Guotai Junan merger with Haitong Securities update: draft prospectus filed

Haitong Securities (SSE: 600837) announced updates to the draft prospectus for its merger with Guotai Junan Securities. The revised draft, labeled the "Meeting Draft," was submitted to the Shanghai Stock Exchange (SSE) on January 2, 2025, and addresses feedback from the SSE's review. The merger involves Guotai Junan acquiring Haitong through a share swap, issuing both A-shares and H-shares to Haitong's existing shareholders. Guotai Junan also plans to raise additional capital through a concurrent share offering. The primary changes in the updated draft involve updating the cover page to reflect its "Meeting Draft" status and revising the document's execution date. The previous draft was released on December 30, 2024.