Cathay Pacific Junan (02611) and Haitong Securities (06837) opened higher in early trading. As of press time, Cathay Pacific Junan rose 3.75% to HK$12.16; Haitong Securities rose 2.46% to HK$7.08.
The Zhitong Finance App learned that the merger between Guotai Junan (02611) and Haitong Securities (06837) is progressing further. As of press release, Cathay Pacific Junan rose 3.75% to HK$12.16; Haitong Securities rose 2.46% to HK$7.08.
According to the news, Guotai Junan and Haitong Securities jointly announced that the General Administration of Market Regulation has decided to centralize the anti-monopoly review of operators related to the proposed merger without further review, and that all necessary Chinese antitrust declarations submitted in connection with the proposed merger have been examined and approved. At the same time, the Shanghai State-owned Assets Administration Commission issued an approval and agreed in principle to the overall plan for the proposed merger and proposed issuance.
Judging from the data for the end of the second quarter of 2024, the total assets of Cathay Pacific Junan and Haitong Securities were 898.06 billion yuan and 721.415 billion yuan, respectively. After the merger of Cathay Pacific Junan and Haitong Securities, total assets and net assets will reach 1.62 trillion yuan and 330.2 billion yuan respectively, surpassing CITIC Securities and becoming an “aircraft carrier class” securities company. Furthermore, after the merger is successful, its revenue scale will rise to second place in the industry, directly surpassing CITIC Securities and significantly enhancing its position and competitiveness in the industry.