Core Viewpoint - The merger of Guotai Junan Asset Management and Haitong Asset Management marks the first case of a securities firm's asset management subsidiaries merging in China's securities industry, initiating the first subsidiary integration project since the establishment of Guotai Haitong Securities [1][3]. Group 1: Merger Announcement - Guotai Haitong Securities' board approved the merger plan for Guotai Junan Asset Management to absorb Haitong Asset Management on July 25 [1]. - Guotai Junan Asset Management announced its name change to "Shanghai Guotai Haitong Securities Asset Management Co., Ltd." on the same day [3]. Group 2: Background and Scale Effect - Both asset management companies have a rich history, with Guotai Junan Securities and Haitong Securities being among the first to obtain licenses for collective asset management in 2005 [4]. - As of the end of 2024, Guotai Junan Asset Management's assets under management (AUM) reached 588.43 billion yuan, while Haitong Asset Management's AUM was 106.98 billion yuan, leading to a combined AUM of 695.41 billion yuan post-merger, significantly enhancing their industry position [4]. Group 3: Product Integration and Business Synergy - Post-merger, the two asset management companies will unify their business directions and develop innovative growth strategies, optimizing service systems and sharing core capabilities [5]. - The management name for Guotai Junan Asset Management's products will change to reflect the new company name, and some public collective funds will apply for a change in management to Guotai Haitong Asset Management [5]. - The merger aims to enhance overseas asset allocation capabilities and better meet the growing wealth management needs of residents, supporting the establishment of a stronger asset management platform and a more comprehensive wealth management ecosystem [5].

Group 1 - The core point of the news is the initiation of the first subsidiary integration by Guotai Haitong, marking the first merger of asset management subsidiaries in the domestic securities industry [1][2] - Guotai Junan Asset Management will absorb and merge Haitong Asset Management, with the company name changing to "Shanghai Guotai Haitong Securities Asset Management Co., Ltd." [1][2] - The merger will involve key steps such as product migration and legal entity consolidation, with the management name of the products changing accordingly [1][2] Group 2 - The merger aims to unify business direction, develop innovative strategies, integrate customer bases, and optimize service systems, enhancing the asset management platform and wealth management ecosystem of Guotai Haitong Securities [2] - As of the end of 2024, Guotai Junan Asset Management has an asset management scale of 588.43 billion yuan, while Haitong Asset Management has a scale of 106.98 billion yuan [2] - The company is progressing with the integration of various subsidiaries in an orderly manner, with the asset management company integration being the first step [2][3] Group 3 - A prior announcement on July 21 detailed the implementation of legal entity switching and customer and business migration, scheduled for August 22, which will involve switching the legal entity of Haitong Securities to Guotai Haitong [3] - The migration will include changes to settlement participant codes, settlement accounts, trading codes, and other relevant parameters [3]