360亿券商股吸并细节公布，股价半年涨超84%

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui is progressing rapidly, with key transaction details recently finalized, marking a significant step towards shareholder approval and regulatory review [1][8]. Group 1: Merger Details - Xiangcai Co. plans to absorb Dazhihui through a share swap, with Xiangcai's A-share swap price set at 7.51 CNY per share and Dazhihui's at 9.53 CNY per share, resulting in a total share capital increase to 5.141 billion shares [3][9]. - The merger will involve a financing plan of up to 8 billion CNY, targeting specific investors for funding directed towards financial technology, big data projects, and debt repayment [3][11]. Group 2: Market Reaction - Following the announcement, Xiangcai's stock surged over 7% on September 26, while Dazhihui rose over 4%, reflecting strong market enthusiasm [5]. - Since the merger announcement on March 16, Xiangcai's stock price has increased by over 84%, with a current market capitalization of 36.3 billion CNY [5]. Group 3: Strategic Implications - This merger positions Xiangcai to become the third internet brokerage in A-shares, following the paths of Dongfang Caifu and Zhinancun, enhancing its competitive edge in the financial services sector [6][22]. - The collaboration aims to create a "brokerage + financial technology" model, leveraging Dazhihui's extensive user base and technological capabilities to enhance Xiangcai's service offerings [22][25]. Group 4: Financial Projections - Post-merger, the total assets, equity, and revenue of the surviving company are expected to increase, although short-term profit fluctuations are anticipated [17]. - The combined entity's revenue ranking is projected to be outside the top 30 in the industry, indicating significant room for growth compared to leading competitors like Dongfang Caifu [24].