Core Viewpoint - The merger of Xiangcai Co. and Dazhihui has been accepted by the Shanghai Stock Exchange, marking a significant step in the integration of financial technology and traditional brokerage services in the A-share market, potentially establishing a new model in the industry [1][2]. Summary by Sections Merger Acceptance - The merger application for Xiangcai Co. to absorb Dazhihui has been officially accepted by the Shanghai Stock Exchange, indicating the start of the regulatory review process [1][2]. Merger Details - The merger will be executed through a share exchange, with Xiangcai Co. issuing A-shares at a price of 7.51 yuan per share, while Dazhihui shares will be exchanged at 9.53 yuan per share, resulting in an exchange ratio of 1:1.27 [3]. - Post-merger, Dazhihui will cease to be listed and its legal entity will be dissolved, with Xiangcai Co. inheriting all assets, liabilities, and rights from Dazhihui [3]. Shareholding Changes - The merger will alter the shareholding structure, with Dazhihui's original controlling shareholder, Zhang Changhong, and his associates acquiring 17.32% of Xiangcai Co.'s total shares, while Xiangcai Co.'s controlling shareholder, Huang Wei, will see his stake decrease from 40.37% to 22.45% [4]. Fundraising Plans - Xiangcai Co. plans to raise up to 8 billion yuan in supporting funds, targeting investments in financial models, digital securities infrastructure, big data services, integrated wealth management, and international fintech projects [4]. Industry Context - The merger is part of a broader trend of consolidation in the securities industry, with notable examples including the merger of Guotai Junan and Haitong Securities, which became the largest A+H dual market merger in China's capital market history [5]. - Regulatory reforms are facilitating mergers and acquisitions, with the China Securities Regulatory Commission implementing revised rules to streamline the process [6]. Strategic Implications - The merger represents a new "finance + technology" model, aligning with government encouragement for listed companies to enhance competitiveness through mergers [7]. - Analysts suggest that the merger is a strategic move for both companies to overcome operational challenges and leverage their existing cooperation [7]. Future Outlook - Xiangcai Securities' president emphasized the importance of balancing specialization, technological advancement, and capitalization for the survival of mid-sized brokerages amid increasing competition [8]. - The merger is expected to create an "AI advisory brokerage" model, integrating resources to unlock synergistic value [8].

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]

粤开证券股份有限公司 关于 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 之 独立财务顾问报告 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 18 | | 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 22 | | 重大风险提示 23 | | 一、与本次交易相关的风险 23 | | 二、与合并后公司相关的风险 25 | | 三、其他风险 28 | | 第一节 本次交易概况 29 | | 一、本次交易的背景及目的 29 | | 二、本次吸收合并具体方案 31 | | 三、 ...

北京国枫律师事务所 关于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的 补充法律意见书之一 国枫律证字[2025]AN161-3 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 北京国枫律师事务所 关于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的 补充法律意见书之一 国枫律证字[2025]AN161-3 号 致：上海大智慧股份有限公司 根据北京国枫律师事务所（以下称"本所"）与上海大智慧股份有限公司 （以下称"大智慧"、"上市公司"或"公司"）签署的《法律服务委托协 议》，本所接受大智慧的委托，担任大智慧本次与湘财股份有限公司（以下称 "湘财股份"）实施换股吸收合并交易的专项法律顾问。 本所已于 2025 年 9 月 25 日就本次交易出具了《北京国枫律师事务所关于 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 联交易的 ...

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（并购重组）〔2025〕83 号）。 上交所依据相关规定对申请文件进行了核对，认为申请文件齐备，符 合法定形式，决定予以受理并依法进行审核。 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。 证券代码：601519 证券简称：大智慧 编号：临 2025-073 上海大智慧股份有限公司 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。 上海大智慧股份有限公司（以下简称"公司"或"大智慧"）与 湘财股份有限公司（以下简称"湘财股份"）正在筹划及推进由湘财 股份通过 ...

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 | 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 吸收合并方独立财务顾问 被吸收合并方独立财务顾问 二〇二五年十月 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 吸收合并双方声明 吸收合并双方及其全体董事、监事及高级管理人员保证本报告书及其摘要内容的 真实、准确、完整，对其虚假记载、误导性陈述或者重大遗漏负相应的法律责任。 吸收合并双方控股股东、实际控制人及全体董事、监事、高级管理人员承诺，如 本次交易所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关 立案侦查或者被中国证监会 ...

