重大资产重组，明日复牌！中金收购东兴、信达，方案出炉

Core Viewpoint - The article discusses the significant asset restructuring plan announced by China International Capital Corporation (CICC) to absorb and merge with Dongxing Securities and Cinda Securities through a share swap, marking a substantial step in the "three-in-one" restructuring process [1][3]. Group 1: Transaction Details - CICC will be the surviving entity and will resume trading on December 18, with the share swap prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Cinda Securities [3][6]. - The swap ratios are 1:0.4373 for Dongxing Securities and 1:0.5188 for Cinda Securities, with CICC expected to issue approximately 3.096 billion new A-shares [3][6]. - The transaction includes protections for minority shareholders, allowing dissenting shareholders of CICC to exercise buyout rights, while dissenting shareholders of Dongxing and Cinda can opt for cash [6]. Group 2: Business and Financial Implications - The merger is expected to significantly enhance CICC's capital strength, with combined net assets projected to exceed 170 billion CNY, providing a robust foundation for business expansion [10]. - Post-merger, CICC's revenue is anticipated to reach approximately 27.39 billion CNY, positioning it just behind CITIC Securities and Guotai Junan in terms of industry revenue [10]. - The merger will optimize CICC's business structure, enhancing its retail brokerage capabilities and creating a balanced business model between institutional and retail services [10][11]. Group 3: Market Context and Strategic Significance - This merger aligns with the Chinese government's push for financial sector reform and the encouragement of mergers and acquisitions among leading institutions to enhance competitiveness [12]. - The integration of resources under a common controlling shareholder, Central Huijin, simplifies the merger process and enhances the potential for synergy [12][13]. - The article highlights a trend in the securities industry towards market-driven consolidation, emphasizing the importance of complementary business strengths in achieving successful integration [13].