“中金+东兴+信达”合并重组预案出炉 增强资本实力和综合竞争力

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities is expected to create a leading brokerage firm in terms of asset scale, net capital, and business coverage, potentially reshaping the competitive landscape of the industry and accelerating the development of a first-class investment bank [1][3]. Group 1: Merger Details - The merger involves a share swap with CICC as the surviving entity, with share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, reflecting a 26% premium for Dongxing Securities [2]. - CICC is expected to issue approximately 3.096 billion new A-shares as part of the merger, with all A-shares of Dongxing and Xinda participating in the swap [2]. - Major shareholders, including Central Huijin and China Orient, have committed to lock their shares for 36 months, indicating confidence in the long-term development of the merged entity [2]. Group 2: Financial Projections - Post-merger, the total assets of the new entity are projected to reach 1,009.583 billion CNY, marking the emergence of a new trillion-level brokerage firm in China's securities industry [2]. - As of the third quarter of 2025, the individual total assets of CICC, Dongxing, and Xinda were 764.941 billion CNY, 116.391 billion CNY, and 128.251 billion CNY, respectively [5]. Group 3: Strategic Implications - The merger is seen as a strategic move to enhance the overall competitiveness and service capabilities of the new brokerage, with a focus on investment banking, private equity, and international business [4][3]. - The combined entity will benefit from a comprehensive service system that integrates institutional and retail services, enhancing its ability to withstand market fluctuations [4]. - The merger aligns with national strategies to build a strong financial sector and is expected to leverage the strengths of each firm to improve financial risk management and support economic development [3][5]. Group 4: Performance Metrics - For the first three quarters of 2025, the three firms reported revenues of 20.76 billion CNY, 3.61 billion CNY, and 3.02 billion CNY, with net profits of 6.567 billion CNY, 1.599 billion CNY, and 1.354 billion CNY, respectively [6].