Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities marks a significant step towards creating a new industry giant with over 1 trillion yuan in total assets, transitioning from theoretical design to practical implementation [1][2] Group 1: Merger Details - CICC announced a share swap merger plan with Dongxing Securities and Xinda Securities, with share prices set at 36.91 yuan, 16.14 yuan, and 19.15 yuan respectively, reflecting a 26% premium for Dongxing Securities [1] - Post-merger, the combined entity will have total assets exceeding 1 trillion yuan and net assets of approximately 171.5 billion yuan, ranking fourth in the industry [2] Group 2: Strategic Integration - The merger is characterized as a "functionally superior integration," focusing on enhancing professional capabilities rather than merely achieving scale [3] - CICC aims to leverage its strengths in high-end investment banking and cross-border services, while Dongxing and Xinda bring regional expertise and specialized asset management skills [3] Group 3: Challenges Ahead - The key challenge lies in transforming the combined asset base into competitive advantages, particularly in wealth management and investment banking [3][4] - The merger serves as a model for the Central Huijin Investment's integration of financial resources, addressing issues of resource dispersion and potential competition among its subsidiaries [4] Group 4: Capital Efficiency - The merger raises concerns about the potential dilution of return on equity (ROE) due to the increased asset base, with pre-merger ROE levels between 7.3% and 8.6% [5] - CICC's historical high operating leverage and capital utilization capabilities are expected to play a crucial role in managing the new capital effectively [5] Group 5: Supportive Environment - The current regulatory environment is favorable for mergers, with government policies encouraging market-driven consolidations in the financial sector [6] - CICC's chairman emphasized the importance of building a first-class investment bank to enhance China's financial influence globally [6] Group 6: Future Outlook - The merger represents a critical test for CICC in its ambition to become a leading global investment bank, with its performance in the coming years being closely monitored [7]

1. Report Information - Report title: Stock Index Futures Data Daily Report [1] - Date: December 17, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The CSI 1000 index closed at 7,288.74, up 1.49%. The total trading volume of the four IM contracts was 290,120 lots, an increase of 35,895 lots from the previous day, and the total open interest was 392,878 lots, a decrease of 9,704 lots [4][5]. - The main contract IM2512 rose 1.65% to close at 7,295 points. The main contract was at a premium of 6.26 points, down 1.12 points from the previous day, with an annualized basis rate of 10.44% [4][5]. 2.2 Key Seats - In IM2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 35,090 lots. The top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 20,801 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 31,567 lots [19]. 3. IF Futures 3.1 Daily Quotes - The CSI 300 index closed at 4,579.88, up 1.83%. The total trading volume of the four IF contracts was 189,590 lots, an increase of 39,510 lots from the previous day, and the total open interest was 289,623 lots, a decrease of 628 lots [24][25]. - The main contract IF2512 rose 1.78% to close at 4,578.2 points. The main contract was at a discount of 1.68 points, down 3.53 points from the previous day, with an annualized basis rate of -4.45% [24][25]. 3.2 Key Seats - In IF2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 30,016 lots. The top five seats in terms of long positions were led by CITIC Futures (on behalf of clients) with 10,030 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 12,841 lots [37]. 4. IC Futures 4.1 Daily Quotes - The CSI 500 index closed at 7,137.83, up 1.95%. The total trading volume of the four IC contracts was 184,831 lots, an increase of 21,520 lots from the previous day, and the total open interest was 271,976 lots, an increase of 2,748 lots [42][43]. - The main contract IC2512 rose 2.25% to close at 7,146.8 points. The main contract was at a premium of 8.97 points, up 0.09 points from the previous day, with an annualized basis rate of 15.26% [42][43]. 4.2 Key Seats - In IC2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 23,049 lots. The top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 18,705 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 20,528 lots [55]. 5. IH Futures 5.1 Daily Quotes - The SSE 50 index closed at 2,991.68, up 1.25%. The total trading volume of the four IH contracts was 74,842 lots, an increase of 4,636 lots from the previous day, and the total open interest was 94,153 lots, a decrease of 1,896 lots [62]. - The main contract IH2512 rose 1.4% to close at 2,987.2 points. The main contract was at a discount of 4.48 points, down 1.09 points from the previous day, with an annualized basis rate of -18.24% [62][63]. 5.2 Key Seats - In IH2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 7,890 lots. The top five seats in terms of long positions were led by CITIC Futures (on behalf of clients) with 4,299 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 6,628 lots [77].

