On June 12, CICC (03908.HK) rose 3.08% in regular trading, reaching HKD 19.05 per share, with turnover of approximately HKD 62.15 million.

The gain follows a key milestone in CICC's landmark three-way merger. On June 8, shareholder meetings at CICC, Dongxing Securities, and Cinda Securities all approved proposals for CICC to absorb the other two firms via share swaps. CICC's overall approval rate exceeded 89%, Dongxing surpassed 93%, and Cinda reached nearly 95%. Post-merger, CICC's revenue is projected to rise from RMB 28.5 billion to RMB 37.2 billion, with industry ranking climbing from fifth to third. Total branch offices would increase from 247 to 441, and net capital ranking would jump to fourth place.

Notable minority shareholder opposition emerged — with Cinda's sub-5% shareholders nearly split 50-50 — largely driven by cash election rights arbitrage rather than fundamental objections to the merger. The transaction still requires regulatory approval before formal implementation. A 45-day creditor notification period has commenced.

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