2 1 Shi Ji Jing Ji Bao Dao·2025-11-19 15:05Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and China Cinda Securities has been confirmed, marking a significant consolidation in the brokerage industry, with a focus on creating a more comprehensive and powerful financial services entity [2]. Group 1: Merger Details - CICC, Dongxing Securities, and China Cinda Securities announced a stock swap merger, with trading suspension effective from November 20, expected to last no more than 25 trading days [2]. - The unexpected aspect of the merger is the exclusion of Galaxy Securities, which was previously favored by the market, replaced by Dongxing and Cinda, both under the Central Huijin Investment [2]. Group 2: Strategic Implications - The merger combines CICC's leading position in high-end investment banking and international business with Dongxing and Cinda's strong regional presence and retail network, enhancing overall service capabilities [2]. - Post-merger, the total number of brokerage offices will rank third in the industry, with a capital scale exceeding 170 billion yuan, establishing a full-service capability from high-end investment banking to grassroots outlets [2]. Group 3: Industry Impact - This merger sets a new model for the integration of "Huijin system" brokerages, facilitating a more manageable and synergistic restructuring path by consolidating larger brokerages with smaller ones [2]. - A new financial giant is emerging, characterized by a more comprehensive business model and stronger capabilities in the brokerage sector [2].