The Case Study Of CITIC Securities Acquiring CLSA

With the development of China's economy, more and more Chinese enterprises chose to operate overseas. As an important agency organization of the capital market,in order to provide Chinese enterprises with better services, more and more Chinese securities companies had started to globalize their business. Cross-border mergers and acquisitions are important means for Chinese securities companies expansion. Through mergers and acquisitions, Chinese securities companies can achieve the purposes of a rapid expansion of the operation scale, improving the overall competitiveness?CITIC Securities(CITICS) M&A of CLSA is the first example that Chinese security company developed stock-controlled cross-border merger and acquisition. Therefore, through this practical case study, the paper want to share some experience for the similar cross-border M&A project in the future.First,the paper introduced the two companies: CITICS and CLSA and review the historical process of this merger. Secondly,the paper analyze the three key issues involved :the M&A motives ?the M&A risks and M&A Performance. Finally,the paper will provide some reference for the future similar cross-border M&A project based on the analysis of the paper have introduced.The experience of CITICS M&A of CLSA include: Before M&A,the company should consider whether M&A is suitable to the company development strategies and look for M&A target carefully. After M&A, the company should pay attention to integrate, especially cultural integration.