斥资51.9亿，国信证券拟吸并万和证券

Group 1 - The core point of the news is that Guosen Securities plans to acquire 96.08% of Wanhe Securities for a total consideration of 5.192 billion yuan, which will make Wanhe Securities a subsidiary of Guosen Securities [1][2] - The transaction is based on an evaluation date of June 30, 2024, with a total valuation of 5.404 billion yuan for 100% of Wanhe Securities, leading to a share price of 8.60 yuan for the issuance of 604 million shares, representing 5.91% of the post-issue total share capital [1] - This acquisition is seen as a typical case of local state-owned capital promoting the integration of brokerage resources, with both companies under the Shenzhen state-owned assets system [1][2] Group 2 - Guosen Securities is among the top ten comprehensive brokerages in the industry, with a market capitalization of nearly 90 billion yuan and total assets of 484.129 billion yuan as of Q3 2024 [1] - Wanhe Securities, a regional brokerage, has a registered capital of 2.273 billion yuan and total assets of 13.162 billion yuan, with a focus on cross-border financial services due to its location in Hainan Free Trade Port [2] - The acquisition aims to leverage policy opportunities in Hainan and expand cross-border financial services, while also addressing the network shortfalls in North China and Southwest regions [2]