证券时报·2025-12-17 12:07Core Viewpoint - The merger of CICC with Dongxing Securities and Xinda Securities marks a significant step towards establishing CICC as a leading international investment bank, with a focus on structural resource and capability complementarity rather than mere asset accumulation [2][4]. Group 1: Merger Details - On December 17, CICC announced the share exchange ratios for the merger: 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with trading resuming on December 18 [2]. - The merger will elevate CICC to the fourth largest brokerage in terms of total assets, crossing the trillion yuan threshold, and enhancing its competitive edge in capital utilization, wealth management, and cross-border business [2][5]. Group 2: Financial Impact - Post-merger, CICC's estimated operating income will be approximately 27.4 billion yuan, with a significant increase in capital scale, positioning it as the fourth largest in net assets [5]. - CICC's financial investment return over the past two years averaged 3.5%, outperforming Dongxing Securities (2.8%) and Xinda Securities (2.6%), indicating superior capital utilization capabilities [5]. Group 3: Business Synergies - The merger will enhance CICC's self-operated business by leveraging its investment strategies and risk management capabilities, improving asset allocation efficiency [6]. - CICC's wealth management capabilities will be strengthened through the expanded network and client base, increasing retail clients by over 50% to more than 14 million and expanding advisory personnel by over 40% to over 4,000 [8]. Group 4: Strategic Integration - The merger represents a shift towards functional integration rather than mere scale expansion, focusing on enhancing capabilities in wealth management and investment banking [7][9]. - CICC plans to adopt a gradual and phased approach to integration, drawing on past successful experiences, such as the acquisition of Zhongtou Securities, to ensure effective business synergy [10][11].