Guosen Securities completes Wanhe acquisition, shifts shareholding

Guosen Securities Co. has completed its acquisition of a 96.08% stake in Wanhe Securities Co. through a share issuance. The transaction involved issuing 629,313,683 new A-shares at 8.25 yuan per share, totaling 5.19bn yuan. These new shares are set to list on the Shenzhen Stock Exchange on September 10, 2025, increasing Guosen Securities' total share capital to 10,241,743,060 shares, with all new shares subject to a 12-month lock-up period.

Approved by the China Securities Regulatory Commission (CSRC), the deal strategically expands Guosen Securities' regional presence and integrated financial services capabilities, especially in the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan Free Trade Port. This move is expected to leverage Wanhe Securities' resources, bolstering Guosen Securities' overall market competitiveness.

The transaction resulted in passive dilution for major shareholders not participating in the share issuance. Shenzhen Investment Holdings Co.'s stake decreased from 33.53% to 31.47%, China Resources Shenzhen International Trust Co. fell from 22.23% to 20.87%, and Yunnan Combined (Group) Co. saw its ownership reduced from 16.77% to 15.74%. Shenzhen Investment Holdings remains the controlling shareholder. No significant changes occurred in the company's or target company's board, supervisory board, or senior management.