凭借各方资源的有机结合，合并后公司的财务结构韧性有望增强，通过加强零售业务及资本金业务，使 自身具备更强的抗周期能力，提升经营业绩的稳健性。同时，伴随资本运用效率的提升，资本配置也从 传统的自营和融资类业务进一步拓展，从而优化整体盈利模式，实现更有竞争力的资本收益水平。 自2023年中央金融工作会议明确提出"加快建设金融强国"的宏伟目标，到2024年新"国九条"强调"支持 头部机构通过并购重组提升核心竞争力"，监管层推动行业供给侧改革的决心坚定。在谋篇布局"十五 五"战略机遇下，12月的中央经济工作会议更明确提出要深入推进中小金融机构减量提质，以提升金融 体系配置效率。 业内认为，此次"三合一"重组正是响应"加快打造一流投行和投资机构"国家战略的标志性落子，映射出 四中全会关于我国金融机构"专注主业、完善治理、错位发展"部署要求的深层逻辑。 根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373与1:0.5188。东兴证券与 信达证券全部A股参与换股，以此计算，中金公司预计将新发行A股约30.96亿股。 为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券与信达证 ...

Core Viewpoint - The announcement of a major asset restructuring plan by China International Capital Corporation (CICC) to absorb and merge with Dongxing Securities and Cinda Securities marks a significant step towards CICC's transformative growth and is expected to reshape the securities industry landscape [1][5]. Group 1: Transaction Details - The restructuring plan involves a share swap where CICC will absorb Dongxing Securities and Cinda Securities, with the trading of their stocks resuming on December 18 [1]. - The share swap prices are set at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Cinda Securities, reflecting their asset values and balancing shareholder interests [7]. - CICC is expected to issue approximately 3.096 billion new A-shares as part of the merger [7]. Group 2: Market Impact - Post-merger, CICC's total asset scale is projected to exceed 1 trillion CNY, positioning it as the fourth "trillion-level" firm in the industry, significantly enhancing its capital strength and service capabilities [5]. - The merger is anticipated to create a comprehensive financial service capability that is resilient to economic cycles, thereby contributing to national strategies and financial risk management [5][11]. Group 3: Strategic Synergies - The merger will enable deep strategic collaboration between CICC, Dongxing Securities, and Cinda Securities, leading to resource integration and an overall enhancement of capital strength [11]. - CICC's existing strengths in investment banking and private equity will complement Dongxing and Cinda's regional presence and retail client base, creating a synergistic effect [11]. Group 4: Industry Context - The restructuring is part of a broader trend in the securities industry, with several firms pursuing mergers to enhance competitiveness and achieve scale, as highlighted by recent activities in the sector [12]. - Regulatory support is expected to continue fostering mergers and acquisitions in the industry, with a focus on creating leading firms with significant international influence [12][13].

不到一个月，中金公司（601995）换股吸收合并东兴证券（601198）、信达证券（601059）迎来重大进展。 12月17日晚间，中金公司、东兴证券、信达证券同步披露重大资产重组预案，并均拟于12月18日复牌。 | 证券代码:601995 | 证券简称:中金公司 | 上市地点:上海证券交易所 | | --- | --- | --- | | 证券代码:03908 | 证券简称:中金公司 | 上市地点:香港联合交易所 | | 证券代码:601198 | 证券简称:东兴证券 | 上市地点:上海证券交易所 | | 证券代码:601059 | 证券简称:信达证券 | 上市地点:上海证券交易所 | 三方确定换股价格 根据三家公司披露的交易预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方中金公司作为存续主体，换股价格为 36.91元/股，被吸收合并方东兴证券换股价格为16.14元/股，信达证券换股价格为19.15元/股。 根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373与1:0.5188。东兴证券与信达证券全部A股参与换股，以此计算，中金公司 预计将新发行A ...

