Orient Securities said on 19 April that it had signed letters of intent with the shareholders of Shanghai Securities to acquire 100% of the state-backed broker by issuing new A shares and paying some cash, and halted trading in its Shanghai-listed shares to work on the deal.
Why Orient Securities Company Limited is buying Shanghai Securities Co., Ltd.
The deal combines two brokers controlled by Shanghai's state asset system. National Business Daily reported that the enlarged Orient Securities would have total assets above RMB600bn and net assets above RMB100bn, putting it among China's ten largest brokerages.
Deal terms and financing
Final terms published on 27 July valued the target equity at RMB25.12bn, with RMB23.55bn settled by issuing 2,288,629,735 consideration A shares to the vendors and RMB1.57bn paid in cash to Guotai Haitong for part of its stake. The new shares equal about 27.13% of Orient Securities' existing issued share capital.
Regulatory approvals and timing
Shareholders and class meetings passed the resolutions on 24 August 2026. On 30 September Orient Securities said the CSRC had accepted the administrative approval applications, but the transaction still requires Shanghai Stock Exchange consent and CSRC approval and registration. The company also sought a whitewash waiver from Hong Kong's Securities and Futures Commission.
Market context
At the end of 2025 Shanghai Securities had total assets of about RMB95.8bn, net assets of about RMB19.8bn and 2025 net profit of RMB1.32bn, against Orient Securities' total assets of RMB486.9bn. Shanghai Securities is controlled by Bailian Group, which holds 50%, and ultimately by Shanghai's state assets regulator.
