Haitong Securities merger with Guotai Junan approved by HKEX

Haitong Securities (SSE:600837) announced that the Hong Kong Stock Exchange (HKEX) has granted approval for the listing and trading of 2,113,932,668 H-shares to be issued by Guotai Junan Securities as consideration for the merger between the two companies. This follows prior approval from the China Securities Regulatory Commission (CSRC) on January 17, 2025. The merger will involve Guotai Junan acquiring Haitong Securities through a share swap, where Haitong's A-share and H-share holders will receive Guotai Junan A-shares and H-shares, respectively. Guotai Junan will also raise additional funds through an A-share offering. All conditions for the merger have now been met, and the board of Haitong Securities will proceed with the transaction according to regulatory requirements and shareholder approvals obtained during the 2024 shareholder meetings.