China International Capital Corp (CICC), Dongxing Securities, and Cinda Securities will all halt their A-share trading from September 15, 2026, following regulatory approval from the China Securities Regulatory Commission (CSRC) for CICC's share-swap merger with the other two firms.

On September 7, CICC announced it had received approval for the registration and merger from the CSRC. The company will issue 3.104 billion new A-shares to complete the absorption of the two brokerages. Following the merger's completion, Dongxing Securities and Cinda Securities will be legally dissolved, with their branches converted into CICC branches.

Oriental Asset Management and Cinda Asset Management will become major shareholders of CICC, holding 8.03% and 16.76% stakes respectively. CICC will also take over 100% of Dongxing Fund and 54% of Cinda Australia Fund, while becoming the controlling shareholder of both Dongxing Futures and Cinda Futures.

CICC's A-shares will be suspended from market open on September 15, 2026, due to arrangements for A-share dissenting shareholders' share purchase rights. Trading will resume after the announcement of the rights application results is published.

Cinda Securities issued a similar notice, confirming receipt of CSRC approval for the merger. Its A-shares will be suspended from September 15, 2026, the first day of the cash option application period for dissenting shareholders, until delisting, with no resumption. September 14, 2026 will be its final trading day.

Dongxing Securities also published an announcement stating its A-shares will be suspended from September 15, 2026, until delisting, with September 14 as the last trading day for shareholders.

The exchange terms have been set with CICC's A-share swap price at RMB 36.68 per share, Dongxing Securities at RMB 16.05 per share, and Cinda Securities at RMB 19.11 per share. Based on these figures, each Dongxing Securities share can be exchanged for 0.4376 CICC shares, and each Cinda Securities share can be exchanged for 0.5210 CICC shares.

The merger represents a pioneering multi-party integration model among major brokerages and is widely viewed as a significant step in optimizing securities resources within the Central Huijin system. It is expected to have a strong demonstration effect on the industry.

CICC's first-half 2026 results have also shown substantial improvement. The company reported operating revenue of RMB 19.302 billion, up 50.47% year-on-year, and net profit attributable to shareholders of RMB 8.199 billion, up 89.35%. Its weighted average return on equity reached 7.60%, an increase of 3.44 percentage points.

CICC attributed the strong performance to its commitment to supporting the real economy and technology development, combined with coordinated growth across its investment banking, stock trading, wealth management, and international business segments amid ongoing capital market reforms.

Industry analysts suggest that securities industry consolidation will continue as a major trend, with concentration among top brokerages expected to increase. Mid-sized firms with clear merger strategies, strong capital positions, and effective subsidiary synergies are well-positioned to emerge stronger in the ongoing industry reshuffle.