China International Capital Corporation (CICC) plans to merge with Dongxing Securities and Cinda Securities through share swaps valued at around RMB113.85 billion (USD16.9 billion) in the largest M&A transaction in China’s A-share securities sector to date. Haiwen & Partners, Grandall Law Firm and King & Wood are providing legal support.
Under the plan, CICC is expected to issue around 3.1 billion A shares and the exchange price is RMB36.68 each. The exchange prices for Dongxing Securities and Cinda Securities are RMB16.05 and RMB19.11 per share, respectively.
On completion, the two companies will be delisted and their legal person status will be cancelled. CICC will assume all their assets, liabilities, businesses, employees, contracts, qualifications and all other rights and obligations.
Haiwen acted as CICC’s legal counsel, led by partners Mou Jian and Zheng Yan.
Grandall advised Dongxing Securities, with partner Xu Chen responsible for the matter, while partners Song Pingping and Lei Dandan were among the signing lawyers. King & Wood counselled Cinda Securities, with partner Gong Mulong responsible for the matter, while partners Tang Lizi, Su Zheng and Sean Ye serving as signing lawyers.
The transaction announcements said the restructuring would strengthen CICC’s ability to integrate resources and achieve economies of scale, while enhancing synergies in areas including wealth management, capital allocation and investment banking. Following the merger, CICC expected its industry ranking to increase from 12th to fourth.
The three companies first announced the planned asset restructuring and trading suspensions on 19 November 2025. The transaction is scheduled to be reviewed by the SSE’s M&A and Restructuring Review Committee on 27 August and remains subject to relevant approvals before it can be formally implemented.
In recent years, policy efforts to foster first-class investment banks have spurred a wave of mergers and restructurings in China’s securities sector. In 2025, Guotai Junan Securities and Haitong Securities completed their merger, the first combination between two leading Chinese brokerages. Other transactions involving Guolian Securities and Minsheng Securities, Guosen Securities and Vanho Securities, and Western Securities and Guorong Securities were subsequently completed.
Since the start of 2026, further consolidation among regional brokerages has been under way, including Orient Securities’ acquisition of Shanghai Securities and Soochow Securities’ merger with Donghai Securities.
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