21世纪经济报道·2025-11-16 07:58Core Viewpoint - The recent lawsuit against Dazhihui (601519.SH) by individual Wang Gongwei has raised market concerns, but the case has been resolved with Wang withdrawing the lawsuit, alleviating investor fears regarding the merger with Xiangcai Shares (600095.SH) [1][4][11]. Group 1: Lawsuit Details - On November 11, Dazhihui announced that it was sued by Wang Gongwei, who sought to annul the resolutions passed at the second extraordinary general meeting of shareholders in 2025 regarding the merger with Xiangcai Shares [4][6]. - Wang claimed that Dazhihui failed to conduct necessary audits or evaluations of Xiangcai Shares, violating relevant regulations [9][10]. - Following the lawsuit announcement, Dazhihui's market value dropped by approximately 2 billion yuan, while Xiangcai Shares lost about 3.4 billion yuan in market capitalization [6]. Group 2: Legal Proceedings and Market Reaction - The lawsuit was perceived as a potential obstacle to the merger process, which has been ongoing for ten years and involves a fundraising target of 8 billion yuan [10][11]. - Wang's identity raised curiosity, with speculation that he might be a minority shareholder concerned about corporate governance [10][11]. - On November 14, just three days after the lawsuit was announced, Wang withdrew his complaint, leading to a positive market reaction [11][12]. Group 3: Merger Progress and Financials - Dazhihui is currently advancing a significant asset restructuring transaction, where Xiangcai Shares will absorb Dazhihui through a share exchange [6][15]. - The exchange ratio is set at 7.51 yuan per share for Xiangcai Shares and 9.53 yuan per share for Dazhihui, with the total share capital of Xiangcai Shares expected to increase to 5.141 billion shares post-merger [15]. - Dazhihui reported a revenue of 564 million yuan for the first three quarters of the year, marking an 8.78% year-on-year increase, but still recorded a net loss of 30 million yuan [19].