登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经记者 | 陈靖 湘财股份(600095.SH)、大智慧（601519.SH）十年"联姻"大戏接近尾声之时，一场由"股东维权战"引发的诉讼再次掀起 波澜。 受此影响，次日（11月12日）大智慧、湘财股份股价双双跌超8%。 有业内人士告诉智通财经，"王功伟在起诉状中并未直接否定重组方案本身的商业价值，而是聚焦股东会决议的'程序合 法性'与'信息披露充分性'。这不是反对重组，而是反对不规范的决策过程。" 11月11日晚间，大智慧披露公告，自然人原告王功伟于2025年10月15日向上海市浦东新区人民法院提起诉讼，请求撤销 大智慧2025年第二次临时股东大会决议。 大智慧于11月10日收到该院送达的《应诉通知书》（【2025】沪0115民初138805号）等诉讼材料，目前案件已立案受 理，尚未进入开庭程序。 王功伟在起诉状中提出的核心事实与理由围绕关联交易合规性展开。他认为，大智慧与湘财股份存在关联关系，此次湘 财股份换股吸收合并大智慧构成重大关联交易。 依据大智慧股东大会议事规则，公司与关联方发生金额3000万元以上、且占最近一期经审计净资产绝对值5%以上的关 ...

Core Viewpoint - The merger process between Xiangcai Co. and Dazhihui has encountered legal challenges, raising questions about the future of the merger [1][2]. Summary by Sections Merger Progress - Xiangcai Co. plans to absorb Dazhihui through a share swap, with a total of 22.82 billion shares to be issued and a fundraising target of up to 8 billion yuan [1][6]. - The merger proposal was accepted by the Shanghai Stock Exchange on October 23 [6]. Legal Dispute - Wang Gongwei has filed a lawsuit against Dazhihui, claiming that the merger constitutes a related party transaction that did not follow necessary auditing or evaluation procedures [1][2]. - Dazhihui asserts that it has complied with all relevant procedures and that the resolutions passed at the shareholders' meeting are valid [2][4]. Shareholding Structure - As of September 2023, Xiangcai Co. holds 1.92 million shares of Dazhihui, representing a 9.66% stake, making it the second-largest shareholder [2]. - Dazhihui's board member Jiang Jun also serves as a director at Xiangcai Co., indicating a close relationship between the two companies [2]. Regulatory Compliance - Dazhihui claims that it has followed the necessary rules for the merger, including obtaining opinions from multiple intermediary institutions [4]. - The company argues that the merger does not require an audit or evaluation of Xiangcai Co. as it does not involve asset purchases or sales [4]. Potential Impact of Lawsuit - The lawsuit could potentially affect the merger process, as a ruling in favor of the plaintiff may require the shareholder resolutions to be revoked [7]. - There is a possibility of a settlement, and the outcome will depend on future developments [7]. Historical Context - The merger is seen as a significant consolidation in the securities industry, following previous notable mergers [6]. - Xiangcai Co. and Dazhihui have a history of attempted collaborations, including a failed acquisition in 2015 and a share purchase in 2020 [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 11月12日，因自然人王功伟的一纸诉状，正在进行并购重组的湘财股份与大智慧股价双双跳水，市值合计蒸发51.53亿元。 据上交所网站消息，11月11日晚，大智慧披露涉诉公告称，原告王功伟于10月15日提起诉讼，主张撤销公司2025年第二次临时股东大会决议，目前案件已 被上海市浦东新区人民法院立案受理，尚未开庭审理。 公告内容显示，大智慧目前正在推进由湘财股份通过以换股方式吸收合并大智慧并发行A股股票募集配套资金，公司于10月13日召开2025年第二次临时股 东大会，审议通过了本次重组相关议案。 受相关消息影响，11月12日开盘后大智慧股价迅速跳水，盘中一度跌停，截至收盘，大智慧打开跌停板，收跌8.10%，单日市值蒸发约22.09亿元。当日， 湘财股份一度也触及跌停，收跌8.12%，市值蒸发约29.43亿元。 粤开证券和国枫律所表示，在本次吸收合并中，大智慧不存在通过本次交易取得湘财股份股票、现金等任何对价的情况，不涉及大智慧以湘财股份作为标 的资产"购买或出售资产"的情形，大智慧不需要如原告起诉状中所述根据《上市规则》相关规定，按照"购买或出售资产"的规则要求对 ...

