On one side, institutions are planning to increase capital and establish subsidiaries, while on the other side, securities firms are arranging for the capital reduction of their subsidiaries.
On the evening of March 9, Guodu Securities announced that its wholly-owned subsidiary Guodu Jingrui Investment (Beijing) Co., Ltd. has completed the capital reduction and the registration change of its name.
It is reported that Guodu Jingrui's registered capital has been significantly reduced from 300 million yuan to 10 million yuan, and the company name has been changed from &#34;Guodu Jingrui Investment Co., Ltd.&#34; to &#34;Guodu Jingrui Investment (Beijing) Co., Ltd.&#34;
Against the backdrop of strategic differentiation in the alternative investment business of securities firms, Guodu Jingrui's &#34;downsizing&#34; may not be an isolated case, but it is not a common &#34;coordinate&#34; in the industry.
<h2>Alternative Subsidiaries on the Path of Capital Reduction</h2>
Guodu Jingrui is a wholly-owned subsidiary of Guodu Securities approved by the China Securities Regulatory Commission to engage in alternative investment business. Established in 2012, it focuses on alternative investment businesses such as infrastructure debt, private equity, real estate, and securitized assets. Its initial registered capital was as high as 1.5 billion yuan.
In June 2025, after review by the board of directors of Guodu Securities, Guodu Jingrui's registered capital was required to be reduced to no less than 300 million yuan; in December 2025, the board of directors of Guodu Securities reviewed and approved the capital reduction proposal again, intending to further reduce the registered capital to no less than 10 million yuan.
On March 9, 2026, an announcement released by Guodu Securities indicated that in order to improve the overall efficiency of the company's capital utilization, the company decided to reduce Guodu Jingrui's registered capital by no more than (including) 290 million yuan, with the reduced registered capital being no less than (including) 10 million yuan.
As of the date of the announcement, Guodu Jingrui has completed the capital reduction, and the registered capital has officially changed to 10 million yuan.
Guodu Securities stated in the announcement that this capital reduction is a resource integration and optimization configuration based on the overall development plan of the business, which is conducive to further enhancing the overall operational efficiency of the company. This capital reduction will not change Guodu Jingrui's equity structure, and the company still holds 100% of its equity, which will not lead to changes in the scope of consolidated financial statements. <img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1aba278d-68eb-40ca-924a-e1635be46c07.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1aba278d-68eb-40ca-924a-e1635be46c07.png"/>
<h2>Depth After Acquisition?</h2>
The significant capital reduction of Guodu Jingrui occurs at a critical time of change in control of Guodu Securities, making it particularly noteworthy.
As is well known, the China Securities Regulatory Commission approved Zheshang Securities to become the major shareholder of Guodu Securities. In May 2025, Guodu Securities completed a board reorganization, and Guodu Securities has been included in the consolidated financial statements of Zheshang Securities, with both parties planning to complete the final integration within a year.
What typically happens to a subsidiary of an acquired securities firm? The answer is often not expansion, but &#34;check-ups&#34; and &#34;trimming.&#34;
As Guodu Jingrui is an alternative investment subsidiary of Guodu Securities, its subsequent arrangements will certainly be considered within a larger business context.
Perhaps this is why the aforementioned issues ultimately led to the contraction of the subsidiary, first testing the waters with a registered capital of 10 million yuan, and then making conclusions based on the situation
<h2>Alternative Investment Diversification Intensifies</h2>
The contraction of Guodu Jingrui, when viewed in the context of the industry, reveals a more fundamental change: the underlying logic of brokerage alternative investments is being restructured.
Over the past decade, the value of alternative investment subsidiaries has largely stemmed from licensing dividends—the STAR Market's co-investment system has granted brokerages with subsidiaries the qualification to participate in strategic placements, which is a ticket to high returns.
However, constrained by pressures on both cost and return, the value of this ticket is declining.
This diversification precisely indicates that alternative investments have shifted from the past model of licensing dividends to a core competition based on project identification, post-investment empowerment, and exit management. Capable institutions dare to increase their stakes during downturns, while those lacking capability choose to shrink their operations.
In the integration strategy following the takeover by Zheshang Securities, this step of &#34;streamlining&#34; is just the beginning, and the diversification and reshaping of alternative investment businesses continue to evolve.
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The market carries risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk

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Guodu Securities' wholly-owned subsidiary Guodu Jingrui Investment (Beijing) Co., Ltd. has completed a capital reduction, decreasing its registered capital from 300 million yuan to 10 million yuan, and has been renamed. This move aims to improve capital utilization efficiency and is part of the company's resource integration and optimization efforts. Guodu Jingrui was established in 2012 and focuses on alternative investment business. The capital reduction occurs during a critical period of control change at Guodu Securities and will not affect its equity structure

300 million turns into 10 million, alternative "slimming plan" of brokerage subsidiaries emerges