Guotai Junan Securities Co (HKG:2611) and Haitong Securities will merge together under a share swap deal; the two companies jointly reported to the Hong Kong bourse on Wednesday.
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, a 2.3% discount compared to their last trading price before the suspension, and HK$4.79 in Hong Kong, offering a 32% premium.
The brokerage firm also plans to raise 10 billion yuan by issuing shares to its controlling shareholder.
In recent trading, the share prices of Guotai Junan Securities were up almost 70%, while Haitong Securities' share prices jumped by 103%.
Price (HKD): $13.26, Change: $+5.4, Percent Change: +67.72%
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