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CICC Proposes Absorption of Dongxing Securities, Cinda Securities

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China International Capital (SHA:601995, HKG:3908) proposes a share swap merger to absorb Dongxing Securities (SHA:601198) and Cinda Securities (SHA:601059).

The deal aims to create a financial powerhouse with enhanced global competitiveness, leveraging synergies in investment banking, research, wealth management and cross-border finance, according to a Tuesday aftermarket filing with the Shanghai bourse.

The transaction is subject to investigation by judicial authorities or the China Securities Regulatory Commission.

Shares of CICC were down 1% in recent trade on the Shanghai and Hong Kong bourses.

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