China

又一万亿券商！中金拟并购东兴、信达，券业格局如何变？

Beijing News | Local Language | News | Nov. 21, 2025 | UndeterminedMergers & Acquisitions

On November 19, 2025, CICC, Dongxing Securities, and Xinda Securities announced a planned major asset restructuring where CICC will absorb Dongxing Securities and Xinda Securities by issuing A-shares to their shareholders. Trading in all three firms was suspended starting November 20, with the suspension expected to last up to 25 trading days due to the complexity of the process. This move follows earlier equity transfers to Central Huijin, increasing its brokerage influence to eight major firms.

The merger is seen as a strategic initiative aligned with directives from the Central Financial Work Conference, aiming to enhance resource integration, strengthen capital, improve professional capabilities, and bolster risk management. It is expected to create a comprehensive financial services platform that supports national strategy and economic modernization.

Post-merger, CICC’s market capitalization is projected to rise from 134.9 billion yuan to approximately 235 billion yuan, elevating it to the fourth largest brokerage by market cap in China. The combined assets will exceed one trillion yuan, making CICC the fourth brokerage to reach this asset scale. Profitability would also improve, with combined revenue reaching 27.39 billion yuan and net profit of 9.52 billion yuan, moving CICC to third in revenue rankings and sixth in profitability among peers.

CICC’s strengths in investment banking and wealth management, combined with Dongxing’s and Xinda’s extensive branch networks and client bases, will enhance CICC’s ability to offer integrated financial services and expand capabilities in debt restructuring and risk resolution. The combined branch network would position CICC third in the industry by office count.

This merger occurs amid a broader consolidation trend in China’s brokerage industry, driven by regulatory guidance to strengthen financial institutions and build internationally competitive investment banks by 2035. Several other major mergers have taken place or are underway, including the landmark Guotai Junan and Haitong Securities merger. Leading brokerages acknowledge increased competitive pressure and view consolidation as both a challenge and opportunity to revitalize the market landscape.

筑牢法治之基，汇聚法治力量

China Daily | Local Language | News | Nov. 21, 2025 | UndeterminedLegal Exposure

From November 17 to 18, 2025, the Central Conference on Comprehensively Governing the Country According to Law was held in Beijing, where General Secretary Xi Jinping highlighted the achievements in building the rule of law in China since the 18th National Congress of the Party. He emphasized the unity of the Party’s leadership, the people’s role as masters of the country, and the rule of law, calling for a more complete socialist legal system with Chinese characteristics and advancing scientific legislation, strict law enforcement, impartial justice, and law-abiding behavior across all sectors.

Since the first Central Conference in 2020, significant progress has been made under Xi Jinping Thought on Rule of Law, including updating the socialist legal system centered on the Constitution, implementing plans and outlines for law-based government and society, improving the business environment, enhancing law enforcement and judicial work, and punishing illegal acts. These efforts have contributed to important historic accomplishments, providing a strong legal foundation for China’s ongoing development.

The recently published first volume of Selected Works on Xi Jinping’s Rule of Law serves as an authoritative guide for studying and implementing Xi Jinping Thought on Rule of Law. It stresses the importance of upholding this ideology while building a modern socialist rule-of-law country and creating new developments in China’s legal construction.

General Secretary Xi also highlighted the need to better coordinate the rule of law with reform, development, and stability, emphasizing social fairness and justice. An example of this coordination is the first application of the Private Economy Promotion Law by the Supreme People’s Court in May 2025, which upheld private enterprise rights through legal compensation, reinforcing the role of the rule of law in creating a favorable business environment.

Xi Jinping further linked the rule of law to high-quality development, citing environmental protection successes such as the Yangtze River Protection Law and economic initiatives like the Hainan Free Trade Port Law. These laws support sustainable development and open market initiatives, demonstrating the integration of legal governance with economic progress.

The Fourth Plenary Session of the 20th Central Committee included elevating the construction of a socialist rule-of-law country as a key goal for the 15th Five-Year Plan, focusing on building a law-based and credit-based economy and creating an internationalized business environment. Future efforts will prioritize rule-of-law approaches to manage development and risks, build market economy institutions, and sustain high-quality economic and social growth.

Under the leadership of the Party Central Committee and guided by Xi Jinping Thought on Rule of Law, China aims to continue strengthening the rule of law foundation and mobilizing legal governance to advance socialist modernization in a stable and far-reaching manner.

Xinhua | English | News | Nov. 21, 2025 | Shifting Geopolitical Alliances

Chinese Foreign Minister Wang Yi and Kyrgyz Foreign Minister Jeenbek Kulubaev held their first strategic dialogue in Bishkek on November 19, 2025. Wang highlighted that the dialogue mechanism reflects the consensus between their heads of state and aims to strengthen strategic trust, coordination, and cooperation between China and Kyrgyzstan. He emphasized building a China-Kyrgyzstan community with shared interests of good-neighborliness, friendship, and common prosperity. Wang also expressed China's support for Kyrgyzstan's rotating chairmanship of the Shanghai Cooperation Organization and its readiness to deepen collaboration on international affairs.

Kulubaev reaffirmed Kyrgyzstan’s adherence to the one-China principle and its commitment to advancing Belt and Road cooperation. He outlined plans to enhance cooperation in trade, investment, agriculture, mining, connectivity, and the accelerated construction of the China-Kyrgyzstan-Uzbekistan railway. Kulubaev also emphasized strengthening people-to-people and cultural exchanges, coordinating within the UN on global initiatives proposed by China, and promoting development within the China-Central Asia mechanism.

Following the dialogue, the two countries signed a joint statement on the outcomes and a cooperation program for 2026-2027 between their foreign ministries.