Clifford Chance advises CICC on landmark three-way merger with Dongxing Securities and Cinda Securities

Global law firm Clifford Chance has advised China International Capital Corporation Limited (CICC) on its three-way merger with Dongxing Securities Co., Ltd. (Dongxing) and Cinda Securities Co., Ltd. (Cinda) through mergers by absorption and share exchange.

The combined group is expected to have assets of more than RMB1 trillion, creating one of China’s largest securities firms. The transaction was completed on 26 October 2026.

Lead partner Tommy Tam said, “Bringing together three leading securities institutions, the merger is one of the most significant transactions in China’s securities sector in recent years. Successfully executing a transaction of this scale required seamless collaboration across multiple disciplines and jurisdictions. We are extremely proud to have worked alongside CICC’s team on this landmark merger.”

Reflecting the complexity and multi-jurisdictional scope of the merger, the Clifford Chance team brought together specialists from across 15 offices, including Hong Kong, Beijing, Shanghai, Singapore, Tokyo, Sydney, Perth, Dubai, Abu Dhabi, London, Luxembourg, Frankfurt, Munich, Düsseldorf and Washington, DC. The team included:

• M&A: Partners Tommy Tam and Alex Bidlake, counsel Chloe Choy, senior associate Anson Wong, associates Jonathan Chan, Minnie Xu and Natalie Tse and trainee solicitor Kristy Lam;
• Hong Kong Listing Rules Compliance: Counsel Jing Jing, associate Xinyi Hu and trainee solicitor Carson Lin*;
• Financial Regulation: Partners Rocky Mui and Kimi Liu*, counsel Andre Da Roza, senior associates Shuai Gao and Wynne Chan, associate Michael Chan and trainee solicitor Donald Tsang;
• Derivatives: Partner Terry Yang and associate Alice Tsui;
• Capital Markets: Partner Angela Chan and senior associate Kenneth Ip;
• Financing: Partner Maggie Lo and senior associate Wen Xiao;
• Antitrust and FDI: Partner Yong Bai, counsel Dayu Man and associate Ziwen Wang;
• Regulatory Compliance: Partner Michael Wang and counsel Helen Liang.

Partners Lena Ng, Jack Hardman, Mark Currell, David Clee, Hajime Saito, Paul Ellison, Simon Crown, Marc Benzler, Steven Gatti, Dimitri Slobodenjuk and Renée Latour and their respective teams provided additional specialised advice on the transaction.

Clifford Chance has advised on a number of the most significant transactions in China’s financial services sector, including Haitong Securities on its merger with Guotai Junan Securities and PICC and China Re on share issuances under China’s financial sector recapitalisation programme.

* From Shanghai He Ping Law Firm. Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.