The integration of securities firms continues to increase. Guohai Securities plans to participate in the bidding for the equity of Datong Securities.

The securities industry mergers and acquisitions are entering an accelerated period. The total of 1.703 billion shares of Datong Securities held by Huaxin Trust Management and Haichuang Huitong will welcome the third round of bidding on July 16. Guohai Securities announced on the evening of the 15th that it intends to participate in the equity bidding, and if successful, will acquire control of Datong Securities. According to the announcement of the JD auction platform and the asset valuation report issued by Zhonglian Asset Appraisal Group Co., Ltd., as of November 28, 2025, the evaluation value of the total of 1.703 billion shares of Datong Securities held by Huaxin Trust Management and Haichuang Huitong is 4.329 billion yuan. The previous two rounds of bidding were both aborted due to lack of buyers. The starting price of the first round of bidding was consistent with the evaluation price, and the starting price of the second round of bidding was reduced to 3.463 billion yuan, a discount of about 20% compared to the first round. The JD auction platform shows that the third public auction is scheduled to start at 14:00 on July 16. The starting price of the third round of bidding was further reduced to 3.2 billion yuan, a further decrease of about 263 million yuan compared to the second round, corresponding to a PB multiple of 1.19 times, with a cumulative discount of over 1.1 billion yuan compared to the evaluation price. Industry analysts believe that it is already within a reasonable valuation range.