China Cinda subsidiary Cinda Securities eyes major merger with CICC

China Cinda Asset Management Co., Ltd. disclosed an update regarding its subsidiary, Cinda Securities Co., Ltd., which issued a trading halt announcement on November 19, 2025. This halt pertains to a legally binding cooperation agreement for proposed mergers. The agreement involves China International Capital Corporation Limited (CICC) on one side, and Dongxing Securities Co., Ltd. and Cinda Securities on the other. The proposed mergers are intended to be implemented through absorption and share exchanges by CICC.

The company stated that if these proposed mergers materialize, they could constitute a notifiable transaction under Chapter 14 of the Listing Rules. Further disclosures will be made as appropriate. The board of China Cinda Asset Management Co., Ltd. is chaired by Mr. ZHANG Weidong.

The announcement included a warning that the proposed mergers may not materialize or be consummated, advising holders and potential investors of the securities and notes to exercise caution. China Cinda Asset Management Co., Ltd. currently has several guaranteed senior notes outstanding, including $600m 4.75% due 2029, $200m 5.000% due 2048, $1.2bn 4.750% due 2028, and $700m 4.40% due 2027.