Group 1 - The proposed merger is expected to result in a significant one-time after-tax gain of approximately RMB 20 billion for China Cinda, primarily due to the change in measurement from cost method to fair value exchange [1] - Following the merger, China Cinda will no longer hold any shares in Cinda Securities A-shares and will receive 1.3 billion shares in China International Capital Corporation (CICC), representing about 16.71% of CICC's equity [1] - In the first half of 2025, the internal rate of return for the acquisition business was 8.7%, slightly down from 8.9% for the entire previous year, indicating a focus on the non-performing asset market [1] Group 2 - Revenue from acquisition and restructuring business in the first half of 2025 was RMB 676 million, a decline of 65.5% year-on-year, with net assets from acquisition and restructuring dropping from RMB 28.485 billion at the end of 2024 to RMB 24.948 billion by mid-2025 [2] - The investment balance for other non-performing asset management business was RMB 211.12 billion at the end of 2024 and RMB 208.29 billion by mid-2025, with new investments increasing from RMB 16.16 billion in the first half of 2024 to RMB 30.41 billion in the first half of 2025 [2] - The company forecasts a net profit attributable to shareholders of RMB 3.7 billion for 2025, representing a year-on-year growth of 21%, with a corresponding book value per share (BVPS) of RMB 4.35 [2]
中国信达(01359.HK)：汇金系券商并购贡献约200亿元收益