Xin Hua Wang·2025-08-12 05:38Core Viewpoint - The merger and rebranding of Guotai Junan and Haitong Securities represents the largest A+H dual market absorption merger in the securities industry since the release of the "New Nine Policies" in 2024, significantly impacting industry development [1] Group 1: Financial Performance - Before the merger, Guotai Junan reported total assets of 1.05 trillion yuan, with operating income of 43.397 billion yuan and a net profit of 13.024 billion yuan for 2024, reflecting year-on-year growth of 20.08% and 38.94% respectively [1] - Haitong Securities projected a net loss of approximately 3.4 billion yuan for 2024, primarily due to a significant decline in the valuation of overseas financial assets and reduced investment income [1] - Post-merger, the simulated combined company achieved operating income of 58.646 billion yuan and a net profit of 9.03 billion yuan for 2024, with total assets of 1.73 trillion yuan and net assets of 328.3 billion yuan, leading the industry in capital strength [2] Group 2: Business Operations - The simulated combined company ranked first in the industry for net income from brokerage fees at 11.822 billion yuan and investment banking fees at 4.603 billion yuan for 2024 [2] - The new entity aims to inherit the strategic paths of both original companies, with a vision to gradually expand onto the international stage, covering 17 countries and regions including mainland China, Hong Kong, Macau, the US, UK, Singapore, and Japan [2] Group 3: Shareholding Structure - Following the merger, the controlling shareholder Shanghai International Group's stake decreased from 33.36% to 20.40%, maintaining its position as the largest shareholder, with the actual controller remaining the Shanghai State-owned Assets Supervision and Administration Commission [3] - The Shanghai State-owned Assets Supervision and Administration Commission plans to support innovative business with 10 billion yuan in state capital over the next five years while emphasizing non-interference in daily operations [3] - The control arrangement of Guotai Haitong focuses on share decentralization and market-oriented governance, aiming for a smooth transition through the retention of the original controlling shareholder's position and optimization of the board structure [3]