Guotai Junan Securities Co (HKG:2611) saw its shares surge by 66.29% on Wednesday, following the announcement of a merger deal with fellow brokerage firm Haitong Securities.
Under the terms of the share swap deal, Guotai Junan will issue A shares and H shares to Haitong shareholders at a ratio of 0.62 to 1. The offer values Haitong's shares at 8.57 yuan in Shanghai, representing a 2.3% discount compared to their last trading price before the suspension, and HK$4.79 in Hong Kong, offering a 32% premium.
Additionally, Guotai Junan plans to raise 10 billion yuan by issuing shares to its controlling shareholder, likely to bolster its financial position in the combined entity.
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