Summary of Conference Call Notes Industry Overview - **Sector**: China Securities Sector - **Investor Sentiment**: Broadly positive feedback on leading high-quality brokerages' share performance anticipated in 2026, with increased interest from institutional investors [2][3] Key Points and Arguments 1. **Performance Outlook**: - A-share broker index increased by 3% YTD in 2025, while the CSI 300 rose by 17%, indicating underperformance in the brokerage sector [2] - Investors are optimistic about stock performance due to anticipated capital market reforms [2] 2. **Capital Market Reforms**: - Positive feedback on reforms promoting long-term capital entry from insurers and mutual funds, enhancing market stability [3] - Regulatory changes are expected to improve the intrinsic stability of the capital market [3] 3. **Wealth and Asset Management Focus**: - The securities industry is at an inflection point for wealth and asset management, driven by deposit migration and low deposit rates [4] - Average return of equity-oriented mutual funds reached approximately 30%, with 67% outperforming benchmarks in 2025 [4] 4. **Hybrid Fund Issuance**: - New fund issuance in Q3 2025 reached 53.3 billion shares, a 497% YoY increase, indicating recovery signs in the hybrid fund market [4][17] 5. **Innovative Business Development**: - Concerns about lack of growth drivers in innovative businesses are easing, with emerging positive signals regarding derivatives and financial product innovation [8] - The 15th Five-Year Plan emphasizes the development of derivatives, which could enhance leverage and ROE for leading brokers [8] 6. **Industry Landscape Optimization**: - The industry landscape is expected to continue optimizing, with leading brokerages gaining pricing power due to regulatory support and concentration in wealth management and derivatives [9] 7. **Stock Recommendations**: - Preferred brokerage stocks include Huatai, CITIC, GF Securities, Guotai Haitong, CICC, and Orient Securities, with Huatai and CITIC forecasted to grow at 20% and 25% EPS CAGR from 2024-2030, respectively [10] Additional Important Insights - **Client Deposits**: As of Q3 2025, listed brokers' client deposits totaled RMB 2.9 trillion, reflecting a 40% YoY increase [11] - **Market Risks**: Key risks include market downturns, increased competition, regulatory penalties, and innovation-related failures that could impact earnings [27][28][29] This summary encapsulates the essential insights from the conference call, highlighting the positive outlook for the Chinese securities sector, the impact of capital market reforms, and the focus on wealth and asset management as key growth areas.

Securities Sector - The investment rating for the securities sector is optimistic, with a focus on the potential for revaluation of brokerage stocks [2] - The report highlights that the securities industry has significant growth potential, driven by innovation in financial products and services, and a shift from price competition to value competition among firms [2][38] - As of December 5, the brokerage sector has only increased by 1% year-to-date, underperforming the Shanghai Composite Index by 15 percentage points, indicating a potential for revaluation [2] - The report recommends focusing on three main lines: high-quality brokerages with valuation mismatches, companies in the technology sector benefiting from venture capital, and diversified financial firms with strong growth [2] Insurance Sector - The investment rating for the insurance sector remains positive, with expectations for significant inflows of capital into the market [3] - The report notes that the adjustment of risk factors for insurance companies is expected to lead to an increase in equity allocations, potentially adding around 100 billion yuan to the market [3] - It is anticipated that major insurance companies will allocate a significant portion of new premiums to A-shares, with estimates suggesting around 2,500 billion yuan entering the market [4] - The report emphasizes the attractiveness of dividend insurance products for low-risk investors, predicting double-digit growth in new business premiums and net value added (NBV) for leading insurance firms [4]

