Xiangcai Securities and Guosheng Securities were both placed under investigation by the China Securities Regulatory Commission on the same day for alleged violations of real-name account regulations. Both firms stated they will actively cooperate with the investigation and that their operations remain normal. Xiangcai Securities is currently in the process of a share swap merger with Dazhihui, a transaction that had been suspended for review due to expired valuation data but has now resumed. In addition, Xiangcai Securities is involved in a lawsuit where the first-instance court ruled it bears 56 percent supplementary liability, and it has set aside an estimated liability of approximately 233 million yuan. The case is being retried. Guosheng Securities is the sole securities company owned by the Jiangxi provincial government. After completing its absorption merger in 2025, the listed entity was renamed Guosheng Securities Co., Ltd.
Guosheng Financial Holding IncCSRC investigation for real-name account violations
Xiangcai Co LtdCSRC investigation for real-name account violations, plus lawsuit liability
Shanghai DZH LtdMerger with Xiangcai suspended and resumed, but impact unclear