Financial Street Holdings Co Ltd

Financial Street has released its 2026 interim report. Total operating revenue was 4.613 billion yuan, and net profit attributable to the parent company was a loss of 86.54 million yuan, an improvement of 921 million yuan compared with the same period last year, marking a second consecutive year of gains. Net cash inflow from operating activities was 587 million yuan. The asset-liability ratio was 79.13 percent, and gross margin was 25.92 percent, up 14.37 percentage points from a year earlier. Diluted earnings per share were a loss of 0.03 yuan, an improvement of 0.31 yuan from the same period last year. The number of shareholders was 72,500, and the top ten shareholders held 53.63 percent of total share capital.

Hexie Health Insurance has booked massive paper gains from its investment in CXMT, a leading domestic DRAM maker. CXMT recently listed on the STAR Market, and Hexie Health directly holds 901 million shares. Based on the midday closing price of 48.75 yuan per share, the unrealized gain exceeds 40 billion yuan. Hexie Health is the only insurer among CXMT's top ten shareholders, having started building its position in February 2022. It has also invested in hard-tech firms such as Moore Threads and xFusion. Meanwhile, Hexie Health has cashed out nearly 5 billion yuan this year by reducing its stakes in Financial Street and Goldwind Science & Technology. Notably, the company has not disclosed an annual report since 2017, suspending disclosure for nine consecutive years. It currently reveals only partial operating data through an annual social responsibility report, with 2025 revenue of 75.826 billion yuan.

Hexie Health Insurance has been frequently reducing its holdings in listed companies on the secondary market over the past year, with total cash-outs exceeding 5 billion yuan since the start of this year alone. The company sold 36.3364 million shares of Financial Street through centralized competitive bidding on June 29, June 30, and July 9, representing about 1.2 percent of total share capital, lowering its stake from 14.999997 percent to 13.784298 percent and cashing out roughly 89 million yuan in total. Earlier, Hexie Health had already significantly reduced its position in Goldwind Science and Technology, steadily cutting its holdings from 2025 and fully exiting the stake by June 2026, with combined sales proceeds of about 4.85 billion yuan between late March and early April. At the same time, Hexie Health has been active in the primary market, having backed high-profile IPO candidates such as Zhongju Bian, Moore Threads, and Changxin Technology. Its investment in Moore Threads delivered a paper gain of around 3.5 billion yuan on the first day of listing, while the unrealized profit on Changxin Technology could reach tens of billions of yuan. Hexie Health remains in a transitional period of risk disposal, and its annual report and solvency report have yet to resume normal disclosure.