Shanghai DZH
A Chinese financial-information and software company providing market data, securities tools, and analytical services.
Last updated October 16, 2026
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Overview
Shanghai DZH, also known as DZH or Great Wisdom, is a Chinese financial-information and software company headquartered in Shanghai. The company originated in December 2000 as Shanghai Great Wisdom, founded by Zhang Changhong, with a business centered on software for stock-market users. It later adopted the DZH name and developed a broader internet-finance information model built around securities quotations, financial databases, market analysis, and related software and data services. DZH expanded beyond mainland China during the early 2010s. In August 2010, it acquired AASTOCKS, a Hong Kong financial-information platform, giving the group an established presence in a market with a substantial retail-investor and securities-services audience. On 28 January 2011, DZH completed an initial public offering on the Shanghai Stock Exchange. At the time of its listing, it was described as having the largest market capitalization among several Chinese financial-information peers, including Hithink RoyalFlush Information Network and East Money. The company's subsequent development was more difficult. Its core financial-data and analytical businesses remained important sources of revenue, but DZH was criticized for not developing new business lines quickly enough as domestic competitors expanded into additional internet-finance and investment-information services. The company also incurred losses and asset-impairment charges following a period of acquisitions and struggled to control expenses. By 2018, the revenue growth of major rivals had substantially outpaced DZH's, while DZH's revenue was described as having remained broadly unchanged. These pressures contributed to weaker profitability and deterioration in its share-price performance. DZH attempted to change its strategic position through a proposed acquisition of Xiangcai Securities. Announced in 2014, the approximately 9 billion yuan transaction was intended to give DZH access to a brokerage license and create new channels in internet finance. It was notable as a proposed purchase of a securities firm by an internet company and as a large transaction involving companies from China's A-share and National Equities Exchange and Quotations markets. The plan was disrupted after the China Securities Regulatory Commission began investigating DZH in 2015 over alleged information-disclosure violations, and the transaction was terminated on 8 March 2016. The company also faced legal and regulatory challenges. Bloomberg sued DZH in 2011, alleging infringement involving industrial design and seeking compensation. DZH responded that the relevant designs were commonplace in financial-data services; Bloomberg withdrew the case in January 2013. More consequentially, the CSRC investigated DZH's 2013 annual report. Regulators concluded that the company had overstated profit by approximately 121 million yuan through accounting and disclosure practices, including treatment of potentially refundable client funds and the postponement of employee bonuses. In July 2016, the CSRC fined DZH 600,000 yuan. Zhang Changhong was fined 300,000 yuan, prohibited from working in the securities industry for five years, and required to leave his chairman and chief executive positions. In 2018, DZH sold its Hong Kong unit to Hundsun Technologies. The company's governance difficulties continued to generate legal consequences. Zhang was arrested by police in April 2019 on suspicion of illegally disclosing important information. In 2021, the China Securities Investor Service Center, acting on behalf of DZH, brought a claim against five company executives, including Zhang, seeking compensation for investors. The case was notable because it was described as the first instance in China of a company suing its own directors and supervisors. The claim was subsequently reported at 335 million yuan, and on 20 February 2023 DZH reached a settlement with Zhang under which he would pay that amount to cover compensation costs. The following day, DZH announced a plan under which Zhang could reduce his shareholding by up to 122 million shares, representing approximately 6% of the company. DZH's brand therefore remains associated with Chinese retail-investor software and financial data, while its corporate history also illustrates the challenges faced by listed internet-finance information providers during industry consolidation, regulatory tightening, and rapid competition from broader financial-technology platforms.
History
Shanghai DZH was founded in December 2000 as Shanghai Great Wisdom by Zhang Changhong. Its initial business concentrated on stock-market software, particularly tools that supplied securities quotations and related information to investors. The company later adopted the DZH name and developed into a broader financial-information and software provider. The business expanded internationally in August 2010 when it acquired AASTOCKS, a Hong Kong financial-information platform. DZH then completed an initial public offering on the Shanghai Stock Exchange on 28 January 2011. At the time of listing, its market capitalization was described as the highest among several comparable Chinese financial-information companies, including Hithink RoyalFlush Information Network and East Money. DZH's early public-company position did not translate into sustained industry leadership. Its principal businesses remained financial data, securities software, and analytical services, while competitors developed additional business lines and achieved much faster revenue growth. DZH was also reported to have made numerous acquisitions within a relatively short period, contributing to asset-impairment charges. Weak innovation, cost-control problems, and continuing losses placed pressure on profitability and the company's share-price performance. The company pursued a major strategic transformation in 2014 by proposing to acquire Xiangcai Securities for approximately 9 billion yuan. The transaction would have provided DZH with a brokerage license and allowed it to participate more directly in internet finance. It was described as an unusually large transaction between an A-share listed company and a company quoted on China's National Equities Exchange and Quotations, and as an early example of an internet company attempting to purchase a brokerage firm. The plan was ultimately abandoned. After the CSRC began investigating DZH in April 2015 over alleged information-disclosure violations, the acquisition was terminated on 8 March 2016. DZH's regulatory problems centered on its 2013 annual report. The CSRC concluded that the company had overstated profit by approximately 121 million yuan. The alleged methods included recognizing funds that could be refunded to clients as income and deferring employee bonuses. In July 2016, the regulator fined DZH 600,000 yuan. Zhang Changhong received a 300,000-yuan fine, was prohibited from working in the securities industry for five years, and left his positions as chairman and chief executive. Zhang was later arrested by police on 26 April 2019 on suspicion of illegally disclosing important information. The company continued to restructure its assets and relationships. On 4 December 2018, DZH sold its Hong Kong unit to Hundsun Technologies. In November 2021, the China Securities Investor Service Center, acting for DZH, sued five DZH executives, including Zhang, for compensation. The case was notable because it was characterized as the first Chinese case in which a company sued its own directors and supervisors. The amount sought was later reported as 335 million yuan for payment to investors. On 20 February 2023, DZH reached a settlement with Zhang requiring him to pay 335 million yuan to cover compensation costs. The next day, DZH disclosed a plan allowing Zhang to sell as many as 122 million shares, approximately 6% of the company. DZH's history combines the growth of Chinese retail-investor software with the difficulties of competing in financial technology after the market shifted toward broader platforms, stronger data capabilities, and more diversified internet-finance services. Its core brand remains tied to securities information and analytical software, while its acquisition attempts, regulatory penalties, leadership changes, and investor-compensation litigation form major parts of its corporate record.