Group 1 - The article highlights the collaboration between Wind and the Hong Kong China Asset Management Association (HKCAMA) to provide transparent and accurate information on Hong Kong offshore Chinese public funds, which has garnered significant attention from mainland investors and media [2] - The performance rankings of various fund categories are presented, with specific notes on categories that meet the ranking criteria but do not have enough funds to qualify for a separate listing [2] Group 2 - The five-year performance rankings for ordinary equity funds show that the top fund, NanShang China Source Power Fund A-HKD, achieved a return of 80.86%, followed closely by Bank of China Hong Kong Global Equity Fund A-USD with 79.52% [3] - The three-year performance rankings for ordinary equity funds indicate that Huaxia Selected Greater China Technology Fund A-HKD had the highest return at 114.19%, with the second-best being the same fund as in the five-year ranking [4] - The one-year performance rankings for ordinary equity funds reveal that the top performer, Fortune China Small Cap Growth Fund 1-USD, achieved a return of 79.53% [5] Group 3 - The five-year passive index fund rankings show that Bank of China Hong Kong S&P 500 US Equity Index Fund A-HKD had a return of 108.24%, making it the top performer in this category [7] - The three-year passive index fund rankings indicate that Bank of China Hong Kong North America Index Fund A-HKD achieved a return of 90.82%, leading the category [8] - The one-year passive index fund rankings reveal that E Fund (Hong Kong) Nasdaq 100 Index Fund A-USD had a return of 20.55%, ranking first [10] Group 4 - The five-year bond fund rankings show that Taikang Kaitai Overseas Short-Term Bond Fund I-USD had a return of 30.06%, making it the top performer [11] - The three-year bond fund rankings indicate that Haitong Asia Total Return Bond Fund H-USD achieved a return of 87.68%, leading this category [12] - The one-year bond fund rankings reveal that Haitong Asia Total Return Bond Fund H-USD also performed well with a return of 64.13% [13] Group 5 - The five-year mixed fund rankings show that Bank of China Hong Kong All-Weather Global Investment Fund A1-USD achieved a return of 63.05%, making it the top performer [15] - The three-year mixed fund rankings indicate that Bank of China Hong Kong All-Weather Global Investment Fund A1-USD also led with a return of 108.07% [17] - The one-year mixed fund rankings reveal that Bank of China Hong Kong All-Weather Asia Pacific High Yield Fund A1-USD had a return of 27.74%, ranking first [18] Group 6 - The five-year money market fund rankings (USD) show that Da Cheng Money Market Fund M-USD achieved a return of 17.92%, making it the top performer [21] - The three-year money market fund rankings (USD) indicate that Taikang Kaitai USD Money Market Fund M-USD achieved a return of 16.93%, leading this category [22] - The one-year money market fund rankings (USD) reveal that Guotai Junan HKD Money Market Fund S-HKD had a return of 3.38%, ranking first [27] Group 7 - The five-year Greater China equity fund rankings show that NanShang China Source Power Fund A-HKD achieved a return of 80.86%, leading the category [28] - The three-year Greater China equity fund rankings indicate that Bank of China Hong Kong All-Weather Global Investment Fund A1-USD had a return of 108.07%, making it the top performer [39] - The one-year Greater China equity fund rankings reveal that Bank of China Hong Kong All-Weather China Income Fund A-HKD had a return of 20.27%, ranking first [44] Group 8 - The five-year overseas market equity fund rankings show that Bank of China Hong Kong North America Index Fund A-HKD achieved a return of 107.77%, leading the category [48] - The three-year overseas market equity fund rankings indicate that Bank of China Hong Kong North America Index Fund A-HKD also performed well with a return of 90.82% [49] - The one-year overseas market equity fund rankings reveal that Huaxia China Opportunity Fund A-USD had a return of 56.99%, ranking first [51] Group 9 - The five-year overseas market bond fund rankings show that Taikang Kaitai Overseas Short-Term Bond Fund I-USD achieved a return of 30.06%, making it the top performer [53] - The three-year overseas market bond fund rankings indicate that Haitong Asia Total Return Bond Fund H-USD achieved a return of 87.68%, leading this category [54] - The one-year overseas market bond fund rankings reveal that Haitong Asia Total Return Bond Fund H-USD also performed well with a return of 64.13% [56]

