Clifford Chance advises Haitong Securities on landmark merger with Guotai Junan Securities

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19 March 2025

Virginia Lee, Jean Thio, Lorna Lyu, Eunice Leung, Winnie Poon, Priscilla Au-Yeung, Rocky Mui, Andre Da Roza, Diana Siu, Yong Bai, Dayu Man, Angela Chan, Maggie Lo, Torrance Shi, Kenneth Ip, Lena Ng, Michael Wang, Alex Bidlake, Tommy Tam
Beijing, Barcelona, Hong Kong, London, Madrid, São Paulo, Shanghai, Singapore, Sydney, Warsaw, Washington D.C.

Clifford Chance advises Haitong Securities on landmark merger with Guotai Junan Securities

Global law firm Clifford Chance has advised Haitong Securities on its merger with Guotai Junan Securities by way of a merger by absorption and share exchange. The merger is the largest A+H share merger ever completed, and the largest merger of securities firms in the Asia Pacific region. It is expected that after the merger, the Post-Merger Company, with a combined assets of RMB1,614 billion (over US$220 billion), will take the lead in terms of capital strength, customer base, domestic and overseas network layout, comprehensive business capabilities, and international competitiveness in the world.

Partner Virginia Lee said, "We are incredibly proud of our cross-practice teams who acted as the lead legal advisers on complex transaction structuring and cross-border regulatory analysis. We executed all aspects of the transaction and delivered specialised M&A, regulatory & compliance, and financing advice, helping to ensure a successful and smooth merger process."

Partner Jean Thio added, "This transaction showcases Clifford Chance's market-leading capabilities on high-value complex M&As. This landmark transaction will see the formation of an industry powerhouse that will accelerate the development of China's financial services sector."
The Clifford Chance team was led from Hong Kong and Shanghai, consisting of a cross-practice team of M&A, regulatory, compliance, antitrust and finance lawyers. The team includes:

M&A and Compliance: Partners Virginia Lee and Jean Thio, counsel Lorna Lyu, senior associates Eunice Leung, Xuemei Wang and Winnie Poon, and associate Priscilla Au-Yeung;
Regulatory: Partner Rocky Mui, counsel Andre Da Roza, senior associate Jane Chen, associates Yvonne Cheng and Diana Siu;
Antitrust and FDI: Partner Yong Bai, counsel Dayu Man and associate Ziwen Wang; and
Debts and Bonds: Partners Angela Chan and Maggie Lo, counsel Torrance Shi, senior associate Kenneth Ip, associates Meng Mao and Harry Zhang, and legal assistant Lei Zhong.

Partners Lena Ng (regulatory), Michael Wang (disputes), Alex Bidlake and Tommy Tam (M&A) provided additional specialised advice on the transaction. A wider team of partners, associates and trainees in Barcelona, Beijing, Hong Kong, London, Madrid, São Paulo, Shanghai, Singapore, Sydney, Warsaw and Washington, DC offices also assisted on different aspects of the transaction.

Clifford Chance regularly advises on transformative and complex M&A transactions for Hong Kong-listed companies, including the HK$35.5 billion buyout of NWS by Chow Tai Fook Enterprises, the sale of Essity's majority stake in Vinda, and the privatisation of L'Occitane International.

高伟绅助力海通证券完成与国泰君安的里程碑式合并交易

国际领先律师事务所高伟绅就海通证券股份有限公司（“海通证券”）与国泰君安证券股份有限公司（“国泰君安”）的换股吸收合并提供法律服务。此次合并是迄今为止规模最大的A+H股上市公司合并交易，亦是亚太地区证券行业规模最大的整合案例。合并完成后新公司的总资产达1.614万亿元人民币（逾2,200亿美元），在资本实力、客户规模、境内外网络布局、综合业务能力及国际竞争力等核心维度上居于全球行业领先地位。

合伙人李婉雯律师表示："我们为高伟绅跨业务领域团队深感自豪——团队担任牵头法律顾问，完成了复杂的交易架构设计及跨境监管分析，全面统筹交易执行，并提供上市公司并购、监管合规及融资安排等专项法律服务，为合并进程的顺利推进提供了坚实保障。"

合伙人张珮真律师表示："本次交易充分彰显了高伟绅在高价值复杂并购领域的市场领先实力。这一里程碑式交易将打造一家行业头部企业，加速中国金融服务业发展。"
高伟绅团队由香港及上海办公室牵头组建，成员涵盖并购、监管、合规、反垄断及融资等领域的专业律师。项目主要团队成员包括：