Shang Hai Zheng Quan Bao·2025-11-19 14:09Core Viewpoint - CICC is planning a major asset restructuring by merging with Dongxing Securities and Cinda Securities through a share swap, aiming to enhance its capabilities and support the high-quality development of the financial market [1][5]. Group 1: Restructuring Details - CICC, Dongxing Securities, and Cinda Securities announced a suspension of trading as they plan a share swap merger, with CICC issuing A-shares to the shareholders of both companies [1][5]. - The restructuring is expected to create a combined asset scale of approximately 1,009.58 billion yuan, with CICC's total assets at 764.94 billion yuan, Cinda Securities at 128.25 billion yuan, and Dongxing Securities at 116.39 billion yuan [4][5]. Group 2: Strategic Benefits - The merger aims to accelerate the establishment of a first-class investment bank and support the reform of the financial market, leveraging the complementary strengths of the three companies to achieve economies of scale and synergies [4][6]. - CICC's business advantages will complement the resources and networks of Dongxing and Cinda, enhancing comprehensive financial services for a broader client base [5][6]. Group 3: Financial Performance - For the first three quarters of 2025, 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% [7]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.60 billion yuan, reflecting a 70% increase year-on-year [7]. - Cinda Securities reported a total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, with a year-on-year growth of 28% and 53% respectively [8]. Group 4: Industry Context - The trend of mergers and acquisitions in the securities industry has accelerated, with several notable mergers completed or in progress, driven by policy support for enhancing core competitiveness [9][10]. - The integration of resources through mergers is seen as beneficial for improving competitive positions within the industry and promoting supply-side reforms [9][10].