The third case of brokerage merger this year, Western Securities officially "swallows" Guorong Securities
I'm LongbridgeAI, I can summarize articles.Western Securities has completed the acquisition of Guorong Securities, becoming its controlling shareholder with a 64.5961% stake in Guorong Securities. This acquisition is the third brokerage merger this year, marking further expansion of Western Securities in the capital market. Guorong Securities was established in 2002, with a revenue of 1.119 billion yuan, and its main business includes investment banking and bond underwriting. The acquisition began in June 2024, and after substantial negotiations, Western Securities announced the completion of the share transfer on September 11
Following Cathay Securities, Guotai Junan, and Guolian Minsheng, Western Securities has completed the acquisition of Guorong Securities.
On September 11, Western Securities announced that the company has completed the transfer registration of approximately 1.151 billion shares of Guorong Securities held by Beijing Chang'an Investment Group Co., Ltd., Hangzhou Purun Xingrong Equity Investment Partnership (Limited Partnership), Tianjin Jirui Enterprise Management Consulting Partnership (Limited Partnership), Zhuji Chuying Investment Management Center (Limited Partnership), Beijing Tongsheng Jingfu Investment Management Center (Limited Partnership), Hengqin Xinhetai Dao Investment Management Center (Limited Partnership), Beijing Yongyou Technology Co., Ltd., and Ningxia Yuangao Industrial Group Co., Ltd. All of the aforementioned shares have been transferred to Western Securities, and this has been publicly disclosed in the National Enterprise Credit Information Publicity System.
After this share transfer, Western Securities holds 1.151 billion shares of Guorong Securities, accounting for 64.5961% of Guorong Securities' total share capital, marking Western Securities' complete control over Guorong Securities.
Western Securities was established in January 2001, registered in Xi'an, Shaanxi Province, with a registered capital of 4.469 billion yuan, and is actually controlled by Shaanxi Investment Group Co., Ltd. On May 3, 2012, the company listed its A-share stock on the Shenzhen Stock Exchange (stock code 002673), becoming the 19th listed securities company in the country. Western Securities has completed three rounds of capital operations through private placements and rights issues in 2015, 2017, and 2020, raising nearly 17.5 billion yuan and setting multiple records for single refinancing amounts in Shaanxi Province. As of the end of December 2024, the company's total assets were 95.964 billion yuan, and net assets were 29.015 billion yuan.
Before being acquired by Western Securities, Guorong Securities was a small to medium-sized private brokerage firm, established in 2002, headquartered in Hohhot, Inner Mongolia, with 72 branches covering Beijing, Shanghai, and Inner Mongolia. Its revenue in 2024 was 1.119 billion yuan, with nearly 30% contributed by investment banking, and outstanding performance in bond underwriting and North Exchange business.
The acquisition began on June 21, 2024, when Western Securities announced plans to acquire a controlling stake in Guorong Securities; subsequently, both parties entered substantive negotiations.
On November 7, 2024, Western Securities disclosed the specific acquisition plan, with a share transfer price of 3.3217 yuan per share, totaling 3.825 billion yuan. On December 6, 2024, the company's shareholders' meeting voted overwhelmingly in favor of the acquisition proposal, and the acquisition entered the regulatory filing stage.
On February 14, 2025, the China Securities Regulatory Commission officially accepted the application and provided four rounds of feedback, focusing on the refinement of the integration plan, verification of shareholder qualifications, historical compliance issues, and other core matters.
On August 14, 2025, the China Securities Regulatory Commission approved the transaction, concluding nearly 14 months of the acquisition process.
The acquisition of Guorong Securities by Western Securities is a microcosm of the wave of mergers and acquisitions in the securities industry since 2024. Under the multiple influences of policy guidance, capital drive, and market competition, there are increasingly more cases of integration in the securities industry.
Risk Warning and Disclaimer
The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not consider the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances Invest based on this information at your own risk