The integration of Guolian Minsheng Securities is entering its final stretch. On August 10, the company announced a plan to transfer wealth management assets to its wholly-owned subsidiary, Minsheng Securities, repositioning it as a dedicated wealth management arm. This marks the conclusive stage of the high-profile M&A case in the securities industry.

Top-Level Structure Finalized: One Head Office, Multiple Specialized Subsidiaries

According to sources close to the company, the complete integration will establish a group structure of "one head office plus multiple specialized subsidiaries." The parent company will focus on proprietary trading, including fixed income, equities, and derivatives. Meanwhile, wealth management, asset management, and investment banking will be handled by Minsheng Securities, Guolian Asset Management, and Guolian Minsheng Underwriting & Sponsorship, respectively. This refines the business boundaries of Minsheng Securities, which will now concentrate on wealth management, enabling more specialized operations.

Key Wealth Metrics to Surge Dramatically

Minsheng Securities is poised for a significant leap in business capacity. Based on 2025 public data, after integrating the parent company's assets, Minsheng Securities' brokerage client base will expand from 1.48 million to approximately 3.55 million. Its branch network will grow from 74 to 170 outlets. The scale of financial product sales will soar from 17.7 billion yuan to over 120 billion yuan, a near seven-fold increase. Margin trading balances will rise from 7.7 billion yuan to about 23.8 billion yuan. Minsheng Securities will also acquire the fund advisory business license, a field where the parent company's non-monetary retail scale currently ranks second among all securities firms. Pro-forma profit calculations for the combined wealth management unit from 2022 to 2025 show operating profits of approximately 1.134 billion yuan, 1.075 billion yuan, 1.176 billion yuan, and 1.626 billion yuan, respectively, demonstrating stable performance during market downturns and growth during recoveries.

Understanding the Capital Reduction: A Solid Foundation of Trillions in Assets and Tens of Billions in Capital

Regarding the capital reduction, insiders explain it is a necessary adjustment accompanying the asset transfer. Minsheng Securities will receive the parent company's wealth management assets while divesting its own proprietary trading assets. After the integration, Minsheng Securities' total assets are expected to reach the trillion-yuan level, with net assets and net capital both around 100 billion yuan. This capital base is comparable to listed mid-tier securities firms. For instance, Shouchuang Securities achieved a net profit of 1.056 billion yuan in 2025 with an average return on capital of 7.82%, while Caida Securities earned 747 million yuan, with both companies showing consistent profit growth over the past three years. Post-restructuring, Minsheng Securities will remain a "100-billion yuan net capital securities firm," with operational strength roughly on par with the average listed company.

Comprehensive Parent Company Support

To ensure Minsheng Securities' stable launch, Guolian Minsheng Securities has arranged a series of support measures, including shareholder loans, net capital guarantees, and plans to facilitate capital increases from earlier fundraising. According to regulatory risk control rules, parent companies providing net capital guarantees must deduct a corresponding amount from their core net capital, representing a substantive and ongoing commitment. The company has also stated it will continuously integrate Minsheng Securities into its comprehensive risk management system to guarantee its stable operations.

Complete Integration Cycle: A Multi-Billion Yuan Wealth Platform Emerges

From acquiring the remaining 0.02% stake in Minsheng Securities in late July to initiating the business transfer, Guolian Minsheng Securities has completed the critical path of "legal merger, equity consolidation, and business segmentation." The result is a multi-billion yuan wealth management subsidiary with a more focused business, stable profitability, and explicit parent company support, marking the final output of this landmark industry integration.