Zheng Quan Shi Bao Wang·2025-03-16 23:32Core Viewpoint - Guotai Junan and Haitong Securities are undergoing a merger, with Guotai Junan planning to change its name to Guotai Haitong Securities Co., Ltd. This merger is significant as it is the first major merger among leading brokerages since the implementation of the new "Nine Policies" [1][2]. Company Name Change - The new name "Guotai Haitong" reflects the core elements of both companies, showcasing historical continuity and brand reputation while also indicating innovation and synergy from the merger [2]. - The name change has been pre-approved by the State Administration for Market Regulation and awaits approval from the shareholders' meeting [1]. Share Issuance and Listing - The merger has completed the issuance of shares, with 5.986 billion A-shares and 2.114 billion H-shares set to be listed on March 17. An additional 626 million A-shares will have a 60-month lock-up period and will not be listed [1]. Board of Directors - The new board of directors has been proposed, with key candidates including Zhu Jian, Li Junjie, and Nie Xiaogang as executive directors. The board will consist of nominees from shareholders holding 3% or more of the company [4]. - The merger aims to maintain cultural continuity and stability within the workforce, facilitating a smoother integration process [4]. Customer and Business Migration - Following the merger, Haitong Securities' clients will be integrated into the new company, with all services continuing as normal. Client rights and transaction methods will remain unchanged [6]. - The customer service hotline for Haitong Securities will change to 95521 starting April 7, 2025, with the previous hotline being phased out [6]. Industry Trends - The merger reflects a broader trend in the securities industry, with increased activity in mergers and capital increases. Recent reports indicate a significant uptick in capital operations among brokerages [8]. - Analysts predict that the brokerage sector has passed its performance low point, with expectations for improved fundamentals in the first half of the year, driven by increased market activity and a faster IPO approval rate [8].