本报（chinatimes.net.cn）记者胡金华 上海报道 继国泰君安合并海通、国联与民生合并、西部证券收购国融、国信证券成为万和证券股东之后，资本市 场又一起券业合并拉开帷幕。 日前，沪市两家券商湘财股份（600095.SH）与大智慧（601519.SH）同步披露换股吸收合并关键草 案，标志着A股市场横跨传统券商与互联网券商的并购取得实质性进展。根据草案内容，湘财股份拟通 过换股方式吸收合并大智慧，并配套募集资金80亿元，重点投向金融科技领域。 "湘财证券吸收合并大智慧，本质是传统券商与金融信息服务商的深度联手，未来将共同打造流量+牌 照的全新业态。拥有类似合并历程的东方财富，2016年3月，东方财富曾通过收购西藏同信证券的方式 拿下券商牌照，成为国内首家拥有券商牌照的互联网平台。与之类似的，还有另一组互联网券商组合， 指南针+麦高证券。湘财合并大智慧后，或将成为业内第三家互联网券商。"上海一家头部券商行业分 析师陈欣接受《华夏时报》记者采访时表示。 交易细节公布 双方披露的多份公告内容显示，湘财股份拟换股吸收合并大智慧，湘财股份的A股换股价格为7.51元/ 股，大智慧的A股换股价格为9.53元/股，换 ...

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui is progressing rapidly, with key transaction details finalized, marking a significant step towards shareholder and regulatory approval [2][4][20]. 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 [3][9]. - Post-merger, Xiangcai's total share capital is expected to increase to 5.141 billion shares, while Dazhihui will cease to be listed [3][9]. - The merger includes a financing plan to raise up to 8 billion CNY, targeting specific investors for funding towards financial technology and other strategic areas [11][12]. Group 2: Financial Projections - The merger is projected to enhance Xiangcai's financial metrics, with total assets expected to rise from approximately 4.13 billion CNY to 5.91 billion CNY post-merger [18]. - The total revenue is anticipated to increase from 11.44 billion CNY to 15.11 billion CNY in the first half of 2025 [18]. - However, profit metrics may experience short-term fluctuations, with potential losses projected for the fiscal year 2024 [17][18]. Group 3: Market Reaction and Historical Context - The announcement has sparked significant market interest, with Xiangcai's stock rising over 84% since the merger announcement in March 2025 [4][20]. - The merger represents a culmination of a decade-long relationship between the two companies, with previous attempts at acquisition and collaboration [21][22]. - This merger positions Xiangcai to become the third internet brokerage in A-shares, following similar paths taken by companies like Dongfang Caifu [6][24][26]. Group 4: Strategic Implications - The merger aims to create a synergistic effect by combining traditional brokerage services with advanced financial technology, enhancing overall service capabilities [16][29]. - Xiangcai's collaboration with Dazhihui is expected to leverage Dazhihui's extensive user base and technological expertise to improve customer acquisition and service delivery [29][30]. - The combined entity is anticipated to face challenges in replicating the success of established players like Dongfang Caifu due to differences in market conditions and operational backgrounds [30].

近期，"湘财+大智慧"事宜推进迅速，核心交易细节于近日正式落地。 继审计、尽职调查等工作完成后，湘财股份（600095.SH）换股吸收合并大智慧并募集配套资 金暨关联交易报告书（草案）出炉。 据双方披露的70余份公告 ，本次换股吸收合并的核心方 案已明确，标志着此次交易进入股东会审批与监管审核的关键阶段。 具体而言，湘财股份拟换股吸收合并大智慧，湘财股份的A股换股价格为7.51元/股，大智慧的 A股换股价格为9.53元/股，换股实施后，湘财股份总股本拟增至51.41亿股，大智慧将终止上 市；同步推出 不超80亿元 配套融资方案，拟向 不超过 35名特定投资者定增 ，资金投向金融 大模型、大数据工程、财富管理一体化、国际化金融科技、补充流动资金及偿还债务等用途。 记者丨孙永乐 编辑丨巫燕玲 针对吸收合并落地时间，湘财股份相关人士向21世纪经济报道记者回应称，目前暂时无法确 定，公司需先召开股东大会审议相关议案，之后再推进后续流程。公告显示，本次交易尚需湘 财股份和大智慧股东会审议通过，并获得上交所审核通过及中国证监会注册。 相关消息点燃二级市场资金热情， 9月26日，湘财股份最高涨超7%，大智慧一度涨超4%，尾 ...

21世纪经济报道记者 孙永乐 近期，"湘财+大智慧"事宜推进迅速，核心交易细节于近日正式落地。 继审计、尽职调查等工作完成后，湘财股份（600095.SH）换股吸收合并大智慧并募集配套资金暨关联交易报告书（草案）出炉。据双方披露的70余份公 告，本次换股吸收合并的核心方案已明确，标志着此次交易进入股东会审批与监管审核的关键阶段。 具体而言，湘财股份拟换股吸收合并大智慧，湘财股份的A股换股价格为7.51元/股，大智慧的A股换股价格为9.53元/股，换股实施后，湘财股份总股本拟增 至51.41亿股，大智慧将终止上市；同步推出不超80亿元配套融资方案，拟向不超过35名特定投资者定增，资金投向金融大模型、大数据工程、财富管理一 体化、国际化金融科技、补充流动资金及偿还债务等用途。 针对吸收合并落地时间，湘财股份相关人士向21世纪经济报道记者回应称，目前暂时无法确定，公司需先召开股东大会审议相关议案，之后再推进后续流 程。公告显示，本次交易尚需湘财股份和大智慧股东会审议通过，并获得上交所审核通过及中国证监会注册。 相关消息点燃二级市场资金热情，9月24日，湘财股份以涨停价报收，大智慧当日涨幅超5%；9月26日，湘财股份 ...