Guotai Junan to merge with Haitong Securities in major deal
Guotai Junan Securities (SSE: 601211) will absorb and merge with Haitong Securities (SSE: 600837) in a share exchange, creating a larger investment bank. Guotai Junan will issue A-shares to Haitong's A-share holders and H-shares to H-share holders at a ratio of 1:0.62. Concurrently, Guotai Junan will raise up to RMB 100 billion through a private placement of A-shares to Shanghai State-owned Assets Operation Co., Ltd., its controlling shareholder. Post-merger, Guotai Junan's total share capital will increase to approximately 17 billion shares, or 17.6 billion if the private placement is fully subscribed. The combined entity will retain the Guotai Junan name and listing. Haitong Securities will be delisted and its legal entity status cancelled. The deal requires regulatory approvals from the China Securities Regulatory Commission, the Shanghai Stock Exchange, and the Hong Kong Stock Exchange.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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