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Interface News reporter | Sun Yizhen
Recently, "M & A" is becoming one of the key words in the development of the securities industry. under the guidance of the regulatory policy of "cultivating first-class investment banks and investment institutions", the integration of Minsheng Securities and Guolian Securities has begun rapidly. it is expected to become the first successful M & A case in the securities industry after the new formulation of "cultivating a first-class investment bank".
On the evening of May 14, Guolian Securities disclosed a major asset restructuring plan and issued a resumption announcement. Guolian Securities will resume trading on May 15 and plan to issue A shares to purchase 100% shares of Minsheng Securities and raise no more than 2 billion yuan (including capital) supporting funds.
As for the next work arrangement, Guolian Securities said that in view of the fact that the audit and evaluation work involved in this restructuring has not yet been completed, the company's board of directors decided not to convene a general meeting of shareholders to consider matters related to this reorganization. After the completion of the audit and evaluation related to the reorganization, the company will hold another board meeting to consider the matters related to the reorganization, and issue a notice of the shareholders' meeting in accordance with legal procedures to submit it to the shareholders' meeting for consideration of the reorganization.
Specifically, Guolian Securities intends to issue A shares to buy 100% shares of Minsheng Securities held by 46 subjects, including Guolian Group and Shanghai Lianquanyu Enterprise Management Co., Ltd. The share issue price of this restructuring is the average trading price of A shares for 120 trading days before the pricing benchmark, that is, 11.Fruitshopmegaways.31 yuan per share.
On the same day, time Publishing and Sophia announced that they would sell 73.4754 million and 294 million shares of Minsheng Securities respectively.
With regard to the acquisition price, Guolian Securities said that at present, the audit and evaluation of the target company has not yet been completed, and the transaction price involved in the purchase of assets by issuing shares this time, it will be based on the evaluation results of the evaluation report issued by the asset appraisal institution that complies with the provisions of the Securities Law and filed by the competent state-owned assets regulatory authority, and will be determined through consultation by the parties to the transaction.
Guolian Securities intends to issue A shares to no more than 35 specific investors to raise matching funds of no more than RMB 2 billion, and the number of A shares to be issued shall not exceed 250 million shares.
Guolian Securities said that after deducting intermediary fees and transaction taxes and fees, the supporting funds raised in this transaction will be used to develop Minsheng securities business.
For the "League of Nations + people's livelihood" after the integration of expectations, the market generally believes that the two absorption and merger will greatly enhance the comprehensive strength.
From the advantage business of the two securities firms, Minsheng Securities has outstanding investment banking business strength, and also has strong advantages in institutional research and sales business, equity investment business and other fields. Guolian Securities has distinct characteristics in wealth management, fund investment, asset securitization and derivatives business.
From the perspective of regional advantages, Minsheng securities branch network mainly covers Henan area and has strong market influence in Henan region, while Guolian Securities has strong market influence and high market share in Wuxi and southern Jiangsu.
"League of Nations Securities and Minsheng Securities have strong complementarity of business advantages and regional advantages." Industry insiders point out that the capital strength of Guolian Securities and Minsheng Securities is similar, but there are still some limitations in financial institutions' business access, business qualification application, industry classification and evaluation, so it is difficult to give full play to their respective resource advantages. After the business integration of the two securities firms in the future, it is expected to further strengthen their respective business advantages and regional advantages.
It is understood that the integration of mergers and acquisitions of securities firms involves supervision, shareholders, employees, business integration and other aspects. In terms of personnel, in March this year, Gu Wei, president of the "post-75s" League of Nations Group, became chairman of Minsheng Securities.