Shares of Haitong Securities (06837) skyrocketed 89.07% on Wednesday morning, following the announcement of a planned merger with Guotai Junan Securities (2611) through a share swap deal.
According to the details disclosed, Guotai Junan will issue A shares and H shares to Haitong shareholders at a ratio of 0.62 to 1. This values Haitong's shares at 8.57 yuan in Shanghai, a 2.3% discount compared to their last trading price before the suspension, and HK$4.79 in Hong Kong, offering a 32% premium. Guotai Junan also plans to raise 10 billion yuan by issuing shares to its controlling shareholder to support the integration and future growth plans.
The merger is expected to strengthen the combined entity's position in the securities brokerage industry, leveraging the combined resources and market presence of the two firms. By joining forces, the merged entity aims to enhance its competitiveness and capitalize on growth opportunities within the dynamic financial services sector.
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