Glonghui, September 10 | CCB International released a report stating that the market's “excitement” brought about by the much-anticipated mergers and acquisitions, and brokers' stock prices should respond positively. The market expects to see large increases in stock prices for acquisitions such as Galaxy Securities, CITIC Construction Investment, and smaller brokerage firms. However, the stock prices of brokerage firms such as Orient Securities and Shenwan Hongyuan may be lagging behind due to “being left behind.” According to the Cathay Pacific Junan+Haitong Securities merger arrangement, the bank said that the market is still awaiting further announcement of the share exchange ratio by both parties. Moreover, there is a high degree of overlap in business between the two parties Its post-merger business, asset restructuring plan, and integration of various licensed businesses will take time, and Haitong International's loss situation is still the key. According to the bank, the merger of leading Chinese brokerage firms has begun. The merger of Cathay Pacific Junan+Haitong Securities is the first merger and restructuring of leading brokerage firms since the implementation of the New National Section 9. It is also the largest A+H bilateral market absorption and merger in the history of China's capital market. The revenue after the merger between the two parties was 59.1 billion yuan, closely following CITIC's 60.1 billion yuan, but it will not be the last order of mergers and acquisitions of leading brokerage firms. The market focus quickly shifted to “CICCIC+ Galaxy” and “CITICI+ CITIC Construction Investment.” Once the merger is completed, the competitive landscape of the industry will change.