Guolian Securities Co Ltd

Guolian Minsheng released its 2026 interim report, with total operating revenue of 4.57 billion yuan, up 13.93% year-on-year, and net profit attributable to the parent of 1.415 billion yuan, up 25.57% year-on-year, both rising for two consecutive years. The company's net cash inflow from operating activities was 480 million yuan, its asset-liability ratio was 78.51%, its ROE was 2.70%, and diluted earnings per share were 0.25 yuan. The number of shareholders was 91,900, and the top ten shareholders held 58.91% of the total share capital.

Guolian Minsheng announced plans to repurchase its A-shares through centralized bidding, with a buyback amount of 100 million to 200 million yuan and a maximum price of 13 yuan per share. The company expects to buy back 7.69 million to 15.38 million shares, representing 0.14% to 0.27% of total share capital. The buyback period will not exceed three months from the date the board approves the A-share buyback plan, and the repurchased shares will be used to safeguard company value and shareholder interests.

Guolian Minsheng announced plans to repurchase A-shares through centralized competitive trading, with the buyback amount expected to be between 100 million and 200 million yuan. The maximum repurchase price is 13 yuan per share, and the company expects to buy back between 7.69 million and 15.38 million shares, representing 0.14% to 0.27% of total share capital. The repurchase period is three months after board approval, and the repurchased shares will be used to maintain company value and shareholder interests.

Guolian Minsheng announced that its board has approved a buyback plan, under which it will use its own funds to repurchase A-shares through centralized bidding. The total buyback amount will be no less than 100 million yuan and no more than 200 million yuan, with a maximum repurchase price of 13 yuan per share. The buyback period will be no more than three months from the date of board approval.

Guolian Minsheng Securities announced that it has acquired a 0.02% stake in Minsheng Securities held by Oceanwide Holdings through a judicial auction, with a transaction value of approximately 5.09 million yuan. After the transaction, its shareholding will increase from 99.98% to 100%, making Minsheng Securities a wholly-owned subsidiary. The company has received the transaction confirmation and still needs to complete subsequent procedures such as share delivery.

The A-share market, amid volatile adjustments, is seeing a concentrated wave of dividend distributions. On July 28 alone, 20 listed companies carried out ex-rights and dividend payments, distributing a total of approximately 10.7 billion yuan in cash. Among them, China Railway Construction paid out 4.074 billion yuan, Huayu Automotive Systems paid 3.153 billion yuan, and Huaneng Mengdian paid 1.724 billion yuan. Several brokerages, including Guolian Minsheng, Dongxing Securities, and Cinda Securities, also distributed dividends exceeding 100 million yuan each. Meanwhile, within the month, nine companies have disclosed their 2026 interim dividend plans, with total proposed payouts exceeding 25 billion yuan. Zijin Mining leads with a proposed payout of 11.136 billion yuan, while Hikvision and CATL plan to distribute 5.041 billion yuan and 6.493 billion yuan respectively. Most companies reported strong first-half earnings, with some posting significant net profit growth, providing support for the dividends. Additionally, Shanghai Airport's controlling shareholder has proposed raising the interim cash dividend payout ratio to around 55 percent, and Changchuan Technology is expected to carry out its first interim dividend since listing.

Huachuang Yunxin disclosed a share buyback plan to support its stock price, proposing to repurchase between 100 million and 200 million yuan within three months, making it the sixth Shanghai-listed brokerage to announce a buyback plan since June. Within the past week, five brokerages—Huaan Securities, Guolian Minsheng, Hongta Securities, Zhongtai Securities, and Huachuang Yunxin—successively released buyback plans. Together with Guojin Securities from early June, the total proposed buyback and shareholding increase cap for Shanghai-listed brokerages amounts to no more than 1.26 billion yuan, with most funds earmarked for cancellation or price support. Huaan Securities plans to buy back between 100 million and 200 million yuan, Guolian Minsheng between 100 million and 200 million yuan, Hongta Securities between 50 million and 100 million yuan all for capital reduction, Zhongtai Securities between 100 million and 200 million yuan for capital reduction, and Guojin Securities between 150 million and 300 million yuan. Additionally, a major shareholder of Industrial Securities plans to increase holdings by between 30 million and 60 million yuan, and both Industrial Securities and Zheshang Securities have proposed interim dividend plans.

