Core Viewpoint - China International Capital Corporation (CICC) is planning a major asset restructuring involving a share swap to absorb Dongxing Securities and Cinda Securities, aiming to enhance its position as a leading investment bank and support the high-quality development of the financial market [1][4][11]. Group 1: Restructuring Details - CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities as part of the merger [1][4]. - The restructuring involves complex processes as it includes the simultaneous absorption of two A-share listed companies [4][7]. - The total assets of CICC, Dongxing Securities, and Cinda Securities are 764.94 billion RMB, 128.25 billion RMB, and 116.39 billion RMB respectively, leading to a combined total of 1,009.58 billion RMB post-merger [7][11]. Group 2: Suspension of Trading - CICC's A-shares will be suspended from trading starting November 20, 2025, due to the ongoing restructuring process [3][6]. - The suspension is expected to last no more than 25 trading days, in accordance with Shanghai Stock Exchange regulations [4][7]. Group 3: Strategic Goals - The merger aims to achieve economies of scale and synergies by combining the strengths and resources of the involved parties [4][11]. - The restructuring is positioned to enhance the quality of services provided to national strategies and the real economy, ultimately improving shareholder returns [4][11].

11月19日晚，券商巨头中国国际金融股份有限公司（以下称"中金公司"）发布公告，中金公司与东兴证券股份有限公司（以下简称"东兴证券"）、信达证 券股份有限公司（以下简称"信达证券"）正在筹划由公司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。 中金公司称，鉴于上述事项存在重大不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据上海证券交易所的相关规定， 经公司申请，公司A股股票将于2025年11月20日（星期四）开市时起开始停牌。 本次重组涉及到A+ H股两地上市公司同时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂，根据上海证券交易所的相关规定，预计停牌时间不 超过25个交易日。 信达证券实际控制人也是中央汇金投资有限责任公司，公司A股最新市值达577亿元。 中金公司称，本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质量发展。通过重组各方能力资源的有机结合、优势互补，力争在 合并后实现规模经济和协同效应，提高公司服务国家战略和实体经济的质效，并提升股东回报水平。 2025年11月19日 ...

11月19日晚间，中金公司发布公告称，公司与东兴证券、信达证券正在筹划由中金公司通过换股方式吸收合并东兴证券、信达证券。 为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，公司A股股票将于2025年11月20日开市时起停牌，预计停牌时间不超过25个交易 日。本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质量发展。 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 | | --- | | 601995 中金公司 A 股 停牌 2025/11/20 | 信达证券、东兴证券均11月20日起停牌，预计不超25个交易日。 Wind用户在金融终端输入 WTTS(模拟交易) 科创板、港股通、ETF、个股期权等一应俱全 组合分析指标应有尽有，更加方便路演 业绩考核精准结算，投研能力一目了然 w 万得基金 回答 l 低谷绸缪 基金定投 器 5 普通定投 智能定投(目标投 智慧投) F 万得基金APP 长按立即体验 ...

经济观察网 11月19日晚，中金公司、东兴证券、信达证券发布《关于筹划重大资产重组的停牌公 告》，三家公司正在筹划由中金公司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。 ...

Core Viewpoint - The major asset restructuring among China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities aims to create a leading investment bank, aligning with national financial reforms and the high-quality development of the securities industry [1][3]. Group 1: Restructuring Details - CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Xinda Securities as part of the share swap merger [1]. - The restructuring is expected to enhance resource integration and optimize the layout of the institutions, focusing on serving national strategies and the real economy [3][4]. Group 2: Company Performance - CICC reported a revenue of 20.76 billion yuan, a year-on-year increase of approximately 54%, and a net profit of 6.57 billion yuan, up 130% year-on-year for the first three quarters of 2023 [4]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% year-on-year growth for the same period [4]. - Xinda Securities generated total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, with a year-on-year increase of 28% and 53%, respectively [4]. Group 3: Strategic Implications - The merger will create a stronger capital base, enhanced professional capabilities, and a more robust risk control system, contributing to a comprehensive financial service platform [3][4]. - The combined entity will rank third in the industry in terms of the number of branches, with CICC's strengths complementing the retail brokerage and self-operated business of Dongxing and Xinda Securities [5].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 骆民）信达证券公告，公司与中金公司、东兴证券正在筹划由中金公司通 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。公司A股股票将于2025年11月20日开市时起停牌。本次重组涉及到A+H股 两地上市公司同时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂，根据上海证券交易所的 相关规定，预计停牌时间不超过25个交易日。 ...