Investment Rating - The report suggests a positive outlook for the brokerage sector, indicating a potential recovery in performance for undervalued leading brokerages as mergers progress and international business expands [3]. Core Insights - The brokerage sector is experiencing a significant divergence between performance and valuation, with high earnings growth but stock prices under pressure, leading to a price-to-book (PB) ratio of 1.35x, which is at the 33rd percentile over the past decade [3]. - The report highlights three main investment themes: 1. Focus on listed brokerages with better-than-expected Q3 results and a current PB of only 1.35x, recommending firms like Guotai Junan and Haitong Securities [3]. 2. Investment in Sichuan Shuangma, which is positioned well in the technology sector and is expected to benefit from gene therapy investments [3]. 3. Attention to multi-financial firms with strong growth, particularly Hong Kong Exchanges, which will benefit from deepening connectivity and increased trading activity from A-share companies listing in Hong Kong [3]. Summary by Sections Securities Sector - The brokerage sector's performance has lagged behind the market, with a year-to-date increase of 0% and a 15 percentage point underperformance compared to the broader market [3]. - The report emphasizes the potential for performance recovery among leading brokerages due to ongoing mergers and international business expansion [3]. Insurance Sector - The introduction of innovative drugs into group health insurance in Shanghai is expected to accelerate by the end of December 2025, with over 80 high-value innovative drugs anticipated to be included [4]. - The new group insurance product will have a lower threshold for coverage compared to existing medical insurance, with an individual deductible of 35,000 yuan, effectively mitigating catastrophic financial risks for individuals [4]. - Initial sales projections for the new group insurance are estimated to be between 500 million to 1 billion yuan annually, with the potential for significant payouts for innovative drugs [4]. Investment Recommendations - The report anticipates a double-digit growth in new insurance premiums due to the upcoming "opening red" season and the favorable long-term outlook for the insurance sector [5]. - It recommends focusing on leading insurance companies with strong business quality and low liability costs, as well as property insurance companies benefiting from regulatory changes [5].

Core Viewpoint - The A-share capital market is entering a phase of "scale and high-quality" mergers and acquisitions (M&A) in 2025, with significant restructuring activities from major companies like Zhongke Shuguang, China Shipbuilding, China Shenhua, and Guotai Junan, as evidenced by official disclosures [1][3]. Group 1: Key Information on Company Restructuring - Zhongke Shuguang and Haiguang Information are undergoing a major restructuring through a stock swap to consolidate 100% of Zhongke Shuguang's shares, with the process initiated in May 2025 [3]. - China Shipbuilding has completed a stock swap to absorb China Shipbuilding Industry Corporation, creating a comprehensive platform for shipbuilding and marine engineering [4]. - China Shenhua is integrating 13 energy companies using a "packaged injection" model to enhance its energy supply chain [3]. - Guotai Junan and Haitong Securities are merging to consolidate their brokerage, investment banking, and asset management resources, awaiting regulatory approval [4]. Group 2: Policy Support for Restructuring - The successful advancement of these major restructurings is supported by new policies from the China Securities Regulatory Commission (CSRC) that simplify processes and enhance efficiency [5]. - A new simplified review process allows eligible restructuring transactions to bypass lengthy reviews, with registration results provided within five working days [5]. - The optimization of lock-up period rules increases market liquidity, allowing for shorter lock-up periods for controlling shareholders [6]. - Companies can now register for phased payments, reducing financial pressure during restructuring [6]. Group 3: Industry Logic Behind Restructuring - The restructuring efforts are focused on "industrial synergy" rather than merely increasing market capitalization [8]. - The merger between Zhongke Shuguang and Haiguang Information aims to create a complete industry chain from chip design to data center operations, enhancing competitiveness [8]. - The integration of China Shipbuilding and China Shipbuilding Industry Corporation is intended to eliminate competition and concentrate resources on high-end ship manufacturing [9]. - China Shenhua's asset injection is designed to optimize the energy supply chain and improve resource utilization efficiency, aligning with carbon neutrality goals [10]. - Since 2025, over 57% of restructuring activities have involved horizontal and vertical integrations, reflecting a core demand for resource collaboration to strengthen competitiveness [10].

