Guotai Junan revises merger report for Haitong Securities acquisition

Guotai Junan Securities (SSE: 601211) has published a revised report concerning its planned acquisition of Haitong Securities. The updated report, filed on January 20, 2025, incorporates feedback from the China Securities Regulatory Commission (CSRC), which granted approval for the merger on January 17, 2025. The merger will involve a share swap, where Haitong's A-share and H-share holders will receive Guotai Junan's A-shares and H-shares, respectively. Guotai Junan will also raise additional funds alongside the acquisition. Key revisions to the report include updates to the debt situations of both firms, further details on the transaction's approval process, and adjustments to the legal representatives of both parties. The report is available on the Shanghai Stock Exchange website.