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<Research>M Stanley Foretells CICC's Merger with CINDA SECURITIES & DONGXING SECURITIES to Progress Rapidly
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CICC (03908.HK) plans to use stock exchanges to merge CINDA SECURITIES (601059.SH) and DONGXING SECURITIES (601198.SH), both under Central Huijin. According to Morgan Stanley's research report, although details such as the share swap ratio are not yet clear, it is expected that the transaction will progress rapidly because of the common controlling shareholder among the parties. The report also highlighted that the merger of the two smaller brokers will complement CICC's wealth management business. Since there is limited business overlap, integration costs are also estimated to be manageable. Morgan Stanley kept an Overweight rating on CICC with a target price of HKD28.9. AAStocks Financial News |
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