Guosheng Securities to List 12.5% Stake in Plum Angel for $20.6M

A full exit rather than a partial trim is the signal here: the subsidiary retains nothing after the sale, and the disclosed profit uplift suggests the carrying value sits well below the asking price. For a brokerage divesting a private fund management stake through a provincial exchange, the venue itself matters — regional equity exchanges serve a narrower buyer pool than public markets, so completion is not guaranteed at the floor. Whether a buyer emerges, and at what level, is the open question; the profit figure is contingent on the listing price, not booked.