Core Viewpoint - Xiangcai Co., Ltd. plans to merge with Dazhihui through a share exchange and raise supporting funds by issuing A-shares, with the application accepted by the Shanghai Stock Exchange for review [1] Group 1: Company Actions - The company announced its intention to absorb and merge with Dazhihui by issuing A-shares to all shareholders of Dazhihui [1] - The company has received a notification from the Shanghai Stock Exchange regarding the acceptance of its application for issuing shares to purchase assets and raise supporting funds [1] Group 2: Regulatory Process - The application documents were verified by the Shanghai Stock Exchange and deemed complete and in accordance with legal requirements, leading to the decision to accept the application for review [1] - The transaction is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, indicating that the timeline for approval remains uncertain [1]

关于重大资产重组事项相关申请获得受理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600095 证券简称：湘财股份 公告编号：临2025-075 湘财股份有限公司 本次交易尚需通过上交所审核通过，并取得中国证券监督管理委员会同意注册的批 复后方可正式实施，最终能否通过审核、取得注册，以及最终通过审核、取得注册的时 间仍存在不确定性。公司发布的信息以在上海证券交易所网站（www.sse.com.cn）及指 定信息披露媒体刊登的公告为准，敬请广大投资者注意投资风险。 特此公告。 湘财股份有限公司董事会 2025 年 10 月 25 日 湘财股份有限公司（以下简称"公司"或"湘财股份"）拟通过向上海大智慧股份 有限公司（以下简称"大智慧"）的全体换股股东发行 A 股股票的方式换股吸收合并大 智慧并发行 A 股股票募集配套资金（以下简称"本次交易"）。 2025 年 10 月 23 日，公司收到上海证券交易所（以下简称"上交所"）出具的《关 于受理湘财股份有限公司发行股份购买资产并募集配套资金申请的通知》（上证上审 ...

股票代码：600095 股票简称：湘财股份 上市地点：上海证券交易所 股票代码：601519 股票简称：大智慧 上市地点：上海证券交易所 湘财股份有限公司 换股吸收合并 上海大智慧股份有限公司 并募集配套资金暨关联交易报告书（草案） （申报稿） | 吸收合并方 | 被吸收合并方 | | --- | --- | | 湘财股份有限公司 | 上海大智慧股份有限公司 | | 哈尔滨高新技术产业开发区迎宾路集中区太湖 | 中国（上海）自由贸易试验区郭守敬路 号浦东软 498 | | 北路 号 7 | 件园 幢 座 14 22301－130 | 吸收合并方独立财务顾问 被吸收合并方独立财务顾问 本报告书及其摘要所述事项并不代表中国证监会、上海证券交易所对该证券的投 资价值或者投资者收益作出实质判断或者保证，也不表明中国证监会和上海证券交易 所对本报告书及其摘要的真实性、准确性、完整性作出保证。本报告书及其摘要所述 本次交易相关事项的生效和完成尚待有权监管机构的批准、核准、注册或同意。有权 监管机构对于本次交易相关事项所做的任何决定或意见，均不表明其对吸收合并双方 股票的投资价值或投资者的收益做出实质判断或保证。 1 湘财 ...

湘财股份有限公司董事会 2025 年 10 月 25 日 证券代码：600095 证券简称：湘财股份 公告编号：临2025-076 关于换股吸收合并上海大智慧股份有限公司 并募集配套资金暨关联交易报告书（草案） （申报稿）修订说明的公告 相较公司于 2025 年 9 月 26 日披露的《湘财股份有限公司换股吸收合并上海大智慧 股份有限公司并募集配套资金暨关联交易报告书（草案）》，草案（申报稿）对部分内 容进行了修订，主要修订情况如下： | 章节 | | 修订说明 | | --- | --- | --- | | 重大事项提示 | | 1、更新本次交易已履行和尚需履行的决策程序及报批程序。 | | 重大风险提示 | | 1、更新涉及本次交易已履行和尚需履行的决策程序及报批程序的相 关风险表述。 | | 第一节 | 本次交易概况 | 1、更新本次交易已履行和尚需履行的决策程序及报批程序。 | | 第五节 | 募集配套资金情况 | 1、更新募投项目备案情况。 | | 第十节 | 财务会计信息 | 1、更新本次交易已履行和尚需履行的决策程序及报批程序。 | | 第十二节 | 风险因素 | 1、更新涉及本次交易已履行和尚 ...

北京市金杜律师事务所 关于湘财股份有限公司 吸收合并上海大智慧股份有限公司 并募集配套资金暨关联交易 的 补充法律意见书（一） 二〇二五年十月 | | | | 引 | 言 2 | | --- | --- | | 正 | 文 3 | | 一、 | 本次交易的批准与授权 3 | | 二、 | 本次交易的信息披露 4 | 引 言 致：湘财股份有限公司 根据《证券法》《证券法律业务管理办法》《证券法律业务执业规则》等有 关规定，本所接受湘财股份委托并作为专项法律顾问，已就本次交易所涉相关 法律事宜于 2025 年 9 月 25 日出具了《北京市金杜律师事务所关于湘财股份有 限公司吸收合并上海大智慧股份有限公司并募集配套资金暨关联交易的法律意 见书》（以下简称《法律意见书》）。本所就《法律意见书》出具之日至本补充法 律意见书出具之日发生的事实及本次交易进展进行了补充核查，并就该等事实 及进展出具本补充法律意见书。 本补充法律意见书是对本所出具的《法律意见书》的补充，构成《法律意 见书》不可分割的组成部分。本补充法律意见书中所使用的术语、名称、缩略 语，除特别说明之外，与其在《法律意见书》中的含义相同。本所在《法律意 见 ...

