Bei Jing Shang Bao·2025-12-19 06:16Core Viewpoint - The merger and restructuring of CICC with Dongxing Securities and Xinda Securities represents a significant step towards creating a competitive investment bank with complementary business strengths and enhanced capabilities in the capital market [1][2][8] Group 1: Merger Details - CICC will absorb Dongxing Securities and Xinda Securities through a share swap, with CICC issuing shares at a price of 36.91 yuan per share, Dongxing Securities at 16.14 yuan, and Xinda Securities at 19.15 yuan [2] - The share swap ratios are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with the merger not affecting CICC's control by Central Huijin [2][3] Group 2: Strategic Benefits - The merger is expected to create synergies in asset management, debt restructuring, and financial product innovation, leveraging the strengths of both CICC and the asset management companies [3][5] - The integration aims to enhance CICC's capital strength and overall service capabilities, positioning it as a leading investment bank in line with national financial development goals [6][8] Group 3: Market Reaction and Financial Impact - Following the announcement, CICC and Dongxing Securities saw their stocks hit the daily limit, while Xinda Securities rose over 6%, indicating positive market sentiment towards the merger [3] - Post-merger, CICC's projected revenue is expected to rank third in the industry, with total assets and net assets likely to place it fourth, significantly enhancing its capital strength [7]