券商中国·2026-03-15 12:05Core Viewpoint - The merger between Xiangcai Co. and Dazhihui has encountered a temporary halt due to the expiration of valuation reports and financial data, but both companies are actively working on updates to resume the review process [1][2][3]. Group 1: Merger Details - On March 15, Xiangcai Co. announced plans to absorb Dazhihui through a share swap and raise supporting funds via A-share issuance, but the review was suspended by the Shanghai Stock Exchange due to outdated valuation data [2][3]. - The merger has been in progress for nearly a year, with Xiangcai Co. set to inherit all assets, liabilities, and operations of Dazhihui upon completion [3]. Group 2: Financial Performance - Xiangcai Securities, a core entity of Xiangcai Co., reported an operating revenue of approximately 1.955 billion yuan for 2025, a 28.8% increase from 1.518 billion yuan in 2024, and a net profit of about 553 million yuan, reflecting a 157.5% year-on-year growth from 215 million yuan in 2024 [4]. - Dazhihui, on the other hand, projected a net loss of 34 million to 50 million yuan for 2025, with a narrowed loss compared to approximately 200 million yuan in 2024, indicating some revenue growth and cost reduction efforts [4].