On the evening of December 17, China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities simultaneously disclosed the preliminary plan for major asset restructuring. CICC’s plan to absorb and merge the two brokers through share exchange has made key progress and officially resumed trading on December 18. The pricing of this transaction is based on the average price of the 20 trading days prior to the announcement date of each party’s board resolution. As the surviving entity, CICC has set the share exchange price at 36.91 yuan per share.

Among the merged parties, the share exchange price for Dongxing Securities is 16.14 yuan per share, and that for Cinda Securities is 19.15 yuan per share. The corresponding share exchange ratios with CICC’s A-shares are 1:0.4373 and 1:0.5188 respectively. This pricing plan not only takes into account the asset value of the two merged companies but also strives to balance the interests of shareholders of all parties.

Industry analysts believe that this merger is an important case of integration in China’s securities industry. Through absorption and merger, CICC can further expand its business scale and market influence, and strengthen its advantages in fields such as investment research and investment banking. At the same time, the integrated securities resources will effectively reduce homogeneous competition in the industry, enhance the overall ability to serve the real economy, and inject impetus into the high-quality development of the capital market. The stock price performance of the three companies after resuming trading and the subsequent integration progress will become the focus of continuous market attention.