June 30, 2024. The issue price for the A-shares was adjusted to 8.25 yuan per share after a 2024 annual profit distribution. Post-acquisition, Guosen Securities will proceed with issuing shares to the transaction parties and registering the capital increase, along with other necessary administrative procedures.

According to independent financial advisors and legal counsel, all necessary approvals and authorizations for the transaction were obtained, ensuring the legality and effectiveness of the asset transfer. The acquisition is not considered a major asset restructuring or a back-door listing and does not involve any significant legal impediments for its subsequent implementation.