Cinda Securities Co. Ltd. A

CICC announced on the evening of September 22 that, following publication of the results of the A-share dissenting shareholder purchase right applications for the major asset restructuring by share swap absorption merger, and upon application to the Shanghai Stock Exchange, the company's A-shares will resume trading from market open on September 23, 2026. The record date for the purchase right was September 14, 2026, and the application period ran from September 15 to September 17, 2026. During the application period, a total of 1,950 securities accounts submitted applications, covering 10.93 million shares. After excluding invalid applications, 1,084 A-share dissenting shareholder securities accounts submitted valid applications, covering 7.32 million shares. Earlier, on September 7, the China Securities Regulatory Commission approved CICC's share swap absorption merger with Dongxing Securities and Cinda Securities, approved China Orient Asset Management becoming a major shareholder of CICC with 637 million shares, representing 8.03 percent of the post-issuance total share capital, and approved China Cinda Asset Management becoming a major shareholder with 1.329 billion shares, representing 16.76 percent of the post-issuance total share capital. The commission also required CICC to formulate and submit a detailed integration plan within one year. In this transaction, the A-share swap price for CICC is 36.68 yuan per share, for Dongxing Securities 16.05 yuan per share, and for Cinda Securities 19.11 yuan per share. The swap ratio of Dongxing Securities to CICC is 1 to 0.4376, and the swap ratio of Cinda Securities to CICC is 1 to 0.5210. After completion of the absorption merger, Dongxing Securities and Cinda Securities will be dissolved in accordance with the law, and their former branches will be converted into CICC branches. After the merger, CICC's total assets will exceed 1 trillion yuan, net profit attributable to shareholders of the parent company will exceed 10 billion yuan, and revenue will rise to third place in the industry. In the first half of this year, CICC achieved operating revenue of 19.302 billion yuan, up 50.47 percent year on year, and net profit of 8.199 billion yuan, up 89.35 percent year on year. As of June 30, 2026, total assets reached 997.15 billion yuan.

Cinda Securities recently received approval from the China Securities Regulatory Commission to publicly issue corporate bonds to professional investors with a total face value of no more than 5.2 billion yuan. The approval was announced on September 8, marking regulatory clearance for the company's financing plan. The bond issuance will be used to supplement the company's capital or operating funds, with specific uses yet to be disclosed.

CICC announced on August 27 that its share-swap merger with Dongxing Securities and Cinda Securities has been approved by the M&A and Restructuring Review Committee of the Shanghai Stock Exchange. CICC noted that the transaction still requires approval from the China Securities Regulatory Commission and other competent authorities before implementation, and there remains uncertainty over its eventual completion.

Today, multiple listed companies released their 2026 half-year reports. Fenghua Advanced Technology announced first-half revenue of 3.5 billion yuan, up 26.28% year-on-year, with net profit attributable to shareholders of 290 million yuan, up 74.01% year-on-year. Second-quarter net profit was 202 million yuan, up 127% quarter-on-quarter. SMIC reported first-half net profit of 4.467 billion yuan, up 94.2% year-on-year, mainly due to increased wafer sales, higher average selling prices, and changes in product mix. Tianqi Lithium reported first-half net profit of 4.242 billion yuan, up 4,925.46% year-on-year. Shannon Semiconductor reported first-half net profit of 3.642 billion yuan, up 2,207.2% year-on-year. In addition, CICC's share swap merger with Dongxing Securities and Cinda Securities was approved by the Shanghai Stock Exchange, and WuXi AppTec's sale of WuXi XDC equity assets is expected to affect 2026 pre-tax profit by approximately 3.143 billion yuan.

The share-swap merger of CICC with Dongxing Securities and Cinda Securities will be reviewed by the Shanghai Stock Exchange's M&A and Restructuring Review Committee on August 27. CICC announced on August 20 that it plans to issue A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities in exchange for absorbing and merging the two firms. The Shanghai Stock Exchange's M&A and Restructuring Review Committee is scheduled to hold a review meeting on August 27 to examine the transaction.

Cinda Securities released its 2026 interim report, with total operating revenue of 2.435 billion yuan, up 19.53% year-on-year, and net profit attributable to the parent company of 1.097 billion yuan, up 7.15% year-on-year, both achieving growth for two consecutive years. Net cash inflow from operating activities was 639 million yuan, and the asset-liability ratio was 75.73%, down 3.38 percentage points from the same period last year. The company's latest ROE was 3.85%, diluted earnings per share was 0.30 yuan, and total asset turnover was 0.02 times, up 9.55% year-on-year. The number of shareholders was 56,800, and the top ten shareholders held 2.731 billion shares, accounting for 84.22% of the total share capital.