Changjiang Securities has become the fifth listed brokerage this week to unveil a share buyback plan. On the evening of July 22, Changjiang Securities announced it had received a proposal from Chairman Liu Zhengbin to repurchase A-shares using 100 million to 200 million yuan of its own funds. The move came after the company's share price fell by a cumulative 20.87 percent over 13 consecutive trading days from July 1 to 17, triggering conditions set out in Shenzhen Stock Exchange buyback guidelines. The repurchased shares will also be used for future employee stock ownership plans or equity incentives. Earlier this week, Guolian Minsheng Securities, Huaan Securities, Zhongtai Securities, and Hongta Securities had already disclosed buyback plans. The five brokerages' proposed repurchase amounts have a combined lower limit of 350 million yuan and an upper limit of 900 million yuan. This round of intensive buybacks by brokerages comes as industry earnings continue to recover, with many institutions optimistic that improving fundamentals and expectations of valuation repair in the brokerage sector will resonate with each other.

Huaan Securities and Guolian Minsheng have successively announced buybacks, with a combined repurchase cap of up to 700 million yuan alongside Guojin Securities. Meanwhile, 20 brokerages reported a median year-on-year increase of 91 percent in their mid-year earnings forecasts, creating a resonance between strong performance and extremely low valuations. As of July 17, the securities company index traded at a price-to-book ratio of just 1.10 times, at the 11th percentile of its 10-year range, and a price-to-earnings ratio of only 14.39 times, at the 2nd percentile. Corporate buybacks to support share prices demonstrate confidence in value, making the sector both defensive and growth-oriented. Looking ahead, a concentrated wave of IPOs from hard-tech stars such as Changxin Memory Technologies and Unitree Technology is expected to benefit brokerages across the entire chain of sponsorship, co-investment, and direct investment. Combined with a solid foundation in wealth retail business, the return on equity for top brokerages could rise from the current sub-10 percent level toward 15 percent, opening up room for a medium- to long-term valuation re-rating.

In just two days, four listed brokerages have successively disclosed share buyback plans. On July 20, Zhongtai Securities and Hongta Securities each announced that their chairmen had proposed repurchasing the companies' A-shares, intended for capital reduction, with the combined maximum buyback amount reaching 300 million yuan. A day earlier, Guolian Minsheng Securities and Huaan Securities also disclosed buyback plans or chairman proposals. Zhongtai Securities Chairman Wang Hong proposed using proprietary funds to buy back shares worth 100 million to 200 million yuan, while Hongta Securities Chairman Jing Feng proposed a buyback of 50 million to 100 million yuan. Guolian Minsheng Securities plans to repurchase 100 million to 200 million yuan worth of shares, and Huaan Securities Chairman Zhang Hongtao proposed a buyback of 100 million to 200 million yuan. All four brokerages stated that the buybacks aim to safeguard company value and shareholder interests, and to bolster investor confidence.

On the morning of July 20, the broader financial sector rallied, with the CSI 300 Non-Bank Financial Index rising 2.5% and the CSI All Share Securities Index gaining 1.9%. Huaan Securities and Guolian Minsheng successively announced share buyback plans, joining Guojin Securities which had launched a buyback earlier, bringing the combined buyback cap for the three brokerages to 700 million yuan. On the same day, the median interim profit forecast for 20 listed brokerages showed a year-on-year increase of 91%, with a quarter-on-quarter rise of 63% in the second quarter. As of July 17, the CSI All Share Securities Index traded at a price-to-book ratio of just 1.10 times, near the 11th percentile of the past decade, and a price-to-earnings ratio of only 14.39 times, near the 2nd percentile of the past decade. The E Fund CSI Securities ETF and the E Fund CSI Securities and Insurance ETF track the CSI All Share Securities Index and the CSI 300 Non-Bank Financial Index respectively, offering investors a one-click tool to invest in leading securities firms.

