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on september 10, guotai junan held an online performance briefing for 2024. regarding the merger with haitong securities, guotai junan chairman zhu jian said in response to investors' questions:the reorganization aims to respond to national strategies and promote the creation of a first-class investment bank. it is in line with the strategic development direction of the two companies, will help both parties to complement each other's strengths, enhance core functions, and improve the level of financial services for the real economy, and will contribute to further optimizing the layout of shanghai's state-owned financial assets and promoting high-quality development of the securities industry.

guotai junan's 2024 semi-annual report shows that during the reporting period, the company achieved operating income of 17.07 billion yuan and net profit attributable to the owners of the listed company of 5.016 billion yuan. at the same time, according to the 2024 semi-annual equity distribution plan disclosed by guotai junan, it is planned to distribute 1.5 yuan per 10 shares, with a total cash dividend of 1.336 billion yuan.

since the implementation of the new "nine national regulations"

the first merger and reorganization of a leading securities firm

on the evening of september 5, guotai junan disclosed the "suspension announcement on planning major asset restructuring", which stated that it would absorb and merge haitong securities by issuing a shares to all a-share exchange shareholders of haitong securities and issuing h shares to all h-share exchange shareholders of haitong securities, and at the same time issuing a shares to raise matching funds.

zhu jian said that the specific cooperation plan for this reorganization is subject to the transaction documents further signed by both parties. this reorganization still needs to go through the necessary internal decision-making procedures and must be approved by the competent regulatory authorities before it can be officially implemented. there is still uncertainty as to whether it can be implemented. regarding the subsequent progress of this reorganization, the company will strictly fulfill its information disclosure obligations in accordance with the requirements of relevant laws and regulations.

it is worth noting that the merger of guotai junan securities and haitong securities is the first merger and reorganization of leading securities firms since the implementation of the new "nine national policies". it is also the largest a+h bilateral market absorption merger in the history of china's capital market and the largest a+h integration case of listed securities firms. it involves multiple business licenses and many domestic and overseas subsidiaries, and is a major unprecedented innovation.according to the data calculated in 2023, the total assets and net assets attributable to the parent company of the new institution after the merger will reach 1.68 trillion yuan and 330 billion yuan respectively, both ranking first in the industry. the "super aircraft carrier" of the securities industry is about to emerge.

expanding international business layout

in recent years, guotai junan has been increasing its international business layout and continuously promoting cross-border integration. zhu jian replied to investors that the company has built an international business platform around guotai junan financial holdings. in hong kong, it mainly conducts brokerage, corporate financing, asset management, loans and financing, financial products, market making and investment businesses through guotai junan international, and actively deploys in the united states, europe and southeast asia. "in the first half of 2024, guotai junan's international business focused on consolidating core business capabilities, strengthening cross-border integrated management, pragmatically advancing strategic layout, and continuously enhancing the market influence of overseas subsidiaries, with significant revenue growth."

specifically, the wealth management business improved its product layout, provided more diversified solutions, and optimized the functions of the "junhong global communication" app platform; the investment banking business improved its cross-market service capabilities and continued to promote project cooperation; the cross-border derivatives business enriched its product varieties, increased customer development efforts, and its leading position was increasingly consolidated; the international layout made positive progress, the uk subsidiary completed the first batch of equity-related northbound customer demand transactions, the macau subsidiary completed the first hong kong stock brokerage transaction, and the vietnamese subsidiary's stocks were included in the msci frontier markets index. at the end of june 2024, the amount of customer assets under custody increased by 8.4% from the end of the previous year; the investment banking business underwrote bonds worth hk$187.7 billion, a year-on-year increase of 169.7%, and ranked second among chinese securities firms.

regarding building a world-class investment bank, zhu jian said that the company will firmly grasp the opportunities of further comprehensively deepening reforms and promoting chinese-style modernization, continue to do a solid job in the "five major articles", take serving the construction of a financial power and shanghai international financial center as its mission, and implement the action plan for deepening and enhancing state-owned enterprise reforms as a powerful tool, focus on strategic guidance, highlight "strategic agility", and promote the effective implementation of strategic planning with high quality.

at the same time, zhu jian said that the company focused on reform and improvement, highlighted "business synergy", and deeply promoted the construction of three major customer service systems to consolidate and enhance the three core competitive advantages; focused on management empowerment, highlighted "service professionalism", and improved the company's management efficiency. continuously improve the core competitiveness of various main businesses, and accelerate progress towards an investment bank with international competitiveness and market influence.