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Group 1 - The core viewpoint of the news is that China International Capital Corporation (CICC) is planning a major asset restructuring by merging with Dongxing Securities and Cinda Securities through a share exchange, which is part of a broader trend of consolidation in the Chinese securities industry driven by national financial strategies and increasing market competition [2][3] - CICC's total share capital before the merger is 4.827 billion shares, with 2.924 billion A-shares and 1.904 billion H-shares. The share exchange ratios are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Cinda Securities, resulting in CICC issuing a total of 3.096 billion A-shares [2] - After the merger, Central Huijin will hold 24.44% of CICC's total share capital, maintaining its status as the controlling shareholder and actual controller of the company [2] Group 2 - The merger is expected to create synergies among different securities firms, enhancing their competitive advantages and contributing to the overall strength of China's capital markets on an international scale [3] - The ongoing consolidation in the securities industry is seen as a response to the 2023 Central Financial Work Conference's call to cultivate first-class investment banks and institutions, with regulatory support for leading brokerages to strengthen through mergers and acquisitions [2][3] - The integration of resources within the securities industry is anticipated to accelerate development and improve overall competitiveness, benefiting the real economy in China [3]