Zheng Quan Shi Bao Wang·2025-02-05 22:49Core Viewpoint - Haitong Securities has officially ended its 17-year and 6-month journey on the A-share market as of February 5, 2025, due to its merger with Guotai Junan Securities [1][6]. Group 1: Company History - Haitong Securities was established in 1988 in Shanghai and was one of the first three securities companies in the city [3]. - The company underwent several capital increases, with registered capital reaching 87.34 billion yuan by the end of 2002 [3]. - Haitong Securities was listed on the Shanghai Stock Exchange on July 31, 2007, marking the beginning of its long listing journey [4]. Group 2: Financial Performance - Haitong Securities achieved a peak net profit of 158.39 billion yuan in 2015, but its profitability has significantly declined in recent years [7]. - In 2023, the net profit dropped by 80%, amounting to only 10.08 billion yuan, with projections for a loss of approximately 34 billion yuan in 2024 [7]. - The decline in profitability is attributed to a significant decrease in the valuation of overseas financial assets and reduced investment income [7]. Group 3: Merger and Delisting - The merger with Guotai Junan Securities was initiated on September 5, 2024, and received approval from the Hong Kong Stock Exchange on January 20, 2025 [5]. - Following the merger, Haitong Securities will cease to exist as an independent entity, with its assets and liabilities being absorbed by Guotai Junan [8]. - The A-share stock of Haitong Securities will be suspended from trading starting February 6, 2025, and will enter a cash option exercise and liquidation phase [6][8]. Group 4: Shareholder Options - Shareholders of Haitong Securities have the option to either sell their shares before February 5, 2025, or participate in the share exchange with Guotai Junan [9]. - The exchange ratio for the shares has been set, with the cash option exercise price for Haitong Securities shares at 9.28 yuan per share [9].