HHTG(600095) 证券时报网·2025-03-16 15:07Core Viewpoint - The merger between Xiangcai Co. and Dazhihui marks a significant attempt to combine financial technology with brokerage licenses, potentially enhancing strategic collaboration in the financial sector after a failed attempt in 2015 [1][5]. Group 1: Merger Details - Xiangcai Co. plans to absorb Dazhihui through a share swap, issuing A-shares to Dazhihui's shareholders and raising additional funds [2][3]. - Both companies' A-shares will be suspended from trading starting March 17, with an expected suspension period of no more than 10 trading days [2][3]. - The merger is seen as aligning with regulatory encouragement for mergers among listed companies to optimize supply and leverage cross-industry synergies [1][5]. Group 2: Financial Performance - Dazhihui is projected to incur a loss of 190 million to 225 million yuan in 2024, with a decline in some business revenues and increased R&D and personnel costs [4]. - Xiangcai Co. reported a 19.13% year-on-year decrease in revenue for the first three quarters of 2024, totaling 411 million yuan, and a 2.93% decrease in net profit [4]. Group 3: Market Context - The A-share market already includes successful examples of internet brokerages that combine financial technology with brokerage licenses, such as Dongfang Caifu and Zhinan Zhen [1][4]. - Dazhihui has approximately 10 million monthly active users, which is higher than Huatai Securities but lower than Dongfang Caifu's 16 million [5].