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"this reorganization is to respond to the national strategy and accelerate the construction of a first-class investment bank. it is in line with the development strategies of the two companies, which will help both parties share resources, complement each other's strengths, enhance core competitiveness, and improve the ability and level of financial services to the real economy. it will help further optimize the layout of shanghai's financial state-owned assets and promote high-quality development of the capital market and securities industry." regarding the absorption and merger by guotai junan securities co., ltd. (hereinafter referred to as "guotai junan", 601211.sh, 02611.hk), zhou jie, chairman of haitong securities co., ltd. (hereinafter referred to as "haitong securities", 600837.sh, 06837.hk), said on september 11.

on the evening of september 5, guotai junan and haitong securities both issued suspension announcements. guotai junan stated in the announcement that the company and haitong securities are planning to issue a shares to all a-share exchange shareholders of haitong securities and h shares to all h-share exchange shareholders of haitong securities to absorb and merge haitong securities and issue a shares to raise matching funds. guotai junan pointed out that this reorganization involves a shares and h shares, involving many matters and complex processes. at the same time, this reorganization is conducive to building a first-class investment bank and promoting high-quality development of the industry. according to the relevant regulations of the shanghai stock exchange, the suspension period is expected to be no more than 25 trading days.

at the 2024 semi-annual performance briefing held on september 11, an investor asked haitong securities, "what impact is expected to occur if it is absorbed and merged by guotai junan securities? what considerations are behind this merger?"

in this regard, zhou jie said that the reorganization with guotai junan was to respond to the national strategy and accelerate the construction of a first-class investment bank. it was in line with the development strategies of the two companies, which would help both parties share resources, complement each other's strengths, enhance core competitiveness, and improve the ability and level of financial services to the real economy. it would help further optimize the layout of shanghai's state-owned financial assets and promote high-quality development of the capital market and securities industry.

it is worth noting that guotai junan chairman zhu jian also responded to the merger at the semi-annual performance briefing held on september 10. zhu jian said that the reorganization aims to respond to national strategies and promote the creation of a first-class investment bank, which is in line with the strategic development direction of the two companies, and 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 contribute to further optimizing the layout of shanghai's financial state-owned assets and promoting high-quality development of the securities industry.

regarding the subsequent specific integration plan and business planning, zhu jian said that the specific cooperation plan of this restructuring shall be subject to the transaction documents further signed by both parties, and the restructuring still needs to go through the necessary internal decision-making procedures and must be approved by the competent regulatory authorities before it can be formally implemented. there is still uncertainty as to whether it can be implemented.

guotai junan securities and haitong securities are both shanghai state-owned assets.

according to the official website, guotai junan securities was established in august 1999 through the merger of guotai securities and junan securities, which were founded in 1992, and capital increase and share expansion. its headquarters is located in shanghai and its actual controller is shanghai international group co., ltd. guotai junan securities was listed on the a-share market in 2015 and the h-share market in 2017. it is an a+h listed company.

haitong securities was founded in 1988 by bank of communications and is headquartered in shanghai. its largest shareholder is shanghai guosheng (group) co., ltd. haitong securities has no controlling shareholder and no actual controller. the company was listed on the a-share market in 2007 and the h-share market in 2012, making it an a+h listed company.

according to the data calculated in 2023, the total assets and parent net assets of the new institution after the merger of guotai junan securities and haitong securities will reach 1.68 trillion yuan and 330 billion yuan respectively, both ranking first in the industry.