Report Industry Investment Rating No relevant content provided. Core Viewpoint of the Report - The Shanghai Zinc futures are expected to experience a fluctuating downward trend, specifically for the ZN2601 contract [2][18]. Summary by Related Catalogs Fundamental Analysis - In September 2025, global refined zinc production was 1.1935 million tons, consumption was 1.2292 million tons, resulting in a supply shortage of 35,700 tons. From January to September, global zinc plate production was 10.3632 million tons, consumption was 10.7369 million tons, with a supply shortage of 373,700 tons. In September, global zinc ore production was 1.1633 million tons, and from January to September, it was 9.9647 million tons, indicating a bullish factor [2]. - The spot price was 22,480, with a basis of +120, also a bullish factor [2]. - On November 25th, LME zinc inventory increased by 575 tons to 48,000 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants decreased by 822 to 73,819 tons, showing a neutral situation [2]. - The previous day, Shanghai Zinc showed a fluctuating trend, closing below the 20 - day moving average while the 20 - day moving average was upward, a neutral signal [2]. - The main position was net short, with short positions decreasing, a bearish factor [2]. Futures Exchange Zinc Futures Quotes on November 25th - The trading volume of zinc futures contracts on this day totaled 146,121 lots, with a total trading value of 1.63291271 billion yuan. The open interest was 190,891 lots, a decrease of 2,396 lots [3]. Domestic Main Spot Market Quotes on November 25th - The domestic zinc concentrate spot TC was 2,300 yuan/metal ton, and the imported comprehensive TC was 80 US dollars/dry ton, both remaining unchanged [4]. - The price of 0 zinc in Shanghai was in the range of 22,430 - 22,530 yuan/ton, with an average price of 22,480 yuan/ton, an increase of 10 yuan/ton; in Guangdong, it was 22,250 - 22,350 yuan/ton, with an average price of 22,300 yuan/ton, an increase of 20 yuan/ton; in Tianjin, it was 22,350 - 22,450 yuan/ton, with an average price of 22,400 yuan/ton, an increase of 10 yuan/ton; in Zhejiang, it was 22,520 - 22,620 yuan/ton, with an average price of 22,570 yuan/ton, an increase of 10 yuan/ton [4]. National Main Market Zinc Ingot Inventory Statistics (November 13 - 24, 2025) - As of November 24th, the total social inventory of zinc ingots in major Chinese markets was 1.517 million tons, a decrease of 10,700 tons compared to November 17th and a decrease of 8,200 tons compared to November 20th [5]. Futures Exchange Zinc Warrant Report on November 25th - The total zinc warrants on the Shanghai Futures Exchange on this day were 73,819 tons, a decrease of 822 tons [6]. LME Zinc Inventory Distribution and Statistics on November 25th - The total LME zinc inventory on this day was 48,000 tons, an increase of 575 tons compared to the previous day, with a registered warrant of 44,950 tons and a cancelled warrant of 3,050 tons, accounting for 6.35% [8]. National Main City Zinc Concentrate Price Summary on November 25th - The prices of 50% grade zinc concentrate in various regions remained unchanged, with prices ranging from 18,220 - 18,620 yuan/ton [9]. National Market Zinc Ingot Smelter Price Quotes on November 25th - The prices of 0 zinc ingots from various smelters increased by 20 yuan/ton, with prices ranging from 22,100 - 23,100 yuan/ton [12]. Domestic Refined Zinc Production in October 2025 - The planned production value in October was 509,600 tons, the actual production was 524,300 tons, a month - on - month increase of 4.87%, a year - on - year increase of 18.38%, and an increase of 2.88% compared to the planned value. The capacity utilization rate was 73.33%. The planned production for November was 522,300 tons [14]. Zinc Concentrate Processing Fee Quotes on November 25th - The processing fees for 50% grade zinc concentrate in different regions ranged from 2,100 - 2,800 yuan/metal ton, and the 48% grade imported processing fee was 80 US dollars/dry ton [16]. Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on November 25th - The total trading volume of members was 129,813 lots, a decrease of 26,325 lots. The total long position was 73,293 lots, an increase of 1,696 lots, and the total short position was 68,587 lots, an increase of 2,605 lots [17]. Short - Term View - The previous trading day, Shanghai Zinc showed a fluctuating trend, closing with a small阳线, with shrinking trading volume. Both long and short positions increased, with short positions increasing more. Overall, it was a shrinking - volume fluctuation. The price fluctuated, and while long positions entered actively, short positions suppressed more actively. Therefore, the market may fluctuate weakly in the short term. Technically, the price closed near the long - term moving average, with strong support from the moving average; the short - term indicator KDJ rose and operated in the weak area; the trend indicator rose, with the long - position strength increasing and the short - position strength decreasing, and the long - and short - position forces began to be in a stalemate [18].