上海大智慧股份有限公司 并募集配套资金暨关联交易 之 独立财务顾问报告 财通证券股份有限公司 关于 湘财股份有限公司 换股吸收合并 独立财务顾问 二〇二五年十月 | 独立财务顾问声明和承诺 | 5 | | --- | --- | | 一、独立财务顾问声明 | 5 | | 二、独立财务顾问承诺 | 5 | | 释义 | 7 | | 重大事项提示 | 10 | | 一、本次交易方案简要介绍 10 | | | 二、本次交易的性质 | 13 | | 三、本次交易对存续公司的影响 14 | | | 四、债权人利益保护机制 17 | | | 五、本次交易已履行和尚需履行的决策及报批程序 | 17 | | 六、相关方对本次重组的原则性意见，以及股份减持计划 | 18 | | 七、本次交易对中小投资者权益保护的安排 19 | | | 八、独立财务顾问的保荐承销资格 21 | | | 九、其他需要提醒投资者重点关注的事项 21 | | | 重大风险提示 | 22 | | 一、与本次交易相关的风险 22 | | | 二、与合并后公司相关的风险 25 | | | 三、其他风险 | 27 | | 第一节 本次交易概况 | 28 | ...

Core Viewpoint - The company is in the process of a share swap merger with Xiangcai Co., where Xiangcai will issue A-shares to all A-share shareholders of the company and raise supporting funds [1] Group 1 - The company received a notification from the Shanghai Stock Exchange on October 23, 2025, regarding the acceptance of Xiangcai's application for issuing shares to purchase assets and raise supporting funds [1] - The transaction is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission before it can be officially implemented [1]

Core Viewpoint - Xiangcai Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue shares for asset acquisition, specifically through a share swap merger with Da Zhi Hui [1] Group 1: Transaction Details - The transaction involves Xiangcai Co. issuing A-shares to the swap counterpart as payment for the merger with Da Zhi Hui [1] - As of the share swap implementation date, Xiangcai Co. will directly cancel its shares held in Da Zhi Hui, as well as those held by Xinhu Group, which will not participate in the swap [1] - Following the merger, Da Zhi Hui will terminate its listing and cancel its legal entity status, while Xiangcai Co. will inherit all assets, liabilities, business, personnel, contracts, qualifications, and other rights and obligations of Da Zhi Hui [1] Group 2: Financial Aspects - The total amount of funds to be raised in this transaction will not exceed 8 billion yuan [1]

Group 1 - The independent director Cheng Hua has submitted her resignation due to personal reasons, which includes stepping down from her roles as the chairperson of the Audit Committee, the Compensation and Assessment Committee, and a member of the Nomination Committee [1][2] - Cheng Hua's resignation will result in the number of independent directors falling below one-third of the board members, and there will be a lack of accounting professionals among the independent directors [1] - Cheng Hua's resignation will only take effect after the election of a new independent director at the company's shareholders' meeting, and she will continue to fulfill her duties until then [1][2] Group 2 - Cheng Hua does not hold any shares in the company and has no outstanding commitments to fulfill [2] - The board expresses gratitude for Cheng Hua's contributions during her tenure as an independent director [2]

Core Insights - The transformation towards buy-side investment advisory services has become a core path for the development of wealth management in the securities industry, driven by market recovery and industry changes [1][2][3] - A comprehensive capability building, ecological platform layout, and deep organizational transformation are essential for securities firms to transition from "selling products" to "managing assets" [1][2] Industry Mission and Service Philosophy - The mission of the Chinese securities industry is shifting from "zero-sum game" to growing together with clients, focusing on the stable appreciation of residents' wealth [2] - Investment advisory is viewed as a systematic capability that encompasses education, research, and investment [2] - Firms must enhance their comprehensive capabilities to compete with top international institutions, making the buy-side advisory transformation a necessary choice amid declining commission rates and narrowing spreads [2] Practical Insights from Regional Firms - Trust is fundamental in wealth management, especially in regions with strong local cultures, where close relationships between clients and advisors are crucial [2] - Securities firms should help clients achieve wealth preservation and appreciation through diversified product allocation, regardless of market fluctuations [2] ETF Business Development - The ETF market is expanding rapidly, becoming a focal point for wealth management strategies, although growth may lag behind other financial institutions [4][5] - Securities firms should integrate research and accompanying services to build core capabilities in client segmentation, intent insight, and asset allocation [4] - The ETF market's supply is rich, but client consumption capabilities need improvement; firms are developing strategies to enhance ETF service capabilities [5] Organizational Change and Assessment Mechanisms - Organizational transformation is critical for the buy-side advisory transition, requiring firms to balance short-term profits with long-term value [6] - Firms are moving towards a centralized management model for advisory teams, focusing on unified training and assessment to elevate professional standards [6] - The assessment of advisors should shift from sales metrics to comprehensive dimensions like AUM growth and client profitability [6] Technology and Future Outlook - AI and digitalization are expected to fundamentally change the service models and organizational structures of investment advisory [6] - Future advisory roles may diverge into standardized services driven by AI and deep advisory roles based on experience [6] - Firms need to proactively develop technological capabilities to reshape their organizational structures and business models [6][7]