Guotai Junan to proceed with Haitong Securities merger

Guotai Junan Securities (601211.SS) announced that it will proceed with the A-share stock swap related to its merger with Haitong Securities, having received regulatory approval for the deal. The A-share swap implementation date is set for March 3, 2025, with Haitong Securities A shares to be delisted on March 4. Haitong Securities A shareholders will receive 0.62 shares of Guotai Junan for each Haitong share they own. The merger will see Guotai Junan assume all assets and liabilities of Haitong Securities. Guotai Junan will also issue new A-shares to Shanghai state-owned asset management for supporting funds not exceeding 10 billion yuan. Existing pledges and restrictions on Haitong shares will transfer to the new Guotai Junan shares.