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Will Chinese regulators approve the Guotai Junan and Haitong merger by January 31, 2025?
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Announcements from Chinese regulatory bodies such as the China Securities Regulatory Commission
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Guotai Junan and Haitong Securities Shares Soar After Announcing $226 Billion State-Backed Merger
Oct 10, 2024, 02:02 AM
Guotai Junan Securities and Haitong Securities, two leading Chinese brokerages, have unveiled the terms of their proposed merger, aiming to create a state-backed brokerage powerhouse with approximately $226 billion in assets. The merger is set to strengthen China's financial sector and compete with Wall Street firms expanding in the country. The share swap ratio has been established at 0.62 to 1, and the combined entity is expected to become a securities industry titan with assets totaling CNY1.62 trillion (USD229 billion). Following the announcement, shares of both companies surged significantly, with increases over 100% in Hong Kong and reaching the 10% daily limit in mainland China.
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No action taken • 25%
Fine imposed • 25%
Operational restrictions imposed • 25%
Acquisition rollback or divestiture • 25%
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Increase stock purchases • 25%
Launch new investment products • 25%
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