CICC moving forward with acquisitions of Dongxing Securities and Cinda Securities — now in regulatory approval phase. Classic consolidation play in Chinese brokerages. Industry's been fragmented for years, regulators want stronger players. CICC gets scale, distribution, potentially better capital efficiency. Watch how they integrate and whether this triggers more M&A in the space. Chinese financials still trading at deep discounts — consolidation could be a catalyst if execution is clean.