Government News
China’s biggest brokerage merger is sealed as Guotai Haitong debuts on Shanghai bourse 2025-04-13
Guotai Haitong Securities, created through the merger of Chinese brokerages Guotai Junan Securities and Haitong Securities, began trading last Friday on the Shanghai Stock Exchange, marking the official completion of the country’s largest-ever brokerage merger.
Guohai Junan and Haitong, which were two of the country’s 10 largest securities firms, first announced their plan to merge in September last year with the aim of creating a new industry titan. Guotai Junan would take over Shanghai-based Haitong through a share swap and Haitong would be delisted. The whole process only took six months, a record pace for mergers among mainland-listed companies.
The merger creates a stronger company with greater capital strengths, a wider range of services, top-tier expertise and an expanded global network, all of which will help bolster Shanghai’s ambition to become a global financial hub, He Qing, head of the Shanghai State-owned Assets Supervision and Administration Commission, said at the listing ceremony last Friday.
The newly merged Guotai Haitong had total assets of CNY1.7 trillion (USD236.4 billion) and net assets of CNY342.9 billion (USD46.9 billion) as of the end of 2024, making it the biggest player in China’s securities industry, according to Shanghai-based Guotai Junan’s annual report. Last year, the company earned a net profit of CNY9 billion (USD1.2 billion) on revenue of CNY58.6 billion (USD8 billion).
Guotai Haitong operates in 17 countries and regions through 17 major subsidiaries, 44 branch offices and 641 securities outlets, according to its website. It is one of the industry’s leading companies in areas such as IPO underwriting, brokerage services, futures trading and asset management.
Shanghai International Group, a state-owned investment company, is the biggest shareholder in Guotai Haitong with 18.8 percent equity.
Source: Yicai Global
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