The consolidation of mergers and acquisitions in the securities industry has entered a period of acceleration. A total of 1,703 billion shares of Chase Securities held by Huaxin Trust Manager and Haichuang Huitong will be auctioned for the third time on July 16. Guohai Securities announced on the evening of the 15th that it intends to participate in this equity bid. If the bid is successful, the company will take control of Chase Securities. According to the JD Auction Platform announcement and the asset evaluation report issued by Zhonglian Asset Appraisal Group Co., Ltd., with November 28, 2025 as the reference date, the total assessed value of 1.703 billion shares of Chase Securities held by Huaxin Trust Manager and Haichuang Huitong was 4.329 billion yuan. The previous two rounds of auctions were sold due to lack of buyer participation. The bid price for the first auction was consistent with the assessed price, and the bid price for the second was reduced to 3.463 billion yuan, which is about 20% off of the one-shot discount. According to the JD auction platform, the third public auction is scheduled to begin at 14:00 on July 16. The three-beat bid price was further reduced to 3.2 billion yuan, down about 263 million yuan from the second one, corresponding a PB multiplier of 1.19 times, and a cumulative discount of over 1.1 billion yuan compared to the assessed price. Industry insiders analyzed that it was already within a reasonable valuation range.

The consolidation of mergers and acquisitions in the securities industry has entered a period of acceleration. A total of 1,703 billion shares of Chase Securities held by Huaxin Trust Manager and Haichuang Huitong will be auctioned for the third time on July 16. Guohai Securities announced on the evening of the 15th that it intends to participate in this equity bid. If the bid is successful, the company will take control of Chase Securities. According to the JD Auction Platform announcement and the asset evaluation report issued by Zhonglian Asset Appraisal Group Co., Ltd., with November 28, 2025 as the reference date, the total assessed value of 1.703 billion shares of Chase Securities held by Huaxin Trust Manager and Haichuang Huitong was 4.329 billion yuan. The previous two rounds of auctions were sold due to lack of buyer participation. The bid price for the first auction was consistent with the assessed price, and the bid price for the second was reduced to 3.463 billion yuan, which is about 20% off of the one-shot discount. According to the JD auction platform, the third public auction is scheduled to begin at 14:00 on July 16. The three-beat bid price was further reduced to 3.2 billion yuan, down about 263 million yuan from the second one, corresponding a PB multiplier of 1.19 times, and a cumulative discount of over 1.1 billion yuan compared to the assessed price. Industry insiders analyzed that it was already within a reasonable valuation range.