Guotai Junan and Haitong merger clears key hurdle

Guotai Junan Securities' planned acquisition of Haitong Securities via a share-swap merger has received approval from the Shanghai Stock Exchange's Merger and Restructuring Review Committee. This marks a significant step forward in creating what is expected to be a brokerage giant. The transaction, which includes raising additional matching funds, still requires approval from the China Securities Regulatory Commission (CSRC) and other relevant regulatory bodies. The merger previously received antitrust clearance and approval from the Shanghai State-owned Assets Supervision and Administration Commission. Haitong Securities shareholders approved the merger on December 13, 2024, following similar approval from Guotai Junan shareholders. The next steps include obtaining listing approval for the newly issued Guotai Junan H-shares on the Hong Kong Stock Exchange.