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On July 31, there was news in the market that "China Gold and Galaxy Securities merged, and Huijin approved it."CICC（601995.SH）、China Galaxy（601881.SH）The stock prices of both companies fluctuated. As of the close of midday trading, China Galaxy Securities' A shares hit the daily limit, and CICC's A shares rose 6.93%. The Hong Kong stocks of both companies rose by more than 9%. In addition, the A-share securities sector rose by 6.49% as a whole, becoming the best performing sector in midday trading.

In this regard,Yinshi Finance called the secretary of the board of directors of CICC to verify, and the other party said that there is no relevant information for the time being, and the company's announcement shall prevail. The relevant person in charge of China Galaxy Securities also said that there are too many small articles in the market, and it is recommended to wait for official news.

As the two leading securities firms, CICC and China Galaxy Securities are both under the Central Huijin Investment Group. According to Tianyancha, Central Huijin directly holds 40.11% of CICC’s shares, making it the largest shareholder of CICC; at the same time, it indirectly holds shares of China Galaxy Securities through its holding company Galaxy Financial Holdings.

In November last year, the China Securities Regulatory Commission stated that it would support leading securities firms to become better and stronger through business innovation, group operations, mergers and acquisitions, and restructuring, and to build first-class investment banks.CICC and China Galaxy Securities, both subsidiaries of Huijin, have become one of the most anticipated targets of securities mergers and acquisitions in the market, and news of the merger of the two companies has been heard from time to time in the market.

Before the market opened on November 13 last year, China Galaxy Securities and CICC both issued clarification announcements regarding the merger and reorganization, stating that they had not received any written or oral information from government departments, regulatory agencies or the company's controlling shareholders or actual controllers regarding the rumors of the merger and reorganization between the two parties.

In October last year, both companies announced changes in leadership. Among them, Chen Liang, the former chairman of China Galaxy Securities, was parachuted in to become the chairman of CICC, and Wang Sheng, the former president of China Galaxy Securities, was promoted to chairman. According to his resume, Wang Sheng only joined China Galaxy Securities in July 2022 and previously held several important positions in CICC.