HK Stock Market Move | CINDA INTL HLDG(00111) opened more than 5% higher. CICC will become an indirect controlling shareholder of CINDA INTL HLDG.

Cinda Intl Holdings (00111) opened more than 5% higher, as of the time of writing, it has risen by 5% to HK$0.63, with a turnover of HK$287,300. On the news front, on December 17, CICC announced the merger of Dongxing and Cinda. CHINA CINDA stated in an announcement that the proposed merger is expected to bring about a one-time after-tax benefit of approximately RMB 20 billion to the company. Currently, CHINA CINDA holds 2.551 billion shares of Cinda A shares, accounting for 78.67% of its share capital. After the completion of the merger, the company will no longer hold any Cinda A shares and will receive 1.323 billion shares of CICC A shares, representing approximately 16.71% of its share capital. It is noteworthy that CICC will become an indirect controlling shareholder of CINDA INTL HLDG. The Executive Director of the Corporate Finance Division of the Hong Kong Securities and Futures Commission has confirmed that this merger will not trigger a mandatory general offer obligation by CICC for CINDA INTL HLDG shares. CINDA INTL HLDG will continue to monitor the progress of the merger and will timely release further announcements according to listing rules and applicable regulations.