Cinda Securities disclosed its 2026 semi-annual report, with net profit attributable to the parent in the first half reaching 1.097 billion yuan, a year-on-year increase of 7.15%. Total operating revenue for the same period was 2.435 billion yuan, up 19.53% year-on-year. Deducted non-recurring net profit was 1.091 billion yuan, up 6.97% year-on-year. Basic earnings per share stood at 0.3 yuan, with a weighted average return on equity of 4.62%. Net cash flow from operating activities was 639 million yuan, down 45.18% year-on-year.

The A-share market, amid volatile adjustments, is seeing a concentrated wave of dividend distributions. On July 28 alone, 20 listed companies carried out ex-rights and dividend payments, distributing a total of approximately 10.7 billion yuan in cash. Among them, China Railway Construction paid out 4.074 billion yuan, Huayu Automotive Systems paid 3.153 billion yuan, and Huaneng Mengdian paid 1.724 billion yuan. Several brokerages, including Guolian Minsheng, Dongxing Securities, and Cinda Securities, also distributed dividends exceeding 100 million yuan each. Meanwhile, within the month, nine companies have disclosed their 2026 interim dividend plans, with total proposed payouts exceeding 25 billion yuan. Zijin Mining leads with a proposed payout of 11.136 billion yuan, while Hikvision and CATL plan to distribute 5.041 billion yuan and 6.493 billion yuan respectively. Most companies reported strong first-half earnings, with some posting significant net profit growth, providing support for the dividends. Additionally, Shanghai Airport's controlling shareholder has proposed raising the interim cash dividend payout ratio to around 55 percent, and Changchuan Technology is expected to carry out its first interim dividend since listing.

The China Securities Regulatory Commission has officially issued the 2026 securities company classification evaluation results. Among the 106 participating entities, 53 were rated Category A, 42 Category B, and 11 Category C, with 14 brokerages achieving the AA rating. This year's evaluation marks the second comprehensive assessment under the capital market's '1+N' policy framework. The proportions of Category A, B, and C companies stand at 50%, 40%, and 10% respectively, with the distribution across tiers remaining stable. The evaluation system covers four major areas: risk management capability, ongoing compliance status, business development, and special initiatives. The special indicators focus on functional performance, professional competence, compliance bottom lines, and industry ecosystem. Notably, industry mergers and acquisitions have been included for the first time as a special bonus item, guiding brokerages to become better and stronger through market-oriented means. This echoes the current wave of industry consolidation, such as CICC's share swap merger with Dongxing Securities and Cinda Securities, and the release of integration effects from Guotai Haitong. On the compliance front, full coverage and strict supervision have been further strengthened, with stricter point deductions for employee misconduct. At the same time, indicators such as cultural development and prudent compensation continue to be emphasized, promoting high-quality development in the industry.

Dongxing Securities announced that the company, together with CICC and Cinda Securities, plans for CICC to absorb and merge Dongxing Securities and Cinda Securities through a share swap. Recently, the China Securities Regulatory Commission has accepted the administrative license application related to this transaction in accordance with the law. This transaction still needs to be reviewed and approved by the Shanghai Stock Exchange and approved by the CSRC, and there is uncertainty as to whether it can be implemented.

On the evening of July 14, multiple listed companies on the Shanghai and Shenzhen exchanges issued significant positive announcements. CICC’s application to absorb and merge Dongxing Securities and Cinda Securities has been accepted by the China Securities Regulatory Commission, though the transaction still requires review by the Shanghai Stock Exchange and approval from other regulatory bodies. Several companies disclosed first-half earnings forecasts, with Tianqi Lithium expecting a net profit attributable to shareholders of 2.85 billion to 4.25 billion yuan, a year-on-year increase of 3,276.35% to 4,934.91%; Litong Electronics forecasting a net profit of 650 million to 750 million yuan, up 1,172.53% to 1,368.31%; Yangtze Optical Fibre and Cable projecting a net profit of approximately 2.4 billion to 3 billion yuan, up 711% to 914%; and China Life Insurance anticipating a net profit of about 128.933 billion to 137.119 billion yuan, up 215% to 235%. In addition, Sieyuan Information plans to purchase high-performance computing servers for no more than 5.079 billion yuan, Runjian Co. intends to buy back shares worth 150 million to 300 million yuan, Sunway Communication plans to acquire a 55% stake in Yiyang Electronic Technology for up to 1.1 billion yuan to strengthen its high-end MLCC layout, and Andawell’s wholly-owned subsidiary has signed a memorandum of cooperation with Airbus to initiate the qualification certification process for galley insert products.