中金拟换股吸收两家券商，总资产将超万亿

Core Viewpoint - A significant merger in the securities industry has been announced, involving three "Hui Jin" brokers led by China International Capital Corporation (CICC), aiming to enhance the company's capabilities and support the high-quality development of the financial market [3]. Group 1: Merger Details - CICC disclosed on November 19 that it is planning a major asset restructuring, proposing a stock swap to absorb Dongxing Securities and Xinda Securities, with agreements signed on the same day [3]. - The stocks of the three companies will be suspended from trading starting November 20, with an expected suspension period not exceeding 25 trading days due to the complexity of the merger process [3]. - The merger is expected to create economies of scale and synergies, improving the quality of services to national strategies and the real economy, while enhancing shareholder returns [3]. Group 2: Shareholder Background - All three brokers involved are part of the "Hui Jin" system, with Central Huijin holding a 40.11% stake in CICC and significant indirect holdings in Xinda Securities and Dongxing Securities [4]. - Following a transfer of shares to Central Huijin earlier this year, the number of securities companies under its control increased to eight, including several leading and mid-sized brokers [4]. Group 3: Financial Performance - For the first nine months of the year, CICC reported revenues of 20.761 billion yuan, a year-on-year increase of 54.36%, and a net profit of 6.567 billion yuan, up 129.75% [4]. - Dongxing Securities achieved revenues of 3.61 billion yuan, a 20.25% increase, and a net profit of 1.599 billion yuan, up 69.56% [5]. - Xinda Securities reported revenues of 3.02 billion yuan, a 28.46% increase, and a net profit of 1.354 billion yuan, up 52.89% [5]. Group 4: Future Projections - After the completion of the stock swap, the combined total assets of CICC, Xinda, and Dongxing are projected to exceed 1 trillion yuan [6]. - Prior to this announcement, there had been rumors regarding potential mergers involving CICC and other brokers, indicating a trend of consolidation in the industry [6].