CICC Shares Jump Over 9% in Afternoon Trading as Three-Way Merger Deal Closes and Investment Banking Entity Transition Takes Effect

Deep News11-02 14:10

CICC (ASX: 03908) saw its shares climb more than 9% during afternoon trading. As of press time, the stock was up 8.90%, quoted at HK$18.48, with a turnover of HK$309.7 million.

On the evening of October 26, CICC (ASX: 03908) announced that its share-swap absorption merger with Dongxing Securities and Xinda Securities had completed settlement. Recently, CICC (ASX: 03908) issued an announcement regarding the change of its investment banking business entity, marking the entry into the substantive business handover phase of the share-swap absorption merger with Dongxing Securities and Xinda Securities. A total of 81 existing investment banking projects from Dongxing Securities and 12 from Xinda Securities have officially changed their operating entity and are now undertaken by CICC (ASX: 03908).

Oriental Fortune Securities noted that CICC's (ASX: 03908) three-way merger has completed settlement, Orient Securities' acquisition of Shanghai Securities has passed regulatory review, and Soochow Securities' acquisition of Donghai Securities has resumed its review process, indicating that industry resources are accelerating their concentration toward leading institutions. Top-tier brokerages are further consolidating their comprehensive strength through strong-strong alliances, which helps enhance the overall competitiveness of the industry and optimize resource allocation.

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A total of 81 existing investment banking projects from Dongxing Securities and 12 from Xinda Securities have officially changed their operating entity and are now undertaken by CICC (<b>ASX: 03908</b>).<br><br>Oriental Fortune Securities noted that CICC's (<b>ASX: 03908</b>) three-way merger has completed settlement, Orient Securities' acquisition of Shanghai Securities has passed regulatory review, and Soochow Securities' acquisition of Donghai Securities has resumed its review process, indicating that industry resources are accelerating their concentration toward leading institutions. 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