China International Capital Corporation has reached the final stage of its all-share merger with Dongxing Securities and Cinda Securities, with the share-swap record date on 16 October and both brokers' A shares delisted from the Shanghai Stock Exchange on 19 October.
Deal terms and financing
Dongxing shareholders receive 0.4376 CICC A share for each share held, and Cinda shareholders 0.5210. The ratios are based on 20-day average prices, with a 26% premium for Dongxing, adjusted for dividends: RMB36.68 for CICC, RMB16.05 for Dongxing and RMB19.11 for Cinda. Dongxing has 3.23bn shares and Cinda 3.24bn, giving the targets a combined value of about RMB114bn at the swap prices.
Regulatory approvals and timing
The CSRC approved the merger, and changes of major shareholders at CICC and at the brokers' fund and futures units, on 7 September. The Shanghai Stock Exchange issued delisting decisions on 12 October. CICC said it will announce the results of the swap and the listing of the new shares once registration is complete.
Market context
CICC will take over all of Dongxing's and Cinda's assets, liabilities, businesses, staff, contracts and licences, after which the two companies will be dissolved. CICC reported total assets of RMB997.15bn at 30 June 2026.