Core Viewpoint - The long-anticipated merger involving CICC has been confirmed, with the merging parties being Dongxing Securities and Xinda Securities, rather than the previously speculated Galaxy Securities [1][4]. Group 1: Merger Details - The merger is structured as a stock swap, where CICC will issue A-shares to the shareholders of Dongxing and Xinda Securities [4]. - The three firms will suspend trading from November 20, 2025, for a period not exceeding 25 trading days [1][3]. Group 2: Industry Context - This merger represents a significant case of deep integration among securities firms following the release of the new "National Nine Articles" in 2024 [2]. - The merger is part of a broader trend of consolidation in the securities industry, with CICC, Dongxing, and Xinda now sharing a common controlling entity, Central Huijin [4][5]. Group 3: Business Synergies - CICC excels in high-end investment banking and international business, achieving a revenue of 20.76 billion yuan and a net profit of 6.57 billion yuan in the first three quarters of 2025, marking a 130% year-on-year increase [8]. - Dongxing Securities and Xinda Securities have strong foundations in mid-to-back office operations and regional markets, with Dongxing reporting a net profit of 1.6 billion yuan (up 70%) and Xinda 1.35 billion yuan (up 53%) in the same period [9]. - The combined entity will rank third in terms of the number of branches, significantly enhancing retail business coverage [10]. Group 4: Resource Integration - The merger will create new development opportunities through resource integration, with a combined net asset exceeding 170 billion yuan, providing stronger support for business expansion [11]. - The integration of client resources will allow CICC's high-net-worth and institutional clients to access services through Dongxing and Xinda's branch networks, while retail clients will benefit from CICC's wealth management products [12]. Group 5: Competitive Landscape - The merger is expected to reshape the competitive landscape of the securities industry, maintaining CICC's leadership in traditional investment banking while enhancing retail brokerage and regional presence [13]. - The combined firm will leverage "scale effects and business synergy" to optimize revenue structure and improve profitability [13]. - A new securities giant with stronger capital, balanced business lines, and comprehensive service capabilities is emerging, offering new growth prospects for the industry [14].

11月19日晚间，券商整合迎来重磅官宣。中金公司（601995）、东兴证券（601198）、信达证券 （601059）同时发布停牌公告，宣布筹划由中金公司换股吸收合并后两家券商。 此举不仅是中央汇金整合旗下证券牌照的关键一步，更是落实金融强国战略、打造一流投资银行的核心 落子。此次合并将催生一家总资产近万亿元的券商新巨头。 构建综合金融服务新巨头 公告显示，中金公司将通过向东兴证券、信达证券的全体A股换股股东发行A股股票的方式，换股吸收 合并两家公司。 中金公司表示，本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质量发展。通 过重组各方能力资源的有机结合、优势互补，力争在合并后实现规模经济和协同效应，提高公司服务国 家战略和实体经济的质效，并提升股东回报水平。 新"国九条"明确提出"培育一流投资银行和投资机构"的战略目标。随后，证监会发布的配套意见进一步 为行业并购重组指明方向。本次整合，正是将政策蓝图转化为实践的关键行动，通过功能性重构，推动 资本与专业能力更有效地服务于国家战略与实体经济。 从交易各方的基本面看，中金公司作为行业龙头，以其突出的投资银行能力、财富管理转型的领先地位 以及强 ...

有关详情，请参阅信达证券于上海证券交易所网站刊登的公告(网址： https://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2025-11- 20/601059_20251120_6OZ4.pdf)。 格隆汇11月19日丨信达国际控股(00111.HK)公告，董事会注意到，公司间接控股股东信达证券股份有限 公司("信达证券"，其股份于上海证券交易所上市(证券代码：601059))于2025年11月19日刊发的一则停 牌公告中提述，中国国际金融股份有限公司("中金公司"，其H股于香港联合交易所有限公司主板上市 (股份代号：3908)及A股于上海证券交易所上市(证券代码：601995))作为一方，与东兴证券股份有限公 司(其股份于上海证券交易所上市(证券代码：601198))及信达证券作为另一方，已就中金公司拟透过吸 收合并及换股方式进行的拟议合并签订一份合作协议。 ...

格隆汇11月19日丨中国信达(01359.HK)公告，公司注意到，公司附属公司信达证券股份有限公司(股份 代号：601059.SH)("信达证券")于2025年11月19日刊发的一则停牌公告中提述，中国国际金融股份有限 公司(股份代号：3908.HK及601995.SH)("中金公司")作为一方，与东兴证券股份有限公司(股份代号： 601198.SH)("东兴证券")及信达证券作为另一方，已就中金公司拟透过吸收合并及换股方式进行的拟议 合并("拟议合并")签订一份具法律约束力的合作协议。有关详情，请参阅信达证券于上海证券交易所网 站刊登的公告(网址：www.sse.com.cn)。 ...