Guotai Junan secures approval to merge with Haitong Securities

Guotai Junan Securities has received regulatory approval from the China Securities Regulatory Commission (CSRC) to absorb and merge with Haitong Securities. The merger will involve Guotai Junan issuing A-shares to Haitong's A-share holders and H-shares to H-share holders. Simultaneously, Guotai Junan will raise supporting funds through an A-share issuance. The deal, initially announced earlier this year, has now received the final green light, culminating in Haitong's removal from the Shanghai Stock Exchange. Haitong has updated its related-party transaction report to reflect the CSRC's approval and other recent developments, including changes in leadership and litigation progress. The updated report is available on the Shanghai Stock Exchange website.