Huijin Group has initiated another major move in the financial sector. At the time of writing, Cinda INTL HLDG (00111) surged 14.29% to HK$0.44, while China Cinda (01359) rose 7.26% to HK$1.33, with a trading volume of HK$47.61 million.
The rally follows announcements from China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities, revealing plans for CICC to absorb the latter two firms via share swaps.
According to Q3 reports, Central Huijin indirectly holds a 78.67% stake in Cinda Securities through China Cinda and a 45.14% stake in Dongxing Securities via Orient Asset Management. Central Huijin is also the controlling shareholder of CICC, directly owning 40.11% of the company.
Cinda Securities confirmed the merger plan, stating that CICC will issue A-shares to shareholders of Dongxing Securities and Cinda Securities in exchange for their shares. Notably, Cinda Securities is a subsidiary of China Cinda and the indirect controlling shareholder of Cinda INTL HLDG.
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