China Securities Regulatory Commission Approves CICC's Absorption Merger of Dongxing Securities and Cinda Securities
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The China Securities Regulatory Commission (CSRC) has approved a merger in which CICC will absorb and merge with Dongxing Securities and Cinda Securities through the issuance of new shares. Upon completion, the two securities firms will be legally dissolved, and their branches will be converted into branches of CICC. As part of the transaction, Orient Asset Management and Cinda Asset Management will become major shareholders of CICC, holding stakes of 8.03% and 16.76%, respectively. Additionally, CICC will become the major shareholder of Dongxing Fund and Cinda Australia Asia Fund, and will gain control over Dongxing Futures and Cinda Futures. The report, sourced from tradealpha, details the structural changes and ownership shifts resulting from the regulatory approval.
Source report
The China Securities Regulatory Commission (CSRC) has issued an approval for the merger of China International Capital Corporation (CICC) with Dongxing Securities and Cinda Securities.
Key Details of the Merger
- Absorption Structure: CICC will absorb Dongxing Securities and Cinda Securities through the issuance of new shares.
- Post-Merger Dissolution: Upon completion, both Dongxing Securities and Cinda Securities will be dissolved in accordance with the law.
- Branch Integration: The branches of the two securities firms will become branches of CICC.
Shareholding Changes
- Orient Asset Management will become a major shareholder of CICC, with a shareholding ratio of 8.03%.
- Cinda Asset Management will become a major shareholder of CICC, with a shareholding ratio of 16.76%.
Subsidiary Control
Following the merger:
- CICC will become the major shareholder of Dongxing Fund and Cinda Australia Asia Fund.
- CICC will also control Dongxing Futures and Cinda Futures.
Source
thsEastern