Mei Ri Shang Bao·2025-11-20 23:09Core Viewpoint - The merger and acquisition involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant consolidation in the securities industry, potentially creating a new "super broker" with total assets exceeding 1 trillion yuan [1][2][3] Group 1: Merger Details - CICC is planning to absorb Dongxing Securities and Xinda Securities through a share exchange, with the announcement made on November 19 [1][2] - The merger is part of a broader integration strategy among "Hui Jin" affiliated brokerages, with the central Huijin Investment Company being the largest shareholder of all three firms [2] - The combined assets of the three firms are projected to surpass 1 trillion yuan, positioning them as the fourth largest listed brokerage in terms of asset size [3] Group 2: 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% [2] - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% increase year-on-year [3] - Xinda Securities reported a total revenue of 3.02 billion yuan, with a net profit of 1.35 billion yuan, marking a 28% and 53% increase respectively [3] Group 3: Industry Implications - The merger is expected to enhance CICC's capital strength and consolidate client resources, further solidifying its leading position in the securities industry [4] - The integration reflects a trend of consolidation among top brokerages, indicating a shift in the competitive landscape of the securities sector [4][5] - Regulatory support for industry consolidation is seen as a key driver for enhancing overall competitiveness and optimizing resource allocation within the sector [5]