Shares of Guotai Junan Securities Co (HKG:2611) skyrocketed by a staggering 66.29% on Wednesday, following the announcement of a landmark merger deal with fellow Chinese brokerage firm Haitong Securities.
Under the terms of the share swap agreement, Guotai Junan will issue new 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.
In a strategic move to bolster its financial position in the combined entity, Guotai Junan also plans to raise 10 billion yuan by issuing shares to its controlling shareholder. The merger deal sent shockwaves through the market, with Haitong Securities' share prices jumping by an impressive 103% in recent trading.
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