Gelonghui, September 6 | Brokerage stocks collectively opened higher. Guohai Securities rose 6%, Pacific rose more than 5%, CICC, China Galaxy, and Tianfeng Securities rose more than 4%, and Huaxin Shares, Capital Securities, and Fangzheng Securities rose more than 3%. According to the news, Guotai Junan Securities and Haitong Securities both issued suspension notices last night to plan major asset restructuring. According to the announcement, Cathay Pacific Junan and Haitong Securities are planning to absorb and merge Haitong Securities and issue A shares to raise supporting capital 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 to suspend stock trading. The merger of Guotai Junan Securities and Haitong Securities is the first merger and restructuring of leading brokerage firms since the implementation of the new “National Nine Rules”. It is also the largest A+H bilateral market absorption and merger in the history of China's capital market and the largest integration case of listed securities firm A+H. It involves multiple business licenses and multiple domestic and foreign listed subsidiaries, and is a major and unprecedented innovation. After the merger, the new company will become the largest domestic brokerage firm with assets surpassing CITIC Securities. Total assets and net assets will reach 1.68 trillion yuan and 348.178 billion yuan, respectively. As of the end of 2023, CITIC Securities had total assets of 1.45 trillion yuan and net assets of 274.199 billion yuan.