中金拟换股吸收东兴、信达两券商，总资产将超万亿

Core Viewpoint - The major asset restructuring involving three "Hui Jin" brokerages, led by China International Capital Corporation (CICC), aims to enhance the competitiveness and efficiency of the investment banking sector in China through a share-swap merger with Dongxing Securities and Xinda Securities [2]. Group 1: Restructuring Details - CICC announced on November 19 that it is planning a significant asset restructuring, proposing a share-swap merger with Dongxing Securities and Xinda Securities, with agreements signed on the same day [2]. - The stocks of the three companies will be suspended from trading starting November 20, with an expected suspension period not exceeding 25 trading days due to the complexity of the merger process [2]. - The restructuring is expected to facilitate the construction of a first-class investment bank and support the high-quality development of the financial market and securities industry [2]. Group 2: Shareholder Background - All three brokerages involved in the merger are part of the "Hui Jin" system, with Central Huijin holding significant stakes: 40.11% in CICC, 78.67% in Xinda Securities, and 45% in Dongxing Securities [2][3]. Group 3: Financial Performance - For the first nine months of the year, CICC reported revenues of 20.761 billion yuan, a year-on-year increase of 54.36%, and a net profit of 6.567 billion yuan, up 129.75% [4]. - Dongxing Securities achieved revenues of 3.61 billion yuan, a 20.25% increase, and a net profit of 1.599 billion yuan, up 69.56%, with total assets of 116.391 billion yuan [5]. - Xinda Securities reported revenues of 3.02 billion yuan, a 28.46% increase, and a net profit of 1.354 billion yuan, up 52.89%, with total assets of 128.251 billion yuan [5]. Group 4: Future Projections - After the completion of the share-swap merger, the combined total assets of CICC, Dongxing, and Xinda are projected to exceed 1 trillion yuan [6].