Anxin Fund Equity Change: Guotou Securities increases holdings to 39.88% to become the largest shareholder, China General Nuclear Power Corporation fully liquidates its financial holdings and exits.

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On March 19, Anxin Fund Management Co., Ltd. announced a change in equity ownership. The company’s largest shareholder, Guotou Securities Co., Ltd., signed a share transfer agreement with the original fourth-largest shareholder, China General Nuclear Power Finance Co., Ltd. Guotou Securities acquired a 5.93% stake in Anxin Fund held by China General Nuclear Power Finance, while the shareholding ratios of other shareholders remained unchanged.

A Bumpy Road: Two and a Half Years on the Market with No Interest, Finally Internal Absorption by Major Shareholder

After experiencing two and a half years of failed listings and discounted persistence, a transfer of a 5.93% small equity stake in Anxin Fund has finally reached a conclusion.

Looking back, the path of this equity transfer has been quite arduous. This portion of equity was first listed for transfer at the Beijing Property Exchange in June 2023, with a starting price set at 85 million yuan, but no buyers were found. In November of the same year, the asset was re-listed at a discounted price of 76.5 million yuan, opening a second auction, yet still attracted no interest. Although the listing was later extended to June 2024, it ultimately ended in failure. Now, with Guotou Securities stepping in, it signifies that China General Nuclear Power Finance has officially exited.

According to the announcement, the business registration procedures for this equity transfer have been completed. After the transaction, the shareholding structure of Anxin Fund will change to: Guotou Securities holding 39.88%, WISCO Capital Holdings Co., Ltd. holding 39.84%, and Shunde District New Bi Trade Co., Ltd. holding 20.28%, with China General Nuclear Power Finance no longer holding shares in Anxin Fund.

The Value of Small and Medium Public Funds’ Equity Awaits Revaluation: Revenue Continues to Decline for Nearly Two and a Half Years

Anxin Fund was established in December 2011, registered in Shenzhen, with a registered capital of 506.25 million yuan. In terms of company management scale, Anxin Fund reached its peak size of 136.491 billion yuan at the end of September 2022, after which it began to shrink. As of the end of December 2025, the company’s management scale was 105.736 billion yuan, a decline of 22.5% from its peak, with non-monetary assets amounting to 81.688 billion yuan, ranking 65th among 164 licensed public fund institutions.

From a financial performance perspective, the company’s revenue from December 31, 2022, to June 30, 2025, has shown a continuous downward trend, while net profit has fluctuated. In 2022, the company achieved operating revenue of 929 million yuan and a net profit of 90 million yuan; in 2023, the revenue decreased year-on-year to 840 million yuan, while net profit rebounded to around 110 million yuan; in 2024, operating revenue was 672 million yuan, a year-on-year decline of 20%, yet net profit grew against the trend to 130 million yuan, an increase of 14%. By June 30, 2025, the half-year revenue was 303 million yuan, with a net profit of 45 million yuan, showing a decline compared to the same period last year.

In terms of product structure, by the end of 2025, Anxin Fund’s non-monetary scale was 81.688 billion yuan. Among these, mixed funds dominate, with a scale of 38.665 billion yuan; equity funds and bond funds were 7.729 billion yuan and 35.098 billion yuan, respectively. Despite the pressure on scale, Anxin Fund’s investment performance in 2025 is commendable.

Regarding the valuation of this transaction, although the final transaction price has not been disclosed, insights can be drawn from historical listing prices. When first listed in 2023, this 5.93% stake had a starting price of 85 million yuan, suggesting an overall valuation of Anxin Fund at approximately 1.434 billion yuan. Even at the discounted price of 76.5 million yuan during the second listing, the overall valuation still reached 1.29 billion yuan. If the transaction price is estimated using the management scale multiplier method, at 3% of the management scale, Anxin Fund’s valuation would be around 2.4 billion yuan. However, the two failed listings also reflect that in the context of an increasingly pronounced Matthew effect in the public fund industry, the equity of small and medium public funds is facing a market re-evaluation.

An insider from a public fund pointed out: “Future industry consolidation and specialized transformation will be key breakthrough points to break the deadlock.”

After the Major Shareholder Takes Over: Brokerages + Public Funds Collaborate Deeply, Can New Momentum Be Injected?

Industry insiders believe that Guotou Securities’ increase in holdings is a strategic consideration for deepening financial layout and strengthening industrial-financial synergy. Public information shows that Guotou Securities was formerly Anxin Securities and officially changed its name in December 2023. The company’s shareholders are Guotou Capital Co., Ltd., under the National Development Investment Group, and Shanghai Yisheng Investment Co., Ltd., with a registered capital of 10 billion yuan, now operating as a full-license comprehensive brokerage.

Analysis suggests that as a large comprehensive brokerage, Guotou Securities possesses rich customer resources, research capabilities, and channel advantages; while Anxin Fund has mature management experience and product systems in the public fund sector. The deep collaboration between the two sides is expected to achieve complementary advantages, facilitating breakthroughs for Anxin Fund in product innovation, channel expansion, and improvement of investment research capabilities. A more concentrated and stable shareholding structure also lays a solid foundation for Anxin Fund’s future development. Currently, the public fund industry is in a phase of high-quality development, with the head effect becoming increasingly prominent, and small and medium fund companies face multiple pressures such as product innovation, scale expansion, and investment research upgrades. This equity optimization is seen as an important opportunity for Anxin Fund to break through its development bottleneck and inject new momentum.

It is noteworthy that several public funds have recently undergone equity changes. In March, Yinhai Fund introduced Santander Investment as a 20% foreign shareholder; in January, Huazheng Securities increased its stake in Huafu Fund to 51%, becoming the controlling shareholder. Industry insiders believe that the public fund sector is currently shifting towards high-quality development, with regulatory guidance encouraging fund companies to enhance quality and efficiency, providing broad space for institutions with resource integration capabilities.

Note: Article data source Wind Anxin Fund Official AI Assistance Completed Funds Have Risks, Investment Requires Caution

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Editor: Company Observation