中金公司合并东兴信达预案出炉 复牌仅东兴证券涨停

Core Viewpoint - CICC (601995.SH) announced a stock swap merger with Dongxing Securities (601198.SH) and Cinda Securities (601059.SH), which will result in the cancellation of the latter two companies' listings and the transfer of all assets, liabilities, and operations to CICC [1][3]. Group 1: Merger Details - The stock swap price for CICC is set at 36.91 CNY per share, while Dongxing Securities and Cinda Securities are priced at 16.14 CNY and 19.15 CNY per share, respectively [2]. - The swap ratio for Dongxing Securities to CICC is 1:0.4373, meaning one share of Dongxing can be exchanged for 0.4373 shares of CICC; for Cinda Securities, the ratio is 1:0.5188 [2]. - The actual controllers of CICC, Dongxing Securities, and Cinda Securities are all under the Central Huijin Investment, which does not interfere with the daily operations of the companies it controls [2]. Group 2: Post-Merger Implications - After the merger, CICC will inherit all assets, liabilities, and operations from Dongxing and Cinda, aiming to enhance its development potential and resource integration [4]. - Estimated revenue for CICC post-merger is projected to be around 27.4 billion CNY by the end of Q3 2025, with a significant increase in capital scale [4]. - The number of CICC's business outlets is expected to rise from 245 to 436, enhancing regional competitiveness, particularly in Fujian and Liaoning provinces [4]. Group 3: Shareholder Structure - Prior to the merger, CICC had a total share capital of approximately 4.83 billion shares, with 2.92 billion A-shares and 1.90 billion H-shares [5]. - The total shares to be issued by CICC for the merger will amount to approximately 3.10 billion A-shares, maintaining Central Huijin's stake at 24.44% post-merger [5]. - Independent financial advisors have been appointed for the transaction, with CICC engaging Industrial Securities, Dongxing Securities engaging Guotou Securities, and Cinda Securities engaging Bank of China Securities [5]. Group 4: Market Reaction - Following the announcement, CICC's stock opened at a limit-up price of 38.38 CNY, closing at 36.18 CNY, reflecting a 3.70% increase; Dongxing Securities also hit a limit-up, closing at 14.44 CNY, a 9.98% rise; Cinda Securities closed at 18.23 CNY, up 2.47% [6].