CICC(SH:601995) Bei Jing Ri Bao Ke Hu Duan·2025-11-19 14:34Core Viewpoint - The major asset restructuring among China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities aims to create a leading investment bank, aligning with national financial reforms and the high-quality development of the securities industry [1][3]. Group 1: Restructuring Details - CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Xinda Securities as part of the share swap merger [1]. - The restructuring is expected to enhance resource integration and optimize the layout of the institutions, focusing on serving national strategies and the real economy [3][4]. Group 2: Company Performance - 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% year-on-year for the first three quarters of 2023 [4]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% year-on-year growth for the same period [4]. - Xinda Securities generated total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, with a year-on-year increase of 28% and 53%, respectively [4]. Group 3: Strategic Implications - The merger will create a stronger capital base, enhanced professional capabilities, and a more robust risk control system, contributing to a comprehensive financial service platform [3][4]. - The combined entity will rank third in the industry in terms of the number of branches, with CICC's strengths complementing the retail brokerage and self-operated business of Dongxing and Xinda Securities [5].