Xiangcai Holdings' merger with Dazhihui was suspended due to expired filing documents; the latest fund distribution rankings are out, with 57 brokerages making it into the top 100 | Broker-Dealer Fund Morning Brief

｜March 16, 2026, Monday｜

NO.1 Xiangcai Shares’ Merger with Dazhihui Suspended Due to Expired Filing Data

On March 15, Xiangcai Shares and Dazhihui both announced that their plan to merge through a share swap and raise supporting funds has been suspended due to expired filing data. The Shanghai Stock Exchange notified them of the suspension on March 14. The main reason for the suspension is that key data in the filing documents has expired. Xiangcai Shares stated that this suspension will not significantly impact the transaction. The company’s operations are normal, and it is actively working with relevant intermediaries to update valuation data, financial data, and application documents. Once these updates are completed, the company will promptly submit the revised application materials to the Shanghai Stock Exchange and request to resume review.

Comment: The suspension of this merger review is due to routine updates of financial data and does not alter Xiangcai Shares’ strategic focus on expanding its financial technology footprint. In the short term, the delay may cause increased stock price volatility, but long-term integration prospects remain positive. The event has somewhat dampened the enthusiasm for restructuring among brokerages and fintech sectors, with the market focusing more on substantive progress in the merger. This reflects regulatory strictness in disclosure quality, helping to maintain market order and transparency.

NO.2 Latest Fund Distribution Rankings Released, 57 Brokerages Make Top 100

Recently, the Asset Management Association of China published the top 100 fund sales institutions for the second half of 2025 (the “Fund Distribution Top 100 List”). In terms of competition, brokerages hold 57 spots—the most among all categories; followed by banks with 25 institutions. The list also includes 17 independent fund sales agencies and 1 insurance company. Overall, in the second half of 2025, amid active market trading, the total assets held by the top 100 fund distributors increased significantly. By the end of 2025, the combined “equity fund holdings” of these institutions reached 6 trillion yuan, up 16.7% from mid-2025; “stock index fund holdings” totaled 2.42 trillion yuan, up 23.7%; and “non-money market fund holdings” reached 11.7 trillion yuan, up 14.7%.

Comment: Brokerages’ dominance with 57 spots in the top 100 highlights their competitive advantage in wealth management transformation. The double-digit growth in equity and index fund holdings confirms the benefits of active trading. This will reinforce valuation recovery expectations for the brokerage sector and attract capital inflows. Additionally, the overall expansion of distribution scale reflects renewed investor confidence, injecting incremental capital into the market and supporting the long-term healthy development of the A-share market.

NO.3 Public Funds’ Buyback Exceeds 1 Billion Yuan This Year, Nearly 90% in Equity Funds

Data shows that as of March 15, this year, public funds have repurchased over 1.007 billion yuan of their own funds. Notably, Huatai Securities Asset Management and Ruiyuan Fund each repurchased 100 million yuan; China Merchants Fund, E Fund, GF Fund, and others each bought over 50 million yuan. In terms of fund types, equity funds are the primary focus. Statistics indicate that since the start of the year, fund companies have repurchased 876 million yuan in equity funds, accounting for nearly 90% of total repurchases. Industry insiders believe that the amount of buybacks by fund managers is likely to continue increasing, with equity funds being the key focus.

Comment: The over 1 billion yuan buyback this year, with nearly 90% in equity funds, demonstrates institutional recognition of the long-term value in the current market. Large buybacks not only align interests but also send a strong confidence signal, helping to improve investor sentiment and attract off-market funds. The heavy allocation to equity funds indicates professional institutions’ optimism about equity assets’ prospects, which may boost market risk appetite, restore liquidity, and support market stabilization and recovery.

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before acting. Use at your own risk.

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