Guolian Minsheng announced that on November 4, 2026, its board approved an absorption merger agreement involving Guolian Futures, Minsheng Futures and Minsheng Securities.

Pursuant to regulatory approval requirements concerning the integration of the two futures firms, Guolian Futures will absorb Minsheng Futures through a share swap, under which Minsheng Securities' entire 100% equity stake in Minsheng Futures will be converted into shares of Guolian Futures.

Following the completion of the transaction, Guolian Futures' controlling shareholder will change from Guolian Group to Minsheng Securities, and the company will consolidate Guolian Futures into its financial statements in accordance with accounting standards.

The swap price and number of shares are determined based on valuation results from an appraisal institution. After the deal closes, Guolian Futures will continue to exist and will inherit all assets, liabilities, businesses, personnel, contracts, qualifications and other rights and obligations of Minsheng Futures, while Minsheng Futures will be dissolved and deregistered as a legal entity, with its branches becoming branches of Guolian Futures.

Following the transaction, Guolian Futures' registered capital will increase to approximately 949 million yuan, with Minsheng Securities holding about 499 million shares, or 52.57%. Existing shareholders Guolian Group, Guolian Materials and Shanghai Haorong will see their stakes diluted to 44.46%, 0.84% and 2.13% respectively, with the number of shares they hold unchanged.

As of September 30, 2026, the appraised value of all shareholder equity in Guolian Futures was approximately 1.293 billion yuan, yielding a swap price of 2.8739 yuan per share for the merger. The appraised value of all shareholder equity in Minsheng Futures was approximately 1.433 billion yuan. Based on this, Minsheng Securities, the original shareholder of Minsheng Futures, will receive approximately 499 million shares of Guolian Futures after the merger is completed.