FINANCE

CICC Wins Approval to Absorb Two Peers in Beijing’s Push for Bigger Brokerages

Published: Sep. 9, 2026 3:26 a.m. GMT+8

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The China Securities Regulatory Commission authorized CICC to issue roughly 3.1 billion new shares to absorb Dongxing Securities Co. Ltd. and Cinda Securities Co. Ltd. Photo: VCG

China's securities regulator has approved China International Capital Corp.’s (CICC) acquisition of two smaller state-owned brokerages, creating an industry giant with more than 1.25 trillion yuan ($186 billion) in total assets.

The three-way merger marks a crucial step in Beijing’s state-backed campaign to consolidate a fragmented financial sector and forge globally competitive investment banks.

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China's securities regulator approved CICC's acquisition of Dongxing Securities and Cinda Securities, forming a brokerage with over ¥1.25 trillion ($186 billion) in assets.
CICC will issue ~3.1 billion new shares; Dongxing and Cinda will be dissolved and delisted, with trading suspended from Sept. 15.
CICC's net capital will more than double to ¥102.6 billion, raising its ranking from 12th to fifth; Central Huijin will control four brokerages post-deal.

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Who’s Who

China International Capital Corp. (CICC): China International Capital Corp. (CICC) received regulatory approval to absorb Dongxing Securities and Cinda Securities, forming a brokerage with over 1.25 trillion yuan in assets. This tripartite merger boosts CICC's net capital to 102.6 billion yuan, making it China's sixth-largest brokerage. Central Huijin now controls four brokerages, with potential future consolidation expected.

Dongxing Securities Co. Ltd.: Dongxing Securities Co. Ltd. is a smaller state-owned brokerage being absorbed by CICC via a share issuance. It will be dissolved, its branches rebranded, and its shares permanently delisted. Former parent China Cinda Asset Management will hold an 8% stake in CICC post-merger.

Cinda Securities Co. Ltd.: Cinda Securities Co. Ltd. is a smaller state-owned brokerage that was acquired by China International Capital Corp. (CICC) in a three-way merger approved by the CSRC. It will be dissolved and delisted from the Shanghai exchange, with its branches rebranded under CICC. Its former parent, China Cinda Asset Management, will hold an 8% stake in CICC.

Central Huijin Investment Ltd.: Central Huijin Investment Ltd. is a sovereign wealth fund unit under China Investment Corp. It recently gained control of state asset managers backing Dongxing and Cinda securities. After the CICC merger, Huijin will control four brokerages, including CICC, China Galaxy, Shenwan Hongyuan, and Great Wall Guorui. It is expected to further consolidate the sector into a major "aircraft carrier" brokerage.

China Investment Corp.: China Investment Corp. (CIC) is China's sovereign wealth fund. Its unit, Central Huijin Investment Ltd., oversees state-owned financial assets. Following CICC's acquisition of Dongxing and Cinda brokerages, Central Huijin now controls four brokerages, including CICC, China Galaxy, Shenwan Hongyuan, and Great Wall Guorui, advancing Beijing's push to consolidate the financial sector.

China Cinda Asset Management Co.: China Cinda Asset Management Co. is the former parent of Cinda Securities. Following the CICC merger approved by the CSRC, it will become a major CICC shareholder with an 8% stake. Its control was transferred to Central Huijin in mid-2025 as part of China's financial consolidation drive.

China Great Wall Asset Management Co.: China Great Wall Asset Management Co., a former parent of acquired brokerages, will become a major CICC shareholder with a 16.8% stake after the merger, as part of China's financial consolidation.

Citic Securities Co. Ltd.: Citic Securities Co. Ltd. is mentioned as China's largest brokerage by assets, surpassing the newly consolidated CICC. The article positions it as an industry leader, ahead of CICC and Guotai Haitong Securities, in the context of Beijing's campaign to create globally competitive investment banks. No additional details are provided.

Guotai Haitong Securities Co. Ltd.: Guotai Haitong Securities Co. Ltd. is noted in the article as a leading Chinese brokerage firm. It is listed among the industry's top players, specifically cited as one of the leaders (alongside Citic Securities) that the newly expanded CICC remains well behind in terms of asset size, despite CICC's rise to sixth-largest.

China Galaxy Securities Co. Ltd.: China Galaxy Securities Co. Ltd. is a Shanghai-listed brokerage under Central Huijin's control. It is widely expected to potentially merge with CICC as part of China's consolidation drive to create industry giants. The article notes that such a merger remains a topic of debate due to its complexity.

Shenwan Hongyuan Group Co. Ltd.: Based on the article, Shenwan Hongyuan Group Co. Ltd. is a Shenzhen-listed brokerage. After the CICC merger, Central Huijin will control it, along with CICC, China Galaxy, and Great Wall Guorui Securities. It is part of the state-backed consolidation campaign in China's financial sector.

Great Wall Guorui Securities Co. Ltd.: Great Wall Guorui Securities Co. Ltd. is one of four brokerages controlled by Central Huijin Investment Ltd. following the CICC acquisition of Dongxing and Cinda. It is listed on the Shenzhen Stock Exchange. Industry observers expect Central Huijin to pursue further consolidation, potentially including a future merger with other controlled firms like CICC or China Galaxy.

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