The Analysis Of The Synergies Of CTTIC Securities's Cross-boder Merger & Acquisition

With the deepening of reform and opening up,China's economic structure has undergone a shift upgrade,and both the mode of economic growth and its development concept have undergone profound changes.As for the financial industry,the implementation of China's financial two-way opening,on the one hand,introduces foreign advanced management experience so as to enhance the international competitiveness of China's financial industry;on the other hand,with the increasing of the opponents,the competition in the domestic financial sector also intensifies.The Shanghai-Hong Kong Stock Connect,Shenzhen-Hong Kong Stock Connect and joining into the SDR of Renminbi all provide new opportunities for the development of China's domestic financial industry.The “going out” of Domestic financial institutions,not only means the necessities of the times,but also provides significant financial support to our country's "One Belt And One Road" building and it is a major initiative with international vision and far-reaching influence.Since the establishment of the Shanghai Stock Exchange in 1990,China's securities industry has gone through more than 20 years.The securities industry,as a direct financing intermediary,has provided tremendous financial support for the financing and development of the listed companies in our country.On the basis of the securities industry to play a role in the economic barometer,we witnessed a large number of companies from obscurity to the international stage,from SMEs to international giant,not only the witness of the development of China's enterprises,but also is the witness of the reform and opening.In 2013,CITIC Securities acquired CLSA and has since started the overseas acquisition of Chinese securities firms.From 2014 to 2015,China Everbright,Southwest China,Guojin and Haitong securities firms added five cases of overseas mergers and acquisitions with five brokers in CITIC.In June 2017,Galaxy Securities completed the acquisition of Singapore CIMB Securities.Therefore,we can say that the internationalization of the financial industry has become the future trend of development.The motivation of cross-border mergers and acquisitions of Chinese-funded securities firms and if mergers and acquisitions produce synergies or not,are the core studies of this paper,but also the starting point of this article.This article roundly analyzes the cross-border M & A of CITIC Securities through case studies,comparative analysis and literature analysis through the case of CITIC Securities,CLSA and Kunlun International Finance Corporation.First of all,this article elaborates the related theories of cross-border mergers and acquisitions of securities companies,and explains the history and current situation of the development of China's securities industry,motivation of mergers and acquisitions and the theory of synergies in detail.Secondly,the status quo and characteristics of cross-border mergers and acquisitions of securities companies in China Researching the policy implications of cross-border mergers and acquisitions and the M & A model in the background of China's brokerage mergers and acquisitions;and thirdly,introducing the case background of cross-border mergers and acquisitions of CITIC Securities.And the M & A process are described in detail,and the case of two acquisitions of CLSA and Kunlun International Finance is compared.Fourth,the paper analyzes the cross-border M & A cases of CITIC Securities,As well as the basic experience of M & A.Finally,based on the above,we draw lessons from cross-border M & A of CITIC Securities.That ensure motivation for acquisitions,enhance their own strength,make a good deal of mergers and acquisitions,careful selection of mergers and acquisitions market and the motivation for mergers and acquisitions,as well as the importance of post-merger integration.