Shares of Guotai Junan Securities (GTJA) surged 6.42% on Tuesday, amid positive market sentiment surrounding the company's proposed merger with Haitong Securities.
According to S&P Global Ratings, Haitong Securities' recent losses from its Hong Kong portfolio are not expected to prevent the merger from proceeding. The rating agency believes that Haitong's parent-level profits are recovering, and a faster cleanup of its Hong Kong portfolio will provide a solid foundation for the merged entity.
The Shanghai government-backed merger is seen as a strategic move to create a global investment bank and strengthen the city's position as an international financial hub. S&P expects the merged entity to have the same creditworthiness as GTJA, supported by GTJA's robust capitalization.
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