上海大智慧股份有限公司 关于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）修订说明的公告 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。 上海大智慧股份有限公司（以下简称"公司"或"大智慧"）与 湘财股份有限公司（以下简称"湘财股份"）正在筹划及推进由湘财 股份通过向公司全体A股换股股东发行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（并购重组）〔2025〕83 号）。 本公告日，公司披露了《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）》 （以下简称"草案（申报稿）"）等文件，具体内容详见公司刊登在 上交所网站（www.sse.com.cn）的相关文件。 相较公司于 2025 年 9 月 26 日披露的《湘 ...

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]

Group 1: Financial Technology Sector Performance - The China Securities Financial Technology Theme Index decreased by 0.91% as of October 23, 2025, with mixed performance among constituent stocks [3] - Geer Software led the gains with an increase of 10.03%, while Dongxin Peace experienced the largest decline at 6.52% [3] - The Financial Technology ETF (516860) fell by 0.88%, with a latest price of 1.46 yuan, but showed a cumulative increase of 2.94% over the past three months, ranking 2nd out of 6 comparable funds [3] Group 2: Market Liquidity and Trading Activity - The Financial Technology ETF had a turnover rate of 1.8% during the trading session, with a transaction volume of 42.15 million yuan [3] - Over the past month, the average daily trading volume of the Financial Technology ETF was 208 million yuan, placing it in the top 2 among comparable funds [3] Group 3: Strategic Development Initiatives - Shenzhen is promoting high-quality development of mergers and acquisitions (M&A) from 2025 to 2027, focusing on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine [4] - The action plan aims for a comprehensive improvement in the quality of listed companies in Shenzhen by the end of 2027, targeting a total market capitalization of over 20 trillion yuan and the cultivation of 20 companies with a market value of over 100 billion yuan [4] Group 4: Financial Technology ETF Growth Metrics - The Financial Technology ETF saw a significant growth of 9.78 billion yuan in scale over the past three months, ranking 2nd among comparable funds [5] - The ETF also experienced an increase of 6.38 billion shares in the same period, again ranking 2nd among comparable funds [5] - The index closely tracks the performance of listed companies involved in financial technology, with the top ten weighted stocks accounting for 55.55% of the index as of September 30, 2025 [5]

Core Insights - The A-share market experienced active trading in September 2025, with stock trading apps seeing a significant increase in user engagement, reaching a record high of 175 million monthly active users, marking a 0.74% month-over-month growth and a 9.73% year-over-year increase [1][4][3] User Engagement and Market Activity - The monthly active user count for securities apps reached 175 million in September 2025, setting a new record for the year and ranking as the third highest since the "9.24" market event [1][4] - The number of new A-share accounts opened in September was 2.9372 million, a 60.73% year-over-year increase, contributing to a total of 20.1489 million new accounts opened in the first three quarters of 2025, up 49.64% from the same period in 2024 [3][4] - The trading volume in the A-share market was bolstered by a 34.5% year-over-year increase in stamp duty revenue, with securities transaction stamp duty reaching 144.8 billion yuan, a 103.4% increase [3][4] Competitive Landscape of Securities Apps - The top three third-party securities apps, namely Tonghuashun, Dongfang Caifu, and Dazhihui, maintained a dominant position with monthly active users exceeding 10 million [1][6] - Among brokerage self-operated apps, Huatai Zhangle Wealth and Guotai Haitong Junhong both surpassed 10 million active users in September [1][8] - The user engagement of the leading third-party apps showed a clear tiered structure, with the top three apps significantly outperforming others in terms of user numbers [6][8] AI Integration in Securities Apps - The integration of artificial intelligence (AI) is becoming a core focus for securities firms, enhancing operational models and service quality [11][12] - Several brokerage firms are actively investing in AI technologies to improve customer service and streamline operations, with new AI-driven apps being launched [12][11] - The shift towards AI is expected to create a closed-loop ecosystem in the securities industry, enhancing competitive differentiation among firms [12][11]