Ge Long Hui·2025-11-21 00:37Core Viewpoint - The merger and restructuring of CICC indicates the determination of Central Huijin to accelerate the establishment of a world-class investment bank, with a competitive landscape expected to intensify by 2035 as the industry aims to build 2-3 leading institutions [1][9] Event Summary - On November 19, 2025, CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share exchange, leading to a temporary suspension of trading for all three companies [2] Transaction Details - The detailed transaction plan is pending, with potential share exchange ratios based on the average trading price over the previous 60 trading days, resulting in specific price multiples for CICC, Dongxing, and Xinda [3] Approval Process - The merger will undergo a three-stage approval process, including governance procedures, regulatory approvals, and transaction completion steps, with an estimated timeline of around six months for completion [4] Industry Position - Post-merger, CICC's ranking in the industry is expected to rise to approximately 4th, with significant improvements in its investment business, moving from 7th to 3rd place [5] Merger Impact - The merger is expected to accelerate the construction of a first-class investment bank, significantly enhancing CICC's balance sheet and operational capabilities, including the addition of 158 branches and around 5,500 employees from the merged entities [6]