Xiangcai Co., Ltd.

Xiangcai Co., Ltd. (湘财股份) is a Chinese listed holding company best known as the listed vehicle that controls Xiangcai Securities (湘财证券), a nationwide securities brokerage in China. The company is listed on the Shanghai Stock Exchange under the ticker 600095; that listing has an unusual history, since the shell originated as Harbin High-Tech (哈高科), a Heilongjiang-based industrial and food-ingredients company, before it was restructured around the securities business and renamed Xiangcai Co., Ltd. As a corporate brand, Xiangcai Co., Ltd. is essentially a financial holding platform rather than an operating consumer brand. Its business is organized around securities brokerage and related capital-markets services conducted through Xiangcai Securities: retail and institutional brokerage, margin financing and securities lending, asset management, investment banking and proprietary trading. Alongside the securities arm, the listed company has retained a smaller non-financial legacy segment inherited from its Harbin High-Tech origins, chiefly soybean-processing and food-ingredient operations in northeast China, plus minor property and investment interests. The brand's market position is that of a mid-sized, regionally rooted Chinese securities group rather than a top-tier national investment bank. Xiangcai Securities is a long-established brokerage with a nationwide branch network and a client base weighted toward retail investors, and it has periodically been the subject of industry consolidation speculation. Ownership is concentrated among Chinese corporate shareholders rather than a single state entity, and the listed company functions as the group's public face to A-share investors. For brand-knowledge purposes, Xiangcai Co., Ltd. should be understood as a China A-share financial holding brand: its identity, reputation and investor communications are tied to the securities business, while its legal history connects it to a Heilongjiang industrial company. The brand is active, domestically focused, and primarily relevant to Chinese capital markets rather than to consumer product markets.

The corporate lineage of Xiangcai Co., Ltd. runs through two distinct businesses. Its listed shell began as Harbin High-Tech (哈高科), a Heilongjiang-based company whose operations centered on soybean processing, food ingredients and miscellaneous industrial and property interests in northeast China. Like many small A-share industrials, it had a modest operating footprint and a listing that was more valuable than its underlying business. The second strand is Xiangcai Securities (湘财证券), a Chinese securities firm founded in the 1990s during the first wave of brokerage licensing in China. Xiangcai Securities built a nationwide branch network and a retail-oriented client base, and over time it sought a route to public capital markets. That ambition eventually converged with the Harbin High-Tech shell: the securities business was injected into the listed company, which was renamed Xiangcai Co., Ltd. and adopted the ticker 600095 as its market identity. The transaction turned a small Heilongjiang industrial company into a listed financial holding platform whose principal asset is a controlling stake in the brokerage. After the restructuring, the group's public narrative shifted decisively toward capital markets. Xiangcai Co., Ltd. presents itself to investors as a securities-led financial group, with revenue and risk concentrated in brokerage, margin financing, asset management and proprietary trading conducted through Xiangcai Securities. The legacy soybean-processing and food-ingredient operations were retained but became a minor, non-core segment, and the company has periodically reviewed or restructured these assets. As a mid-sized brokerage group, Xiangcai Securities has repeatedly featured in Chinese industry consolidation speculation, and the listed company has been an active participant in capital-raising and shareholding changes typical of small and mid-cap A-share financials. Its brand equity rests less on consumer recognition than on its standing among Chinese retail investors and its listing status, which gives it access to public equity and debt markets. Precise dates for the founding of Xiangcai Securities, the completion of the reverse takeover and subsequent ownership changes are not documented in the supplied evidence, and are therefore not asserted here. What is clear is the brand's present identity: a Shanghai-listed Chinese financial holding company, domestically focused, active, and organized around a securities brokerage.

• Harbin High-Tech (哈高科), the predecessor listed shell, operates soybean processing and food-ingredient businesses in Heilongjiang.

• Xiangcai Securities is founded as a Chinese securities brokerage and builds a nationwide branch network.

• The securities business is injected into the listed shell, which is renamed Xiangcai Co., Ltd. and trades as 600095 on the Shanghai Stock Exchange.

Mid-sized, regionally rooted Chinese securities holding group listed on the Shanghai Stock Exchange; retail-weighted brokerage rather than a top-tier national investment bank.

• Securities brokerage

• Margin financing and securities lending

• Asset management

• Investment banking

• Proprietary trading

• Soybean processing and food ingredients (legacy segment)

• 2026

  CSRC opens investigation into Xiangcai Securities over securities account real-name rules

  Xiangcai Co., Ltd. announced that its wholly-owned subsidiary Xiangcai Securities has been placed under investigation by the China Securities Regulatory Commission on suspicion of violating securities account real-name registration rules. The announcement stated that the investigation coincides with the Shanghai Stock Exchange resuming its review of Xiangcai Co.'s share-swap absorption of Dazhihui and supporting fundraising. The disclosure did not specify further details of the alleged violation or any outcome of the investigation.

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• Unconfirmed

  CSRC opens investigation into Xiangcai Securities over securities account real-name rules[2]CSRC opens investigation into Xiangcai Securities over securities account real-name rulesfinance.sina.com.cn

  Reported: 2026-08-20

  Xiangcai Co., Ltd. announced that its wholly-owned subsidiary Xiangcai Securities has been placed under investigation by the China Securities Regulatory Commission on suspicion of violating securities account real-name registration rules, a development that coincides with the Shanghai Stock Exchange resuming its review of Xiangcai Co.'s share-swap absorption of Dazhihui and supporting fundraising.

• 2021-05-10

  China approves Xiangcai Shares' private share issuance application[3]证监会通过湘财股份非公开发行股票申请finance.sina.com.cn

  Reported: 2021-05-11

  Xiangcai Shares announced that the China Securities Regulatory Commission's issuance examination committee had approved its application for a private A-share issuance.

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2. 2CSRC opens investigation into Xiangcai Securities over securities account real-name rulesfinance.sina.com.cn
3. 3证监会通过湘财股份非公开发行股票申请finance.sina.com.cn