CSRC approves CICC's absorption merger with Dongxing Securities and Cinda Securities

Corporate ActionRegulation
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Summary · why it matters

The China Securities Regulatory Commission has formally approved CICC's absorption merger with Dongxing Securities and Cinda Securities, clearing CICC's registration application to issue 3,104,121,159 new shares to absorb the two brokerages. Upon completion of the merger, Dongxing Securities and Cinda Securities will be dissolved in accordance with the law, and their existing branches will be converted into CICC branches. The approval also endorses Orient Asset Management becoming a major shareholder of CICC, raising no objection to Orient Asset Management lawfully acquiring 636,533,171 CICC shares, representing 8.03 percent of CICC's total post-issuance share capital. It also endorses Cinda Asset Management becoming a major shareholder of CICC, raising no objection to Cinda Asset Management lawfully acquiring 1,329,279,400 CICC shares, representing 16.76 percent of CICC's total post-issuance share capital. In addition, the CSRC has approved CICC becoming the major shareholder of Dongxing Fund and Cinda Australia Fund, and approved the controlling shareholder of Dongxing Futures and Cinda Futures being changed to CICC, with a 100 percent shareholding.

Impact on stocks 3

Financials▲ · 1 stocks
China Cinda Asset Mgmt Co Ltd
1359
▲ PositiveCapitalrelevance

CSRC endorses Cinda Asset Management becoming a major CICC shareholder with 16.76% post-issuance, and Cinda's brokerage arm is absorbed into CICC.

Others▲ · 2 stocks
China International Capital Corp Ltd
601995
▲ PositiveCapitalrelevance

CSRC approves CICC's absorption merger with Dongxing and Cinda Securities and its issuance of 3.1bn new shares, expanding CICC's scale and shareholder base.

Dongxing Sec Co Ltd
601198
± MixedCapitalrelevance

Dongxing Securities is being absorbed and dissolved into CICC, so its standalone listing ceases to exist.

Off-coverage companies 2

China Orient Asset Management Co., Ltd.Private▲ Positive
Capitalrelevance

CSRC raises no objection to Orient Asset Management acquiring 8.03% of CICC's post-issuance capital as a major shareholder.

信达澳亚基金管理有限公司Private▲ Positive
Capitalrelevance

CSRC approves CICC becoming the major shareholder of Cinda Australia Fund, changing its controlling shareholder.

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