Zheng Quan Shi Bao·2025-11-19 14:09Core Viewpoint - CICC is planning a significant restructuring involving the merger with Dongxing Securities and Xinda Securities through a share exchange, aiming to enhance its position as a leading investment bank and support the high-quality development of the financial market [1][2][4]. Group 1: Restructuring Details - CICC, Dongxing Securities, and Xinda Securities have signed a cooperation agreement regarding the restructuring, which requires approval from their respective boards and regulatory authorities before implementation [2][4]. - The restructuring will involve the issuance of A-shares to the shareholders of Dongxing and Xinda Securities, leading to a complex merger process [1][2]. - CICC's A-shares will be suspended from trading starting November 20, 2025, for a period not exceeding 25 trading days due to the uncertainties surrounding the restructuring [1][2][4]. Group 2: Financial Performance - For the first three quarters, CICC reported a revenue of 20.761 billion yuan, a year-on-year increase of 54.36%, and a net profit attributable to shareholders of 6.567 billion yuan, up 129.75% [7]. - Dongxing Securities achieved a revenue of 3.610 billion yuan, reflecting a 20.25% increase, with a net profit of 1.599 billion yuan, up 69.56% [7]. - Xinda Securities reported a revenue of 3.019 billion yuan, a 28.46% increase, and a net profit of 1.354 billion yuan, up 52.89% [7]. Group 3: Market Capitalization - As of November 19, 2025, CICC's A-share price was 34.89 yuan, with a total market capitalization of 168.4 billion yuan [7]. - Dongxing Securities' share price was 13.13 yuan, resulting in a market capitalization of 42.442 billion yuan [7]. - Xinda Securities had a share price of 17.79 yuan, leading to a market capitalization of 57.693 billion yuan [7].