CSRC Approves CICC Merger With Dongxing Securities and Cinda Securities

China's securities regulator on September 11 approved CICC's application to absorb and merge Dongxing Securities and Cinda Securities by issuing 3,104,121,159 new shares, according to Jiemian News. After the merger is completed, Dongxing Securities and Cinda Securities will be dissolved in accordance with the law, and their branches will become CICC branches. The regulator also raised no objection to Orient Asset Management becoming a major shareholder of CICC through its lawful acquisition of 636,533,171 CICC shares, or 8.03% of the post-issuance total, and to Cinda Asset Management becoming a major shareholder through its lawful acquisition of 1,329,279,400 shares, or 16.76% of the post-issuance total. In addition, CICC was approved to become the major shareholder of Dongxing Fund and Cinda Australia Fund, and to take 100% control of Dongxing Futures and Cinda Futures.