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CICC Opens 7% Higher After Resuming Trading on Plans for Merger by Shr-for-shr Exchange of DONGXING SECURITIES/ CINDA SECURITIES
Recommend 14 Positive 25 Negative 11 |
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Trading in CICC (03908.HK)'s shares resumed this morning (18th). The stock opened 7.1% higher at $20.3 against the market trend. Pre-market trading volume was 4.43 million shares, involving $89.929 million. Yesterday (17th), CICC announced after market close its plan to merge DONGXING SECURITIES (601198.SH) and CINDA SECURITIES (601059.SH) by way of merger by absorption and a share-for-share exchange. CICC intended to issue nearly 3.1 billion A-shares, with every DONGXING SECURITIES A share exchangeable for 0.4373 CICC A shares, and every CINDA SECURITIES A share exchangeable for 0.5188 CICC A shares. After the completion of the share exchanges, the aggregate number of CICC shares will rise to approx. 7.92 billion, with A/ H shares representing approx. 76%/ 24% of its total issued share capital. AASTOCKS Financial News Website: www.aastocks.com |
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