Guohai Securities said on 17 July it had won an online bankruptcy auction for a 51.59% stake in Datong Securities with a CNY3.2bn bid.
Why Guohai Securities Co., Ltd. is buying Datong Securities Co., Ltd. (51.59%)
Guohai said the deal would expand its assets and business scale, bring together wealth management client resources and strengthen its market position, revenue and market share.
Deal terms and financing
Guohai paid the opening price at the third auction, about CNY1.13bn below the CNY4.33bn appraisal; a first auction from 30 June to 1 July at the appraised value and a second at CNY3.46bn attracted no bidders. Datong's other shareholders held pre-emption rights under its articles.
Regulatory approvals and timing
Guohai will obtain control after paying the balance of the price, and the change of controlling shareholder requires approval from the China Securities Regulatory Commission.
Market context
Datong Securities, based in Dalian, had total assets of CNY10.5bn and net assets of CNY5.2bn, and earned net profit of CNY134m on revenue of CNY419m in 2025. Huaxin Trust, its largest shareholder with 28.25%, is in bankruptcy proceedings.