Core Viewpoint - The merger of CICC with Dongxing Securities and Xinda Securities marks a significant step towards establishing CICC as a leading international investment bank, with a focus on structural resource and capability complementarity rather than mere asset accumulation [2][4]. Group 1: Merger Details - On December 17, CICC announced the share exchange ratios for the merger: 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with trading resuming on December 18 [2]. - The merger will elevate CICC to the fourth largest brokerage in terms of total assets, crossing the trillion yuan threshold, and enhancing its competitive edge in capital utilization, wealth management, and cross-border business [2][5]. Group 2: Financial Impact - Post-merger, CICC's estimated operating income will be approximately 27.4 billion yuan, with a significant increase in capital scale, positioning it as the fourth largest in net assets [5]. - CICC's financial investment return over the past two years averaged 3.5%, outperforming Dongxing Securities (2.8%) and Xinda Securities (2.6%), indicating superior capital utilization capabilities [5]. Group 3: Business Synergies - The merger will enhance CICC's self-operated business by leveraging its investment strategies and risk management capabilities, improving asset allocation efficiency [6]. - CICC's wealth management capabilities will be strengthened through the expanded network and client base, increasing retail clients by over 50% to more than 14 million and expanding advisory personnel by over 40% to over 4,000 [8]. Group 4: Strategic Integration - The merger represents a shift towards functional integration rather than mere scale expansion, focusing on enhancing capabilities in wealth management and investment banking [7][9]. - CICC plans to adopt a gradual and phased approach to integration, drawing on past successful experiences, such as the acquisition of Zhongtou Securities, to ensure effective business synergy [10][11].

Group 1: Resumption of Trading - Dongxing Securities and Xinda Securities have approved the merger with CICC, leading to the resumption of their stocks [1] - CICC plans to conduct a share swap merger with Dongxing Securities and Xinda Securities at a swap price of 36.91 yuan per share, resulting in stock resumption [1] - Meike Home intends to acquire control of Wande, leading to a suspension of its stock [1] - Fenglong Co., Ltd. is planning a change in control, resulting in a suspension of its stock [1] Group 2: Capital Increase and Mergers - Shenzhen Urban Transport is planning a capital increase of 1.8 billion yuan for the development of intelligent transportation models and global business expansion [2] - Tongye Technology intends to purchase 100% of Silin Technology's shares in cash, focusing on communication chip design [2] - Shengxing Co., Ltd. plans to raise no more than 1.157 billion yuan for new production bases in Vietnam and Sichuan [2] Group 3: Share Buybacks and Equity Transfers - China Metallurgical Group plans to repurchase shares worth between 1 billion and 2 billion yuan [3] - Jiayuan Technology's shareholders plan to transfer 3.24 million shares, accounting for 2.51% of the total share capital [4] - Jintian Titanium Industry is transferring 4.9% of its shares through an inquiry by the National Industrial Investment Fund [5] Group 4: External Investments and Daily Operations - Kangtai Biological has received clinical trial approval for its hepatitis B vaccine [6] - Zhifei Biological's application for a clinical trial of a modified smallpox vaccine has been accepted [7] - Hongbo New Materials' subsidiary is set to sign a technology licensing and business transfer agreement with the U.S. for a total price of 377 million yuan [7] - China CRRC has signed contracts totaling 53.31 billion yuan, including 16.65 billion yuan for wind power and energy storage equipment [8] - Xiechuang Data plans to invest in the development and production of optical chips and modules in Guangzhou [8] - Tongrentang clarified that it does not hold any equity or investment rights in Sichuan Health Pharmaceutical related to the reported Antarctic krill oil [9]

此次重组主导方中金公司，作为"三中一华"里的一员，其资产规模、盈利能力、主业表现均处于行业领 先地位。在中金的三十载发展历程中，公司也曾出手收购，于2017年收购中投证券，后者如今已更名为 中金财富证券。 重大资产重组官宣近一个月后，中金公司吸收合并东兴证券、信达证券加速推进，相关交易预案正式出 炉。 据中金公司12月17日晚间披露，中金公司拟通过向东兴证券全体A股换股股东发行A股股票、向信达证 券全体A股换股股东发行A股股票的方式，换股吸收合并东兴证券、信达证券。交易后，中金公司将承 继及承接东兴证券、信达证券的全部资产、负债、业务、人员、合同、资质及其他一切权利与义务，东 兴证券、信达证券将注销法人资格。 另据公告，合并之后的新券商将保留"中金"品牌。同时，3家公司股票将自12月18日起复牌。 早前的11月下旬，中金公司曾披露，公司正在筹划重大资产重组，拟换股吸收合并东兴证券、信达证 券，三方已签署相关协议。 时隔8年，中金再度出手收购，这起发生在年尾的证券业重大合并，自披露之日起便备受关注。从时机 来看，当前正值证券业并购重组活跃期，而不同于此前的"1+1"收购，中金则欲将2家上市券商收入囊 中，形成" ...

