Progress in the largest merger and acquisition in the securities industry in 2024, Jiangsu State-owned Assets Supervision and Administration Commission approved Guolian's acquisition of Minsheng Securities
Jiangsu State-owned Assets Supervision and Administration Commission has approved Guolian Securities to acquire 99.26% of Minsheng Securities' shares through the issuance of A-shares. This transaction is considered a major asset restructuring and related party transaction, but does not constitute a restructuring for listing. This transaction also requires further approval from shareholders' meeting and regulatory authorities, with uncertainties in the approval process
On the evening of September 3, Guolian Securities announced that the major asset restructuring has been approved by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission.
Guolian Securities plans to issue A-share shares to purchase 99.26% of Minsheng Securities' shares and raise matching funds. This transaction constitutes a major asset restructuring, constitutes a related party transaction, and does not constitute a restructuring for listing.
On August 8, 2024, the 17th meeting of the fifth board of directors of Guolian Securities approved the relevant proposal for this transaction.
On September 3, 2024, Guolian Securities received the "Reply of Jiangsu Provincial State-owned Assets Supervision and Administration Commission on Guolian Securities Co., Ltd.'s Issuance of Shares to Purchase Assets of Minsheng Securities Co., Ltd. and Raise Matching Funds" (Su Guo Zi Fu [2024] No. 45), in which the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission has tentatively approved the company's asset restructuring and matching financing plan.
This transaction still requires approval at the company's shareholders' meeting, A-share category shareholders' meeting, and H-share category shareholders' meeting, as well as approval, verification, or registration by the competent regulatory authorities. The uncertainty remains as to whether the aforementioned approvals, verifications, or registrations can be obtained and the timing of such approvals