中金拟换股吸收两家券商，总资产将超万亿

Core Viewpoint - A significant merger in the securities industry has been announced, involving three "Hui Jin" brokers led by China International Capital Corporation (CICC) [2] Group 1: Merger Details - CICC disclosed on November 19 that it is planning a major asset restructuring, intending to merge with Dongxing Securities and Xinda Securities through a share swap [2] - The three companies signed a principle agreement on November 19, but the merger requires approval from their respective boards, shareholders, and regulatory authorities before implementation [2] - Trading of the stocks for these companies will be suspended starting November 20, with an expected suspension period not exceeding 25 trading days due to the complexity of the merger process [2] Group 2: Strategic Implications - The merger aims to accelerate the establishment of a first-class investment bank, supporting financial market reforms and the high-quality development of the securities industry [2] - The integration of resources and capabilities among the three firms is expected to achieve economies of scale and synergies, enhancing service quality to national strategies and the real economy, while improving shareholder returns [2] Group 3: Shareholder Background - All three brokers are part of the "Hui Jin" system, with Central Huijin holding a 40.11% stake in CICC and significant indirect holdings in Dongxing and Xinda Securities [2][3] - As of the end of September, Central Huijin held 1.936 billion shares of CICC, while it indirectly held 78.67% and 45% of Xinda Securities and Dongxing Securities, respectively [2] Group 4: 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% [6] - 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% [6] - The combined total assets of CICC, Dongxing, and Xinda are projected to exceed 1 trillion yuan post-merger [6]