Guolian Group Bids $1.3 Billion to Win Oceanwide’s Brokerage Stake

What’s new: Guolian Group, the biggest shareholder of Guolian Securities, won a protracted bidding war to buy 30.3% of Minsheng Securities for 9.1 billion yuan ($1.3 billion), beating rivals Soochow Securities Co. Ltd. and Zheshang Securities Co. Ltd.

The final price was 55% higher than the asking price of 5.9 billion yuan, according to information disclosed by the judicial auction platform of e-commerce giant JD.Com.