Jiangxi SASAC to become de facto controller of Guosheng Securities

Jiangxi Provincial State-owned Assets Supervision and Administration Commission (Jiangxi SASAC) is set to become the de facto controller of Guosheng Securities Company Limited following a gratuitous equity transfer. Jiangxi Provincial Department of Transport will transfer its 90% equity stake in Jiangxi Communications Investment Group Co., Ltd. to Jiangxi SASAC. This transaction, approved by the Jiangxi Provincial People's Government, means Jiangxi SASAC will indirectly control 41.69% of Guosheng Securities' share capital.

The transfer of 572,423,447 shares, representing 29.58% of Guosheng Securities' total share capital, is exempt from a tender offer under acquisition regulations.

Currently, Jiangxi SASAC indirectly controls 12.11% of Guosheng Securities through Jiangxi Investment Group Co., Ltd. Post-transfer, Jiangxi Communications Investment Group Co., Ltd. will remain the direct controlling shareholder. This restructuring will not impact Guosheng Securities' governance or operations, aligning with relevant laws for state-owned equity transfers. The transfer agreement was signed on December 22, 2025, following government approval on November 17, 2025.