3月17日，上海两家头部券商——国泰君安通过换股方式吸收合并海通证券并募集配套资金的交易正式交割，新股正式于上交所和香港联交所上市流通。

合并后公司拟更名为国泰海通证券股份有限公司，此次配套募集资金总额约人民币100亿元。

海问律师事务所、达维律师事务所分别作为国泰君安境内及境外法律顾问参与交易；国浩律师事务所则为海通证券提供境内法律服务。

合并前，两家公司都是A+H股上市企业。根据多家律所的新闻稿，该交易创下了诸多纪录：中国资本市场史上规模最大的A+H双边市场吸收合并；上市证券公司间最大并购案例；新“国九条”实施以来头部券商合并重组的首单等。

合并后，中国国内资本规模最大的券商诞生，将强强联合，抓住时机，立足上海、辐射全球，加速打造国际一流投资银行。且根据财新说法，“在多项行业数据上改变由中信证券独占鳌头的局面”。

国泰君安前身是成立于1992年的国泰证券，1999年与君安证券合并；海通证券成立于1988年，曾是交通银行上海分行证券业务子公司。

双方在2024年9月宣布启动合并，仅耗时半年便完成交割，具有标杆意义。

海问团队本项目的主要负责合伙人为牟坚律师和郑燕律师，项目组主要成员还包括合伙人高巍律师、孙奕律师、肖骏妍律师，并由合伙人林熙翔律师主导反垄断工作。

国浩团队本项目由国浩上海合伙人刘维、林琳牵头，合伙人宋萍萍、承婧艽主办。

达维团队核心团队成员包括亚洲（日本除外）联席主管、全球合伙人苏雯华、何鲤，全球合伙人林振宇、许嘉。

Davis Polk, Haiwen, Grandall on historic merger in China’s capital market 

On March 17, a landmark transaction in China’s capital markets was officially completed as Guotai Junan, one of Shanghai’s leading brokerage firms, acquired Haitong Securities through a share swap and raised additional supporting funds. The newly issued shares began trading on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange. 

Following the merger, the company is set to be renamed Guotai Haitong Securities, with total supporting funds raised amounting to approximately $ 1.38 billion.

Davis Polk & Wardwell and Haiwen & Partners served as legal advisors to Guotai Junan, providing international and domestic legal counsel, respectively. Grandall Law Firm acted as domestic counsel to Haitong Securities.

Before the merger, both Guotai Junan and Haitong Securities were dual-listed in Shanghai and Hong Kong. This deal set several records:

• The largest A+H cross-market merger in China’s capital markets history,
• The biggest M&A transaction between listed securities firms,
• The first major brokerage merger following the implementation of the new “Nine Guidelines” in China.

The newly merged entity will become the largest brokerage firm by capital size in China, leveraging its strengths to expand globally, with Shanghai as its base. The firm aims to accelerate its transformation into a world-class investment bank. Additionally, according to Caixin, the merger reshapes the industry landscape, challenging CITIC Securities’ longstanding dominance in several key market metrics.

Guotai Junan traces its roots back to Guotai Securities, founded in 1992, which merged with Junan Securities in 1999. Haitong Securities was established in 1988 as a securities subsidiary of Bank of Communications’ Shanghai branch.

The merger was first announced in September 2024 and was successfully completed within just six months, marking a milestone in China’s financial sector.

Davis Polk’s core team included Asia (ex-Japan) co-head and global partner Miranda So, alongside partners Li He, James C. Lin, and Jason Xu.

Haiwen's team was led by partners Mu Jian and Zheng Yan, with key contributions from partners Gao Wei, Yi Sun, Xiao Junyan, and Lin Xixiang, who spearheaded antitrust matters.

The Grandall team was led by partners Liu Wei, Lin Lin, with assistance from partners Song Pingping, Cheng Jingjiao.