Guotai Junan's merger with Haitong Securities gets shareholder nod

Shareholders of both Guotai Junan Securities and Haitong Securities have approved the proposed merger by share swap. The deal, announced in December 2024, will see Guotai Junan absorb Haitong Securities. Separate shareholder meetings for both companies, held concurrently on December 13, 2024, resulted in the approval of several proposals related to the merger, including the terms of the share swap and related fundraising. While shareholder approval marks a significant milestone, the merger still requires regulatory approvals, including from the Hong Kong Stock Exchange, the Shanghai Stock Exchange, the China Securities Regulatory Commission, and relevant overseas authorities. The supplementary legal opinion from Beijing Haiwen Law Firm confirms the shareholder approvals and outlines the remaining regulatory hurdles.