Guotai Junan revises merger proposal for Haitong Securities

Guotai Junan Securities (SSE: 601211) has announced revisions to its proposal to merge with Haitong Securities through a share swap and additional fundraising. The updated proposal, filed with the Shanghai Stock Exchange on December 23, 2024, includes revised details on debt handling, approvals received, and risk factors. Key changes include updates to both companies' debt situations and how they will be addressed post-merger. The filing also reflects the progress made in regulatory approvals and clarifies the roles of independent financial advisors and legal counsel. The revised document addresses feedback received from the exchange and aims to provide more clarity on the complex transaction. Guotai Junan will issue A-shares and H-shares to Haitong Securities' shareholders in exchange for their existing holdings.