CICC Chairman Chen Liang has witnessed two signing ceremonies over the past two months, reflecting the firm's accelerating push into new business territory. In June, China Investment Guaranty and CICC inked a business collaboration agreement, followed by an August strategic partnership deal between China Reform Holdings and CICC. These alliances underscore the company's determination to fast-track its expansion, with plans to deepen synergies in client development and innovative product creation with China Investment Guaranty, while working with China Reform Holdings across equity investment, post-investment empowerment, non-performing asset disposal, industry research, and international operations.
As a leading brokerage, CICC holds ambitious goals, currently aiming to secure a spot among the "2 to 3 investment banks and investment institutions with international competitiveness and market leadership." However, based on its first-half 2026 performance, breaking into the industry's top three remains a formidable challenge—a reality the firm fully acknowledges. In response, it is vigorously pursuing merger and acquisition strategies to bolster its position.
During the first half of 2026, CICC advanced its share-swap absorption merger plans involving Dongxing Securities and Cinda Securities, achieving critical milestones in the process. In July, the China Securities Regulatory Commission accepted the administrative filing for the transaction, covering the consolidation of these entities and changes to CICC's major shareholders. By August 27, the Shanghai Stock Exchange's M&A Review Committee confirmed that the deal meets restructuring conditions and disclosure requirements. Still, the merger awaits final approval, authorization, or registration from the CSRC and potentially other regulatory bodies before it can be officially implemented.
Should the restructuring succeed, CICC's scale would jump to a new level. As of June 30, 2026, the company's total assets stood at 997.149 billion yuan, up 27.38% from the end of 2025. Adding the assets of Dongxing Securities and Cinda Securities brings the combined figure to 1.25 trillion yuan, ranking fourth in the industry. On the profitability front, CICC reported revenue of 19.302 billion yuan for the first half of 2026, a year-on-year increase of 50.47%, while net profit attributable to parent shareholders climbed 89.35% to 8.199 billion yuan. If the semi-annual results of Dongxing and Cinda are factored in, combined revenue would exceed 24 billion yuan, securing a fourth-place industry ranking, with consolidated net profit surpassing 10 billion yuan, placing it among the top six.
Even with the completion of this "three-in-one" mega-merger, cracking the top three appears daunting. Nevertheless, CICC boasts distinct advantages, particularly in its investment banking division. In the first half of 2026, it led 47 global IPO deals for Chinese companies, raising USD 20.12 billion—ranked first in the market. As lead underwriter, it also completed 11 A-share IPOs totaling 20.505 billion yuan, also securing the top market position. Additionally, CICC served as sponsor and lead underwriter for 27 Hong Kong IPO projects, including Montage Technology, Biren Technology, and GigaDevice, with underwriting scale reaching USD 5.735 billion, again ranking first. Its investment banking segment generated revenue of 3.379 billion yuan from January to June 2026, surging 133.97% year-on-year—the fastest-growing business line internally.
Behind this rapid business expansion and strategic execution lies a ramp-up in cost investment and talent acquisition. In the first half of 2026, CICC's operating expenses rose 17.65% year-on-year to 9.092 billion yuan, driven primarily by higher employee costs within business and management fees. Those fees increased 14.65% to 8.818 billion yuan, with staff wages climbing 20.72% to 5.176 billion yuan. As of June 30, 2026, the company employed 14,263 staff members, adding 45 people compared to the 14,218 recorded at the end of the prior year.