Core Viewpoint - A lawsuit filed by an individual has led to a significant drop in the market value of Dazhihui (SH601519), resulting in a loss of approximately 2.209 billion yuan in a single day [1] Group 1: Company Overview - Dazhihui's stock price fell to 12.60 yuan, with a market capitalization of 25.063 billion yuan [1] - The company experienced a trading halt on November 12, with a closing drop of 8.10% [1] - The lawsuit is related to a resolution from the company's second extraordinary general meeting in 2025 concerning the merger with Xiangcai Co., which the plaintiff claims involved violations [1][4] Group 2: Legal Proceedings - The lawsuit was filed by Wang Gongwei, who claims that Dazhihui engaged in illegal activities during the merger process with Xiangcai Co. [1][4] - The case has been accepted by the Shanghai Pudong New District People's Court and is pending trial [1] - Wang Gongwei argues that the merger constitutes a significant related party transaction that should have undergone proper auditing and evaluation procedures before being presented to the shareholders [5] Group 3: Financial Impact - On the same day, Xiangcai Co. (SH600095) also saw its stock price drop to 11.65 yuan, with a market capitalization of 33.31 billion yuan, resulting in a loss of approximately 2.943 billion yuan [3] - The lawsuit's implications could affect the ongoing merger process and the financial standing of both companies involved [5][6]

Core Viewpoint - The lawsuit filed by Wang Gongwei against Dazhihui regarding the validity of the company's second extraordinary general meeting resolution has led to a significant drop in Dazhihui's stock price, raising concerns about the merger with Xiangcai Co. and its implications for the financial technology sector [1][3][12]. Group 1: Lawsuit Details - Wang Gongwei filed a lawsuit on October 15, 2025, claiming procedural flaws in the extraordinary general meeting that approved the merger with Xiangcai Co. [3] - The lawsuit argues that the merger constitutes a significant related party transaction, which should have undergone prior auditing or evaluation due to its transaction amount exceeding 30 million yuan and accounting for over 5% of net assets [3][4]. - Dazhihui asserts that it has complied with all relevant procedures and that the resolution is valid, supported by opinions from financial and legal advisors [4]. Group 2: Financial Performance - Xiangcai Co. reported impressive financial results for Q3 2025, with revenue of 655 million yuan, a year-on-year increase of 43.77%, and a net profit of 300 million yuan, up 315.25% [6][9]. - In contrast, Dazhihui's revenue for the first three quarters was 564 million yuan, a growth of 8.78%, but it still reported a net loss of 29.56 million yuan, despite an 85.3% improvement compared to the previous year [9][11]. - The merger is seen as a potential game-changer in the internet brokerage industry, with expectations that the combined entity could surpass competitors in revenue and profit scale [11][12]. Group 3: Market Implications - The ongoing lawsuit introduces uncertainty into the merger process, with market participants closely monitoring the situation and regulatory reviews [12]. - The merger is viewed as a strategic move in the financial technology sector, following successful precedents in the A-share market [11][12].

大智慧表示，本案最终对公司的实际影响以法院判决为准。粤开证券、北京国枫律师事务所、国浩律师 (上海)事务所分别出具意见，均认为无需审计评估，股东大会召集、表决程序及决议内容均合规。 目前，大智慧正推进由湘财股份有限公司换股吸收合并自身的重组事项，大智慧于2025年10月13日召开 的第二次临时股东大会审议通过了本次重组相关议案。 （原标题：大智慧遭自然人股东起诉，股价一度跌停） 11月12日，大智慧股价大幅下挫，盘中一度跌停，收盘跌8.1%，报12.60元/股，总市值为250.6亿元。 消息面上，11月11日晚，大智慧公告称，原告王功伟于2025年10月15日向浦东新区人民法院提起诉讼， 主张撤销大智慧2025年第二次临时股东大会决议。 ...

