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