Stock Track | Haitong Securities Skyrockets on Merger Deal with Guotai Junan

Stock Track2024-10-11

Shares of Haitong Securities Co Ltd (06837) surged by a staggering 89.07% on Wednesday morning, driven by the announcement of a planned merger with Guotai Junan Securities (2611) through a share swap deal.

Under the terms of the merger, Guotai Junan will issue A shares and H shares to Haitong shareholders at a ratio of 0.62 to 1. This values Haitong's shares at 8.57 yuan in Shanghai, a 2.3% discount compared to their last trading price before the suspension, and HK$4.79 in Hong Kong, offering a 32% premium.

The merger aims to create a stronger and more competitive entity in the securities brokerage industry, leveraging the combined resources and market presence of the two firms. Guotai Junan also plans to raise 10 billion yuan by issuing shares to its controlling shareholder to support the integration and future growth plans of the merged company.

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