Guolian Minsheng Securities Company Limited is still on the path of integration. This time, the company has fully reclaimed the shares of Minsheng Securities. On July 29, GLMS SEC won the bid for 2,424,300 shares of Minsheng Securities held by Oceanwide Holdings through a judicial auction, representing 0.02% of the total shares, with a transaction price of 5.091 million yuan. After this transaction, Guolian Minsheng Securities Company Limited's stake in Minsheng Securities will rise from 99.98% to 100%, making it a wholly-owned subsidiary. This transaction is still pending procedures such as share delivery.

Prior to this, in November 2025, GLMS SEC had purchased 81,543,000 shares of Minsheng Securities held by Oceanwide Holdings for 171 million yuan, accounting for 0.72% of the total. These two judicial auctions together auctioned off 0.74% of Minsheng Securities' shares. These shares were excluded from the transaction scope due to equity pledge issues that arose during the merger of Guolian Minsheng Securities Company Limited.

Going back to March 2023, Oceanwide Holdings' more than 30% stake in Minsheng Securities was acquired by Guolian Securities' controlling shareholder, Guolian Group, for 9.1 billion yuan. In early 2024, Guolian Securities released a restructuring plan, and when the transaction draft was later disclosed, one of the major adjustments was that Oceanwide Holdings, which held 0.74% of Minsheng Securities' shares, withdrew from the transaction. Subsequently, Guolian Securities purchased a total of 99.26% of Minsheng Securities' shares from 45 transaction counterparties, including Guolian Group and Fengquanyu, by issuing A-shares, with the transaction consideration also reduced from 29.7 billion yuan to 29.5 billion yuan. The corresponding 0.74% equity stake that was stripped out was valued at approximately 200 million yuan.

Now, Guolian Minsheng Securities Company Limited has recovered 0.74% of Minsheng Securities' shares, severing ties with Oceanwide Holdings and clearing the historical obstacles left at the equity level. This marks the end of the more than two-decade-long capital relationship between the Oceanwide system and Minsheng Securities. As early as 2002, when the former Yellow River Securities increased its capital and changed its name to Minsheng Securities, the Oceanwide system invested and became an early major shareholder. In 2014, Oceanwide Holdings acquired shares of Minsheng Securities, obtaining a 73% controlling stake, and in 2015, through a capital increase, its stake reached 87.65%.

In early 2020, the China Securities Regulatory Commission approved the change of Oceanwide Holdings' industry classification from real estate to financial services. Minsheng Securities was one of the core supporting platforms. It was in this year that Oceanwide Holdings first showed signs of debt pressure and began reducing its holdings. In October 2020, Oceanwide Holdings transferred 27.12% of Minsheng Securities' equity to 22 investors, including Zhangjiang Group and Zhangjiang High-Tech, for 4.229 billion yuan, reducing its stake to 44.52%. Oceanwide Holdings gradually lost its controlling stake. In 2021, Oceanwide Holdings signed an agreement with Shanghai Fengquanyu to transfer 13.49% of Minsheng Securities' equity, reducing its stake to around 31%.

Oceanwide Holdings then began seeking to introduce strategic investors, a process that was quite tortuous. At that time, Oceanwide Holdings planned to sell no less than 20% of Minsheng Securities' shares to Wuhan Financial Holdings, but the two sides ultimately could not reach an agreement and terminated the agreement. That year, turmoil stirred within Minsheng Securities, with changes in board seats, and Oceanwide Holdings could no longer unilaterally dominate business decisions, announcing that Minsheng Securities would no longer be included in the listed company's consolidated statements.

It was not until 2023 that Minsheng Securities finally saw the clouds part and the moon shine. Guolian Securities began the restructuring of Minsheng Securities, leading a new wave of securities firm mergers and acquisitions. After the merger of Guolian Minsheng Securities Company Limited, its performance exploded. In 2025, GLMS SEC achieved operating revenue of 7.673 billion yuan, a year-on-year increase of 185.99%, and net profit attributable to the parent company of 2.009 billion yuan, a year-on-year increase of 405.49%, with the synergy effect being fully released. As of the end of 2025, the asset scale of Guolian Minsheng Securities Company Limited exceeded 200 billion yuan.