Jiangxi SASAC takes control of Guosheng Securities in equity transfer

The Jiangxi Provincial State-Owned Assets Supervision and Administration Commission (Jiangxi SASAC) has become the new actual controller of Guosheng Securities Co., Ltd. through a gratuitous transfer of state-owned equity. This follows the Jiangxi Provincial People's Government's approval to transfer 90% of Jiangxi Provincial Communications Investment Group Co., Ltd.'s equity to Jiangxi SASAC, completed on December 22, 2025.

Prior to the acquisition, Jiangxi SASAC indirectly controlled 234,310,282 shares (12.11%) of Guosheng Securities via Jiangxi Investment Group Co., Ltd. Following the transfer, Jiangxi SASAC will indirectly control 806,733,729 shares (41.69%) of Guosheng Securities, making it the new actual controller. This change in control does not involve any cash payment.

The acquisition qualifies for an exemption from a tender offer, as the equity transfer was approved by a government and state-owned asset management department. Jiangxi SASAC has no immediate plans to alter Guosheng Securities' main business, assets, or management structure.