Group 1 - The core point of the article is the announcement of the merger plan between CICC, Dongxing Securities, and Xinda Securities, which will significantly enhance CICC's market position [2][3] - The exchange ratio for shareholders is set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, indicating how many CICC shares each shareholder will receive in exchange for their shares [2] - Following the merger, CICC will become the fourth brokerage firm in the industry to exceed total assets of 1 trillion yuan, joining the "trillion club" [2] Group 2 - The merger will involve the transfer of all assets, liabilities, businesses, personnel, contracts, qualifications, and other rights and obligations from Dongxing Securities and Xinda Securities to CICC [2] - Dongxing Securities and Xinda Securities will have their legal entity status canceled as part of the merger process [2] - The stocks of all three companies are set to resume trading on December 18 [2]

Core Viewpoint - The announcement of a major asset restructuring plan involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant step in the "three-in-one" merger process, with CICC as the surviving entity through a share swap merger [1][3]. Group 1: Transaction Details - CICC will absorb Dongxing Securities and Xinda Securities through a share swap, with trading resuming on December 18 [3]. - The share swap prices are set at 36.91 CNY for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, leading to swap ratios of 1:0.4373 and 1:0.5188 respectively [3][6]. - Approximately 3.096 billion new A-shares of CICC will be issued as part of the transaction, significantly expanding its capital structure [7]. Group 2: Investor Protection Mechanisms - To protect minority investors, dissenting shareholders of CICC can exercise buyout rights, while dissenting shareholders of Dongxing and Xinda can opt for cash conversion of their shares [8]. - Major shareholders, including Central Huijin, have committed to a 36-month lock-up period for their shares acquired in this transaction, indicating confidence in the long-term development of the merged entity [8]. Group 3: Business Complementarity - The merger is expected to create synergies due to the complementary business structures and resource endowments of the three firms, enhancing CICC's capabilities in investment banking and private equity [9]. - CICC has established a leading position in investment banking and international business, while Dongxing and Xinda have strong foundations in mid-to-back office operations and regional markets [9]. Group 4: Financial Impact - Post-merger, CICC's total net assets are projected to exceed 170 billion CNY, significantly bolstering its capital strength [12]. - The combined operating revenue is expected to reach approximately 273.9 billion CNY, positioning CICC just behind CITIC Securities and Guotai Junan in the industry rankings [12][13]. - The merger will enhance CICC's retail brokerage capabilities, creating a balanced business model between institutional and retail services [13]. Group 5: Market Context and Trends - This merger aligns with the Chinese capital market's reform agenda, responding to policy directives aimed at enhancing the competitiveness of leading financial institutions through mergers and acquisitions [14]. - The integration reflects a market-driven approach to resource optimization, contrasting with previous administrative-led consolidations, and is expected to serve as a reference for future industry integrations [15].

Group 1 - The Chinese Ministry of Foreign Affairs responded to reports of the Thai military seizing Chinese-made anti-tank missiles in Cambodia, emphasizing that China's defense cooperation with Thailand and Cambodia does not target any third party and is unrelated to the conflict at the border [1] - The Central Economic Work Conference highlighted that expanding domestic demand is the top priority for the coming year, with domestic demand contributing 71% to economic growth in the first three quarters of the year [2] Group 2 - Dongxing Securities announced that it plans to be absorbed by China International Capital Corporation (CICC) and Xinda Securities through a share swap, with trading resuming on December 18, 2025 [2] - CICC's share swap price is set at 36.91 yuan per share, with each share of Dongxing Securities being exchangeable for 0.5188 shares of CICC [9] Group 3 - The price of tungsten powder has surged to 1 million yuan per ton, marking a 216.5% increase since the beginning of the year, while ammonium paratungstate (APT) has also seen significant price increases [8]

多家机构测算数据显示，中金公司此番以一步到位的吸收合并方式整合两家券商，将推动新主体总资产规模一举突破万亿 关口，净资产规模也将攀升至近1750亿元。 智通财经记者 | 陈靖 市场关注已久的中金公司"三合一"合并迎来新消息。 2025年12月17日晚间，中金公司（601995.SH、03908.HK）与东兴证券（601198.SH）、信达证券（601059.SH）同步披露 重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展，并拟于12月18日复牌。 此次整合，是2024年新"国九条"发布后又一例大型券商深度整合案例。根据交易预案，本次交易定价以各方董事会决议公 告日前20个交易日均价作为基准价格，吸收合并方中金公司作为存续主体，换股价格为36.91元/股，被吸收合并方东兴证 券换股价格为16.14元/股，信达证券换股价格为19.15元/股。 根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373与1:0.5188。东兴证券与信达证券全部A股参 与换股，以此计算，中金公司预计将新发行A股约30.96亿股。 为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券 ...