11月12日，大智慧（601519.SH）股价大幅下挫，盘中一度跌停，报收12.60元/股，总市值为250.6亿 元。 直至此番重组，今年3月，两家公司同步公告筹划重组，湘财股份拟通过换股方式吸收合并大智慧，并 配套募资不超过80亿元。根据交易方案，湘财股份将向大智慧全体股东发行A股股票，换取其持有的大 智慧股份。交易完成后，大智慧将终止上市并注销法人资格，湘财股份作为存续主体，全面承接其所有 资产、负债、业务和人员。 中介机构：股东大会决议合法有效 面对指控，大智慧及其多家中介机构迅速作出回应。 11月11日晚，大智慧发布公告称，截至本公告日，公司已按照吸收合并的相关规则逐步完成各项工作， 履行了相关审议程序，股东大会决议合法有效，后续将按照相关规则积极处理本次诉讼。 消息面上，大智慧与湘财股份的合并之路再遇波澜，引发市场广泛关注。 诉讼突袭 据悉，大智慧正推进由湘财股份有限公司换股吸收合并自身的重组事项，公司于2025年10月13日召开的 第二次临时股东大会审议通过了本次重组相关议案。 然而，11月11日晚，大智慧公告称，公司收到上海市浦东新区人民法院的《应诉通知书》（【2025】沪 0115民初1388 ...

Market Overview - The software development sector experienced a decline of 1.4% on November 12, with Fangzhi Technology leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Top Performers - Anke Technology (600654) saw a significant increase of 10.00%, closing at 4.29, with a trading volume of 1.643 million shares and a transaction value of 690 million [1] - Yingfang Software (688435) rose by 8.61%, closing at 57.65, with a transaction value of 531 million [1] - Gaoweida (300465) increased by 6.49%, closing at 22.65, with a transaction value of 953 million [1] Underperformers - Fangzhi Technology (300235) experienced a sharp decline of 14.25%, closing at 14.20, with a trading volume of 374,200 shares and a transaction value of 553 million [2] - Caishi Information (688631) fell by 12.20%, closing at 66.80, with a transaction value of 409 million [2] - Lingzhi Software (688588) decreased by 10.27%, closing at 16.08, with a transaction value of 26.66 million [2] Capital Flow - The software development sector saw a net outflow of 4.136 billion from institutional investors, while retail investors contributed a net inflow of 3.6 billion [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Anke Technology had a net inflow of 206 million from institutional investors, while retail investors saw a net outflow of 103 million [3] - Gaoweida experienced a net inflow of 10.9 million from institutional investors, with retail investors also seeing a net outflow of 98.15 million [3] - Yingfang Software had a net inflow of 85.036 million from institutional investors, while retail investors faced a net outflow of 42.87 million [3]

Core Viewpoint - The lawsuit initiated by individual Wang Gongwei against Dazhihui regarding the cancellation of the company's 2025 second extraordinary general meeting resolution has drawn market attention, but multiple intermediary institutions have confirmed the legality and compliance of the resolution [1][5][6]. Group 1: Legal and Compliance Opinions - Financial advisor Yuekai Securities stated that the transaction does not involve asset purchases or sales, thus no audit or evaluation is required [7][9]. - Legal advisor Beijing Guofeng Law Firm confirmed that the lawsuit's claims do not apply to relevant regulations, asserting the legality of the general meeting resolution [10][12]. - Witnessing law firm Guohao (Shanghai) also verified the compliance of the meeting's organization and voting process, reinforcing the resolution's legal validity [15]. Group 2: Restructuring Process and Implications - The restructuring plan involves a share swap where Xiangcai Co. will absorb Dazhihui, requiring approval from the general meeting [5][16]. - The core swap ratio is set at 1:1.27, with a fundraising scale not exceeding 8 billion yuan aimed at various financial technology projects [16]. - Successful completion of the restructuring will significantly impact the business layout and market competitiveness of both companies, with Dazhihui ceasing to be listed and its assets being fully inherited by Xiangcai Co. [16].

Group 1 - The core viewpoint of the news highlights a significant drop in internet brokerage stocks, with the China Securities Financial Technology Theme Index falling below its six-month line, indicating a bearish trend in the sector [1] - Major individual stocks like Dazhihui experienced a sudden drop, with the company being sued by a major shareholder, which has led to increased market volatility [1] - Other stocks such as Tonghuashun and Guidingzheng also saw declines exceeding 5%, reflecting a broader downturn in the financial technology sector [1] Group 2 - Citic Securities points out that the current internet brokerage sector is supported by policy backing, improved funding conditions, and internal transformation dynamics, enhancing its investment appeal [3] - The ongoing "slow bull" market in A-shares is expected to continue benefiting non-bank financials, with recommendations to focus on high elasticity companies and quality industry leaders [3] - The Financial Technology ETF (159851) has surpassed 10 billion yuan in scale, with a daily average trading volume of 500 million yuan over the past month, indicating strong liquidity and market interest [3]