HHTG(600095) 上海证券报·2025-04-07 19:16Core Viewpoint - The stock of Xiangcai Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase of 20% over three consecutive trading days, prompting the company to issue a notice regarding this situation [2][3]. Group 1: Stock Trading Abnormality - The company's stock price increased by a cumulative 20% over the trading days of April 2, 3, and 7, 2025, which is classified as an abnormal trading fluctuation according to the Shanghai Stock Exchange rules [2][3]. - The company conducted a self-examination and confirmed that there are no undisclosed significant matters as of the announcement date [2][4]. Group 2: Company Operations and Confirmations - The company’s production and operational conditions are normal, with no significant changes reported [4]. - There are no major asset restructurings, share issuances, or other significant transactions that have not been disclosed [4]. - No media reports or market rumors that could significantly impact the stock price were found during the board's verification [4]. Group 3: Shareholder Pledge Risk - The controlling shareholder, Xinhu Holdings Co., Ltd., and its concerted parties have pledged a significant portion of their shares, with 1,138,191,893 shares pledged, representing 98.61% of their holdings and 39.81% of the total shares [7]. - There is no risk of forced liquidation of the pledged shares, and the company's control structure remains stable [7]. Group 4: Major Transaction Progress - The company plans to merge with Shanghai Dazhihui Co., Ltd. through a share exchange and is in the process of raising supporting funds [8]. - The audit and valuation related to this transaction are still ongoing, and the transaction requires further approval from the board and shareholders [8].