The Case Analysis Of CITIC Securities Cross-border Merger And Acquisition Of CLSA

In recent years,China's economy has entered the "fast lane" of rapid development.China's economic strength and international status have been constantly improving.Under the background of economic globalization,developing overseas business and expanding its overseas business are the inevitable choice for major enterprises to improve their comprehensive competitiveness.Under the tide of economic globalization,China's securities companies are constantly optimizing their business structure to adapt to economic development,and at the same time,they have joined the ranks of overseas mergers and acquisitions.Through cross-border mergers and acquisitions,we can expand its business scope,obtain synergies and enhance its competitiveness in the industry.This paper selects the case of CITIC Securities' cross-border acquisition of CLSA.CITIC Securities is the first domestically-funded brokerage company to conduct cross-border acquisitions.Through the case analysis of this paper,it is expected to provide reference for the cross-border acquisition activities of China's securities companies in the future.This article mainly includes four parts.The first part is a case introduction,which mainly introduces the basic situation of CITIC Securities,CITIC Securities International and CLSA in the case of the merger and acquisition,and briefly introduces the general process of mergers and acquisitions.The second part is case analysis,which is the main part of this paper.It mainly analyzes the motivation,price,risk and performance of M&A in the case.This paper makes a detailed analysis of the controversial M&A price and the risk of cultural integration in M&A risks.The performance of CITIC Securities' M&A was analyzed.Firstly,the event analysis method was used to analyze the performance of CITIC Securities' overseas M&A activities,and then the financial indicators were used to analyze the mid-and long-term performance of cross-border M&A activities.The fourth part is the enlightenment of this case.That is to say,China's securities companies must first clarify the company's strategic objectives before conducting overseas M&A activities.At the same time,the motivation for cross-border M&A needs to be comprehensively analyzed.In the process of M&A activities,it is necessary to be cautious according to its actual development strategy.The target of mergers and acquisitions is selected;China's securities companies focus on post-consolidation workafter cross-border M&A activities,such as cultural,human resources and financial integration.The work of corresponding cultural integration in the overseas M&A process should be given enough attention.