The Yangtze River Commercial Daily News The integration of mergers and acquisitions in the securities industry accelerated, Western Securities (002673.SZ) acquired Guorong Securities to usher in new progress.Essence
A few days ago, Western Securities disclosed the progress of the acquisition of Guorong Securities.The company intends to transfer 64.5961%of Guorong Securities, such as Beijing Changan Investment Group Co., Ltd. (hereinafter referred to as "Changan Investment"), through the agreement transfer method, with a transaction price of about 3.825 billion yuan.
Western Securities also stated that this transaction is in line with the companys strategic planning, which is conducive to the companys optimization of resource allocation, strengthen resource integration, and further improve the influence and market competitiveness of the companys securities business.Give full play to the companys existing business advantages and the cooperation effect of Guorong Securities business, which is conducive to the interests of the company and investors.
The reporter from the Yangtze River Business Daily noticed that the merger of the two brokers was the thickest of asset scale.Based on the static calculation of data as of the end of September 2024, after the merger of Guorong Securities, the total assets and net assets of Western Securities will reach 113.868 billion yuan and 32.723 billion yuan, respectively.> Equal, and the ranking of the A -share marketing brokers rose from 27th and 25th before the merger to 24th and 22nd.
Under the catalysis of the merger and acquisition and reorganization, after the announcement of the progress of the acquisition, the Western Securities daily limit on November 8th, the collection of 10 yuan/share, and the companys stock price accumulated in the past five months.It has risen 47.7%.
The total asset ranking among the listed securities firms may rise to 24 -bit
New progress has been made in the National Rong Securities Holdings of Guo Rong Securities.
On the evening of November 7, Western Securities issued an announcement. The company intends to transfer 64.5961%of Guorong Securities and other Guo Rong Securities in Changan Investment through agreement transfer.This transaction does not constitute related transactions and major asset reorganizations.
In this transaction, the transaction price of Guorong Securities was 3.3217 yuan/share, and the total transaction price corresponding to 1.151 billion shares was about 3.825 billion yuan.
According to relevant regulations, the transaction still needs to be submitted to the Western Securities shareholders meeting for review and approval. Western Securities is still approved by the China Securities Regulatory Commission as the controlling shareholder of Guorong Securities.At present, the recent financial data audit of Guorong Securities involved in this transaction has not yet been completed.
For the purpose of this transaction, Western Securities also stated that after the transaction, the companys asset scale and net profit attributable to the mother will increaseRisk capabilities and continuous operation capabilities are in line with the interests of the company and all shareholders.This transaction is in line with the companys strategic planning, which is conducive to the companys optimization of resource allocation, strengthen resource integration, further enhance the influence of the companys securities business and market competitiveness, and give full play to the companys existing business advantages and the cooperation effect of Guorong Securities business, which is conducive to the companyAnd investor interests.
The two brokers merged, the most intuitive is the thickening of the asset scale.According to the data, Western Securities is the only listed broker in the Northwest region, and the headquarters of Guorong Securities is located in Inner Mongolia.
According to the data of the China Securities Industry Association, as of the end of December 2023, the total assets and net assets of Western Securities were ranked 29th and 26th among 145 securities firms in the industry.
The reporter from the Yangtze River Business Daily noticed that as of the end of September 2024, the total assets of Western Securities and Guo Rong Securities were 96.469 billion yuan, 17.399 billion yuan, and net assets were 28.46 billion respectively.Yuan, 4263 billion yuan.According to this static calculation, the total assets and net assets after Western Securities merged Guo Rong Securities will reach 113.868 billion yuan and 32.723 billion yuan, which is equivalent to the State Gold Securities among the listed brokers.The 27th and 25th before the merger rose to 24th and 22nd.
In addition, compared to Western Securities, Guorong Securities profitability is not strong.Data show that in 2023 and 2024, Guo Rong Securities realized operating income of 967 million yuan, 704 million yuan, and net profit of 42 million yuan and 47 million yuan.
At the same time, the operating income of Western Securities was 6.894 billion yuan and 4.431 billion yuan, respectively, with net profit of 1.166 billion yuan and 729 million yuan.
But from the perspective of business advantages, Western Securities has obvious advantages in bond underwriting, while Guorong Securities focuses on the New Third Board and the Bei Stock Exchange business.According to relevant media reports, from 2021 to 2023, the net income of Guo Rong Securities Investment Banks business fees accounted for more than 40%of the total handling fee and net commission income.Therefore, the market is also optimistic about the advantages of the investment banking business after the merger.
Promote mergers and acquisitions while sorting out the asset pipeline lines
In fact, Western Securities has been seeking mergers and acquisitions for countermeasures to do itLarge business scale.
As early, The transaction price reached 13 billion yuan, but the mergers and acquisitions failed.
Until June this year, Western Securities announced again that the company is planning to acquire the controlling equity of Guorong Securities by paying cash.On the next day, the stock price of the Western Securities rose by 8%, closing up by 4.8%, leading the securities sector.
After the disclosure of the progress of the acquisition, on November 8th, Western Securities daily limit to close 10 yuan/share. Since the planned acquisition, the companys stock price has risen 47.7%.
It should be noted that the successful landing of this pen still has some problems to be solved.The reporter from the Changjiang Commercial Daily noticed that Guo Rong Securities had implemented capital increase and shareholding in 2016. Changan Investment transferred the equity of Guorong Securities to the five companies, and made a commitment to repurchase the aforementioned shares in 5 years without being listed within 5 years.
However, Guo Rong Securities has not been able to achieve an IPO, and Changans investment lawsuit is entangled.As of the end of 2023, Changan Investment directly held 70.6093%of Guorong Securities, and the proportion of shares transferred to Western Securities was 42.0747%.
Western Securities also disclosed in the announcement that the Guorong Securities shares held by Changan Investment are in a freezing state.Cooperate with the promotion of relevant shares to remove the freezing procedures and complete the delivery of the shares as soon as possible after the freezing.
In addition to promoting mergers and acquisitions in the same industry, Western Securities has recently adjusted the asset management business to strengthen the business scale.At the end of last month, Western Securities issued an announcement. In order to promote the professional development of asset management business, Western Securities intends to contribute 1 billion yuan to establish a wholly -owned asset management subsidiary (hereinafter referred to as "asset management subsidiary").Securities Investment Fund Management Business (premise for the approval of regulatory agencies) and other businesses allowed by regulatory agencies.
After the asset management subsidiary is established, the "securities asset management" business in the Western Securities will be inherited by the established asset management subsidiary, and Western Securities will no longer be engaged in securities asset management business.According to the requirements of regulators and registration agencies, the companys business scope is changed.
According to the data, in the first three quarters of 2024, the net income of the asset management business fee of Western Securities was 126 million yuan, which was year -on -year, year -on -yearIncrease 81.24%.
It is worth mentioning that, in addition to the combination of "Western+Guo Rong", the current M & A case that the securities industry is being promoted also includes "Zhejiang Shang+Guodu", "National Alliance+Minsheng Life"" Haitong+King ".
Among them, on November 5, Guotai Junans merger and reorganization of Haitong Securities was approved by the Shanghai Municipal Peoples Government.On November 8th, the CSRC issued the application feedback of the actual controller of the National Lianlian Persons Course, Minsheng Securities and Minsheng Fund.
● Changjiang Commercial Daily reporter Xu Jia