Macro and Strategy - The macroeconomic review highlights that the U.S. non-farm payrolls increased by 119,000 in September, significantly above the expected 50,000, with the unemployment rate slightly rising to 4.4% [7] Industry and Company - In the restaurant industry, the report recommends leading companies in the hot pot sector, noting that in October 2025, the A-share, H-share, and U.S. stock markets saw significant gains for several chain restaurants, particularly Guoquan, which projected a revenue increase of 13.6%-25.8% for Q3 2025 [3][8] - The report indicates that the overall restaurant revenue in China increased by 3.8% year-on-year in October, with the CPI showing a slight increase due to holiday effects and domestic demand policies [8] - The report tracks the expansion of coffee brands, with notable growth in the coffee sector, particularly for brands like Nuo Wa, which saw significant store openings [9] - For the home appliance industry, October sales were under pressure, with a 15% decline in retail sales of home appliances, and a 13% drop in export value [13][14] - The report notes that in October, air conditioning sales fell by 20.1%, with expectations of continued pressure on production in December [15] - In the automotive sector, XPeng Motors reported a 149% year-on-year increase in sales for Q3 2025, with total revenue reaching 20.4 billion yuan, marking a 102% increase [19][20] - The report highlights that NVIDIA's revenue for Q3 reached $57 billion, a 62% year-on-year increase, driven by strong demand in data centers and gaming [25][26] - NetEase's revenue for Q3 increased by 8% year-on-year, with deferred revenue growing by 25%, indicating strong long-term operational capabilities [28][30] - Huazhu Group's Q3 revenue grew by 17.5% year-on-year, with a focus on expanding its membership base and improving revenue management [31][32] - Ctrip's Q3 revenue increased by 15.5% year-on-year, with a significant contribution from the sale of Makemytrip, indicating strong performance in the travel sector [34]

Core Viewpoint - The simultaneous suspension announcements by China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities indicate a significant restructuring in the "Hui Jin" brokerage landscape, with CICC planning to absorb the other two through a share swap, resulting in a new brokerage with assets exceeding 1 trillion yuan, second only to CITIC Securities, Guotai Junan, and Huatai Securities [1] Group 1: Company Restructuring - CICC, Dongxing Securities, and Xinda Securities are planning a merger that will create a new brokerage with an asset scale exceeding 1 trillion yuan [1] - The merger raises questions about the future structure and collaboration of the affiliated fund companies: CICC Fund, Xinda Australia Fund, and Dongxing Fund [1] Group 2: Fund Management Overview - CICC Fund, established in 2014, has approximately 234.4 billion yuan in public fund assets as of September 2025, showing a growth of about 27 billion yuan from the previous year [2] - Xinda Australia Fund, founded in 2006, manages around 110 billion yuan in public funds, with a recent decline in industry ranking [3][4] - Dongxing Fund, established in 2020, has a public fund scale of about 34 billion yuan, also experiencing a drop in ranking [4] Group 3: Regulatory and Market Implications - The restructuring will allow CICC to hold three public fund licenses, raising questions about the balance of license numbers, equity structure, and business division in future asset management company setups [4] - Historical precedents, such as the merger of Huaxia Fund and CITIC Fund, and the recent merger of Guotai Junan and Haitong Securities, provide context for the expected complexities in managing multiple fund licenses post-merger [5][6][10]