Morgan Stanley: CICC's (03908) Merger with Cinda Securities and Dongxing Securities Expected to Progress Rapidly

Stock News11-20

Morgan Stanley released a research report stating that CICC (03908) plans to merge with Cinda Securities (601059.SH) and Dongxing Securities (601198.SH), both under Central Huijin, through absorption and share swaps. While details such as the exchange ratio remain unclear, the transaction is expected to advance swiftly due to shared controlling shareholders.

The consolidation of the two smaller brokerages would complement CICC's wealth management business. Given limited operational overlap, integration costs are projected to be manageable. Morgan Stanley maintains an "Overweight" rating on CICC with a target price of HK$28.9.

The report forecasts that CICC's net capital base (approximately RMB 46 billion) could nearly double post-merger, strengthening its leading position in equities and derivatives. Long-term cost synergies are also anticipated.

Drawing on CICC's prior experience in integrating China Investment Securities and leveraging its strengths in trading, risk management, product structuring, and institutional client coverage, Morgan Stanley believes the merged entity will utilize its capital base more efficiently.

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