Guotai Junan (02611) and Haitong must obtain prior approval or consent from the relevant regulatory authorities before discussing a merger.

Guotai Junan(02611) announced that the proposed merger with Haitong will need to be reviewed and approved by both companies' respective board of directors and shareholders' meetings, as well as by regulatory authorities before it can be officially implemented. Approval or consent from the regulatory authorities must be obtained before the proposed merger can be formally announced.