- 2023
Settlement with former chairman
[1]DZH reached a settlement with Zhang Changhong requiring a 335 million yuan payment connected with investor compensation.
- 2018
Hong Kong unit sold
[1]DZH sold its Hong Kong unit to Hundsun Technologies on 4 December.
- 2016
Xiangcai transaction terminated
[1]The proposed acquisition was terminated on 8 March after regulatory scrutiny of DZH's disclosures.
- 2014
Proposed Xiangcai Securities acquisition
[1]DZH proposed an approximately 9 billion yuan acquisition intended to provide a brokerage license and support an internet-finance expansion.
- 2011
Shanghai Stock Exchange listing
[1]DZH completed its initial public offering and became a Shanghai Stock Exchange-listed company on 28 January.
- 2010
AASTOCKS acquisition
[1]DZH acquired Hong Kong financial-information platform AASTOCKS, extending its business beyond mainland China.
- 2000
Shanghai Great Wisdom is founded
[1]Zhang Changhong founded the company in December 2000, initially focusing on stock-market software services.
Products and positioning
A Chinese financial-information technology provider focused on market data, securities software, investor tools, and analytical services.
Financial-information software
DZH Securities Software
DZH's core software offering originated in stock-market tools and is associated with securities quotations, investor-facing market information, and analytical functions. The product line represents the company's original and continuing position as a provider of software for Chinese securities users.
Financial data service
Financial Data and Analysis Services
DZH provides financial databases, market data, and analytical information used by investors and securities-market participants. These services have historically remained central to the company's revenue model, although the business faced increasing competition from larger and more diversified Chinese financial-technology platforms.
Financial-information platform
AASTOCKS
AASTOCKS was a Hong Kong financial-information platform acquired by DZH in 2010. It gave DZH a regional operating presence and broadened the group's exposure beyond mainland Chinese securities-information services. DZH sold its Hong Kong unit to Hundsun Technologies in 2018.
Controversies
2021
Claims against former executives
The China Securities Investor Service Center sued five DZH executives, including Zhang Changhong, seeking compensation for investors. The action was described as an unusual case in which a company pursued its own directors and supervisors.
2019
Arrest of Zhang Changhong
Police arrested former chairman Zhang Changhong on 26 April 2019 on suspicion of illegally disclosing important information.
2019
Investors sue DZH and seek compensation
In a controversy noted in reports, investors sued Shanghai DZH and sought 638 million yuan in compensation. The report states that the investors filed the lawsuit against the company and pursued the compensation amount. The event was reported on October 10, 2019. The report provides no further details on the identities of the investors, the specific claims, or the outcome of the lawsuit.
2016
False-disclosure penalties
In July 2016, the CSRC fined DZH 600,000 yuan after finding that the company had overstated profit by approximately 121 million yuan. Former chairman Zhang Changhong was separately fined, barred from the securities industry for five years, and removed from leadership.
2015
CSRC investigation into information disclosures
The CSRC began investigating DZH in April 2015 over alleged violations connected with information disclosed in the company's 2013 annual report. The scrutiny also contributed to the failure of the proposed Xiangcai Securities acquisition.
2011
Bloomberg industrial-design lawsuit
Bloomberg sued DZH in April 2011, alleging infringement involving industrial design and seeking 5 million yuan in compensation. DZH argued that the designs were common in the financial-data industry. Bloomberg withdrew the case in January 2013.
Brand decisions
2023
Settlement related to investor compensationOtherBackground
DZH faced claims connected with the company's historical disclosure problems and alleged investor losses.
Action taken
DZH settled with former chairman Zhang Changhong, requiring him to pay 335 million yuan to cover compensation costs.
Aftermath
The following day, DZH disclosed a plan under which Zhang could sell up to 122 million shares, approximately 6% of the company.
Settlement payment. 335 million yuan payable under the settlement (2023)
2018
Sale of Hong Kong unitM&ABackground
DZH reorganized its international assets after a period in which its core financial-data business faced weak growth and increasing competition.
Action taken
It sold its Hong Kong unit to Hundsun Technologies on 4 December.
Aftermath
The sale transferred the Hong Kong operation to Hundsun and reduced DZH's direct regional footprint.
2014
Attempted acquisition of Xiangcai SecuritiesM&ABackground
DZH sought to expand from financial-information software into internet finance and brokerage services as competitors developed broader business models.
Action taken
It proposed an approximately 9 billion yuan acquisition of Xiangcai Securities to obtain a brokerage license.
Aftermath
The transaction was terminated on 8 March 2016 after CSRC scrutiny of DZH's information disclosures.
Proposed transaction value. Approximately 9 billion yuan proposed deal; transaction terminated (2014-2016)
Recent events
- Unconfirmed
Investors sue DZH and seek compensation[2]
Reported:
The report says investors sued DZH and sought 638 million yuan in compensation.
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