The China Securities Regulatory Commission recently organised a symposium with representatives from securities fund institutions and listed companies to hear opinions and suggestions on promoting the stable and healthy development of the capital market. Before the market opened on 20 July, five central enterprise listed companies—China Shenhua Energy, CRRC Corporation, Aluminum Corporation of China, NARI Technology, and China Coal Energy—released intensive announcements, sending positive signals through shareholder shareholding increases, share buybacks, cash dividends, and injections of high-quality assets. The previous evening, China Reform Holdings disclosed that it had already used over 50 billion yuan in special re-lending for share buybacks and shareholding increases, along with supporting funds, to maintain market stability, while China Chengtong Holdings disclosed that it had recently purchased nearly 10 billion yuan in onshore stock assets cumulatively. In the brokerage sector, three brokerages—Huaan Securities, Guolian Minsheng Securities, and Sinolink Securities—successively launched buyback plans with a combined maximum amount of 700 million yuan. In the private equity industry, two billion-yuan-level quantitative private equity firms, Lingjun Investment and Pingfanghe Investment, simultaneously announced large-scale self-purchases. Since July, six institutions have made self-purchases totalling 412 million yuan, accounting for nearly 79 percent of the full-year total. Funds entered the market against the trend via exchange-traded funds. Last week, total net inflows into ETFs across the market reached 229.033 billion yuan, of which equity ETFs contributed 203.592 billion yuan, and broad-based ETFs saw net inflows of 156.12 billion yuan in a single week. The latest size of the Huatai-PineBridge CSI 300 ETF reached 99.521 billion yuan. The market adjustment was mainly triggered by external factors such as geopolitical tensions in the Middle East and deleveraging in overseas technology sectors. There has been no trend reversal in the fundamentals of the domestic economy or corporate earnings. The 900 companies on the Shenzhen market that have disclosed half-year earnings forecasts reported total net profits of approximately 230.7 billion yuan, a year-on-year surge of 147 percent.

Guolian Minsheng announced that the company is planning a share buyback, with the total repurchase amount expected to be between 100 million and 200 million yuan. The purpose of the buyback includes but is not limited to maintaining company value and shareholder equity, reducing registered capital, and other uses permitted by laws and regulations.

On the evening of July 19, central enterprises including China Reform Holdings and China Chengtong Holdings, along with several multi-billion-yuan private equity firms and listed brokerages, intensively announced share buyback and increased holding plans, demonstrating their firm confidence in the A-share market through concrete actions. China Reform Holdings' subsidiary, China Reform Investment, has already utilized over 50 billion yuan from special re-lending facilities and supporting funds for share buybacks and increased holdings, and will continue to increase its holdings in central enterprise stocks in the future. China Chengtong Holdings and its affiliated entities have cumulatively purchased nearly 10 billion yuan of state-owned central enterprise stocks, and plan to further significantly increase their holdings in state-owned central enterprise and technology company stocks as well as ETFs. Multi-billion-yuan quantitative private equity firms Lingjun Investment and Pingfanghe Investment respectively announced they will use 200 million yuan and 100 million yuan of their own funds to subscribe to their own private equity products. Guolian Minsheng Securities and Huaan Securities each plan to repurchase shares worth 100 million to 200 million yuan. In addition, over ten listed companies including Midea Group and Olympic Circuit Technology also disclosed buyback or increased holding plans, with Olympic Circuit Technology planning to repurchase 200 million to 300 million yuan worth of shares, and RemeGen planning to repurchase 25 million to 50 million yuan worth of shares.

As of July 15, 73 securities firms have issued a combined total of more than 1.35 trillion yuan in onshore bonds since the start of 2026, a year-on-year increase of over 96%. Recently, a number of listed brokers including China Merchants Securities, GF Securities, Guolian Minsheng, Soochow Securities, and Zhongtai Securities have received intensive approvals from the China Securities Regulatory Commission to issue large corporate bonds, while Shenwan Hongyuan obtained registration approval for perpetual subordinated bonds in July. In a low interest rate environment, enthusiasm for broker bond subscriptions is running high. Taking China Galaxy Securities as an example, the first tranche of its fifth corporate bond issue carried a coupon rate of 1.60% with a subscription multiple of 3.8722 times, while the second tranche had a coupon rate of 1.67% and a subscription multiple of 3.165 times. At the same time, the credit ratings of bonds issued by several brokers, including Northeast Securities, Great Wall Securities, Huaan Securities, and Zheshang Securities, have been upgraded from AA+ to AAA. Fitch also raised the long-term issuer default ratings of CICC and CICC International from BBB+ to A-. Analysts point out that this surge in bond issuance is not only about capital replenishment, but also serves as strategic capital support amid a wave of mergers and acquisitions. Leading institutions are using bond financing to pre-position M&A capital in advance, forming a chain of integration, bond issuance, and further expansion, while small and medium-sized brokers face increasing pressure from financing difficulties.