On 7 August 2026, DFZQ (Orient Securities Co., Ltd.) announced receipt of an approval letter from the State-owned Assets Supervision and Administration Commission of Shanghai (Shanghai SASAC), granting in-principle consent for the company’s proposed acquisition of the entire equity interest in Shanghai Securities.

The transaction, classified as a major acquisition, will be executed through a combination of newly issued A-shares under a specific mandate and cash consideration. As disclosed earlier, the deal structure also triggers an application for a whitewash waiver under Hong Kong’s Takeovers Code.

Completion remains contingent on multiple conditions that are still outstanding: 1. Approvals from the Shanghai Stock Exchange and the China Securities Regulatory Commission. 2. Completion of internal decision-making procedures by each vendor involved in the sale of Shanghai Securities. 3. Granting of the whitewash waiver by the Securities and Futures Commission’s Executive and its endorsement by independent shareholders—requiring at least 75% of votes cast for the waiver and more than 50% for the transaction at the forthcoming extraordinary general meeting.

The company reiterated that the acquisition may or may not proceed if any of these conditions are not satisfied. DFZQ’s board, chaired by Zhou Lei, has undertaken to release further announcements upon material developments.

Shareholders and potential investors are advised to exercise caution when dealing in DFZQ’s securities until definitive approvals are obtained.