The problem with Guotai Junan's corporate mergers and acquisitions business is that it has to face the relevant provisions of the China Securities Regulatory Commission's "one participation, one control" to solve the problem of horizontal competition. The so-called "one participation, one control" refers to Article 11 of the "Administrative Measures for Securities Investment Fund Management Companies" which stipulates: "One institution or multiple institutions controlled by the same actual controller shall not participate in more than two fund management companies. The number of holding fund management companies shall not exceed one.” The “Measures” also mention that securities companies whose shareholders and actual controllers do not meet the requirements of “one participation and one control” cannot apply for listing.