Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-12-17 12:20Core Viewpoint - The announcement of a major asset restructuring plan by China International Capital Corporation (CICC) to absorb and merge with Dongxing Securities and Cinda Securities marks a significant step towards CICC's transformative growth and is expected to reshape the securities industry landscape [1][5]. Group 1: Transaction Details - The restructuring plan involves a share swap where CICC will absorb Dongxing Securities and Cinda Securities, with the trading of their stocks resuming on December 18 [1]. - The share swap prices are set at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Cinda Securities, reflecting their asset values and balancing shareholder interests [7]. - CICC is expected to issue approximately 3.096 billion new A-shares as part of the merger [7]. Group 2: Market Impact - Post-merger, CICC's total asset scale is projected to exceed 1 trillion CNY, positioning it as the fourth "trillion-level" firm in the industry, significantly enhancing its capital strength and service capabilities [5]. - The merger is anticipated to create a comprehensive financial service capability that is resilient to economic cycles, thereby contributing to national strategies and financial risk management [5][11]. Group 3: Strategic Synergies - The merger will enable deep strategic collaboration between CICC, Dongxing Securities, and Cinda Securities, leading to resource integration and an overall enhancement of capital strength [11]. - CICC's existing strengths in investment banking and private equity will complement Dongxing and Cinda's regional presence and retail client base, creating a synergistic effect [11]. Group 4: Industry Context - The restructuring is part of a broader trend in the securities industry, with several firms pursuing mergers to enhance competitiveness and achieve scale, as highlighted by recent activities in the sector [12]. - Regulatory support is expected to continue fostering mergers and acquisitions in the industry, with a focus on creating leading firms with significant international influence [12][13].