中金公司、信达证券、东兴证券，明日复牌

Core Viewpoint - CICC is planning to merge with Dongxing Securities and Cinda Securities through a share exchange, with the merger expected to enhance its market position and operational efficiency [1][4]. Group 1: Merger Announcement - CICC announced that it is in discussions to absorb Dongxing Securities and Cinda Securities through a share exchange, with trading of CICC's A-shares suspended from November 20, 2025, and resuming on December 18, 2025 [1][2]. - Both Dongxing Securities and Cinda Securities will also resume trading on December 18, 2025 [2]. Group 2: Share Exchange Details - The share exchange price for CICC is set at 36.91 yuan per share, while Dongxing Securities and Cinda Securities are priced at 16.14 yuan and 19.15 yuan per share, respectively [4]. - The exchange ratio for Dongxing Securities is 1:0.4373, meaning one share of Dongxing can be exchanged for 0.4373 shares of CICC; for Cinda Securities, the ratio is 1:0.5188 [4]. Group 3: Post-Merger Implications - Following the completion of the merger, Dongxing Securities and Cinda Securities will be delisted and their legal entities will be dissolved, with CICC inheriting all assets, liabilities, and rights [5]. - The merger plan requires further approval from CICC's board and shareholders, as well as necessary regulatory approvals [5].