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CICC Soars ~16% After Midday on Rumored Merger with CGS
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CICC (03908.HK) will soon merge with CGS (06881.HK), making it China's third-largest broker with US$193 billion in assets upon completion of the deal, Reuters quoted sources as saying. CICC ascended after midday, and last spiked 15.71% to $15.76, with 120 million shares traded, involving $1.784 billion. CGS last printed at $8.79, rocketing 17.51%, with 214 million shares traded, involving $1.798 billion. The A shares of the above two companies stopped hiking at the tail market. It was reported that the merger deal between CICC and CGS received support from the Chinese authorities in recent weeks, and is expected to be announced in the coming weeks. The merger is planned to take place through a share swap as the largest shareholder and parent company of both companies are China Investment Corporation (CIC). AAStocks Financial News |
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