摩根大通发表研报指，国泰君安宣布以换股方式，吸收合并海通证券，虽然预期国泰君安的股本回报率及每股盈利或无可避免会被摊薄，但交易成功完成，将会是继2014年申银万国证券和宏源证券合并后又一行业重大并购，有助于短期内提振行业情绪，相信在可见的将来会有更多类似的交易。Futu News reported on September 10th, $GUOTAI JUNAN I (01788.HK)$ resumed trading today, opened over 8% higher and is now up 6.56%, currently trading at HKD 0.650.
On the news front, Guotai Junan International announced that the board of directors has been informed that the controlling shareholder $Guotai Junan (601211.SH)$ Securities published a suspension announcement on September 5th, indicating that Guotai Junan Securities and $Haitong (600837.SH)$ have signed a legally binding cooperation agreement to implement a proposed merger through absorption and share swap. Based on inquiries made to Guotai Junan and the company's understanding, there is currently no information or other matters related to the proposed transaction that constitutes insider information of the company.
Tianfeng Securities stated that through this merger and restructuring, one can understand the determination to develop a high-quality capital market: this merger and restructuring has positive demonstrative significance and clear guidance, opening up space for the subsequent creation of more high-quality leading institutions. At the same time, it is also important to understand the determination to create a high-quality capital market, to serve the goal of 'helping to better meet the growing wealth management needs of the people'.
JPMorgan issued a research report stating that Guotai Junan announced an absorption and merger of Haitong Securities by way of share swap. Although it is expected that Guotai Junan's return on equity and earnings per share will inevitably be diluted, if the transaction is successfully completed, it will be another major industry M&A following the merger of Shenwan Hongyuan Securities and Hongyuan Securities in 2014, which will help boost industry sentiment in the short term. It is believed that there will be more similar transactions in the visible future.
Currently, JPMorgan's forecast, excluding income and cost synergies, shows that Guotai Junan's 2023 audited financial report's return on equity and earnings per share will be diluted by 2.1 percentage points and 41% respectively. It is expected that based on the audited benchmark calculation, after the merger of Guotai Junan and Haitong Securities, it will become the largest brokerage in terms of asset size in China, ranking first in stock brokerage and capital intermediary business, and ranking in the top three in all major business areas except for stock underwriting.
Editor/Rocky
