Hithink RoyalFlush Information Network
Corporate brand
UnclaimedA Chinese financial-information and investment-services company known for the Tonghuashun stock-market application and the iFinD data terminal.
Last updated October 9, 2026
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Overview
Hithink RoyalFlush Information Network, commonly known in China as Tonghuashun, is a Hangzhou-based financial-information and software company serving investors, securities firms and other participants in China's capital markets. Its principal consumer-facing product is the Tonghuashun mobile and desktop platform, which provides market quotations, charts, news, portfolio tools, trading connectivity and related investment information. The company also developed iFinD, a professional financial-data terminal intended for institutional and analytical users. The business traces its roots to software work undertaken by Yi Zheng while he was an electrical-engineering student and later to Hangzhou Hexin, a company he co-founded in 1994. Zheng reportedly raised initial capital by writing securities-analysis software for a brokerage. In 2001 he established Shanghai Hexin, which became the predecessor of the modern Hithink organization. Shanghai Hexin acquired Hangzhou Hexin in 2007, relocated to Hangzhou in July of that year and adopted the Hithink identity. Hithink became a publicly traded company in 2009 through an initial public offering on the ChiNext board of the Shenzhen Stock Exchange. Listing gave the company a larger platform for expanding online financial information, software development and investor services. Its products operate in a market where retail investors rely heavily on mobile applications and data platforms for quotations, market news, technical analysis, research tools and access to brokerage trading services. The company’s history has also included regulatory and legal challenges. Wind Information brought an intellectual-property case concerning the iFinD terminal. A Shanghai court ruled for Wind in 2016 and ordered Hithink to stop operating the terminal in the form covered by the dispute and pay compensation; the Shanghai High People’s Court upheld the ruling in 2017, while the continuing status of a substantially modified iFinD product was not resolved in the same terms. Hithink was also fined by the China Securities Regulatory Commission in 2015 over systems that enabled stock trading without investors providing their real identities and over provision of software to unqualified clients. In 2017, the regulator imposed another fine after Hithink distributed an outdated report claiming that Fosun International founder Guo Guangchang was missing. Service reliability has occasionally attracted scrutiny. A roughly one-hour interruption of the Tonghuashun application in October 2021 led investors to seek compensation and prompted a regulatory warning. A shorter outage in June 2022 was attributed to a failure involving Huawei Cloud. In November 2024, the CSRC ordered the company’s investment-advisory unit to stop adding new clients for three months, citing non-compliance in its livestreaming activities and weaknesses in compliance controls connected with investment-consulting cooperation with securities companies. Hithink remains an active listed financial-technology and information-services business. Its market position is built around the scale of the Tonghuashun investor platform, the monetization of financial data and software, and services supporting securities research and investment decision-making. The company is primarily China-focused, and its activities are subject to securities regulation, data governance requirements, intellectual-property rules and operational-resilience expectations.
History
Hithink’s origins lie in securities-software development associated with Yi Zheng. While studying electrical engineering at Zhejiang University, Zheng wrote security-analysis software for a securities brokerage and used the proceeds to establish a business. In 1994 he co-founded Hangzhou Hexin, an early corporate predecessor. The work established a technical foundation in market quotations, securities analysis and software tools for Chinese investors and brokers. In 2001 Zheng founded Shanghai Hexin, which became the direct predecessor of Hithink RoyalFlush Information Network. The company developed around the growing use of computerized securities information and the expanding participation of individual investors in China’s stock markets. Its products combined market data, analysis functions, financial news and trading-related tools rather than operating solely as a conventional software vendor. Shanghai Hexin acquired Hangzhou Hexin in 2007. In July of that year the business moved to Hangzhou and was rebranded as Hithink. The relocation consolidated the enterprise in one of China’s major technology centers and supported its development into an internet financial-information provider. The company subsequently broadened its product range from desktop securities software into mobile applications, online investor services and professional financial-data products. A major corporate milestone came in 2009, when Hithink completed an initial public offering and became listed on the ChiNext section of the Shenzhen Stock Exchange under ticker 300033. The listing gave it access to public capital and increased its visibility among Chinese technology and financial-services companies. Its consumer platform became known in China as Tonghuashun, a name associated with stock quotations, trading tools, market news and investor analysis. The company also introduced or expanded iFinD, a financial-data terminal for professional users. The development of iFinD brought Hithink into direct legal conflict with Wind Information, another Chinese financial-data provider. Wind sued in 2012, alleging intellectual-property infringement. In 2016, the Shanghai No. 1 Intermediate Court ruled for Wind, ordered Hithink to cease operating the terminal in the form addressed by the case and awarded Wind 3.35 million yuan in compensation. The Shanghai High People’s Court upheld the ruling in 2017. The appellate decision did not settle whether Hithink could continue offering a significantly modified version of iFinD, which Hithink said had changed substantially after the litigation began. Hithink also faced regulatory criticism concerning its role as a technology and investment-information provider. In 2015, the CSRC fined the company over systems that permitted investors to trade stocks without supplying real identities and over the provision of software to clients who did not meet applicable qualifications. In 2017, the regulator issued a 200,000-yuan fine after Hithink circulated an outdated report saying that Fosun International founder Guo Guangchang was missing. The item caused panic among Fosun shareholders and illustrated the market impact of inaccurate financial news distributed through a widely used platform. Operational resilience became another issue. The Tonghuashun application suffered an approximately one-hour outage in October 2021, after which investors sought compensation and regulators warned the company. A further short interruption in June 2022 was attributed to a Huawei Cloud failure. In November 2024, the CSRC ordered Hithink’s investment-advisory unit not to add new clients for three months. The action followed concerns about livestreaming activities that did not comply with securities rules and about compliance arrangements used when working with securities companies to provide investment advice. Hithink remains active as a listed Chinese financial-technology company. Its business continues to rest on the Tonghuashun consumer ecosystem, professional financial-data services, market information, trading tools and regulated investment-related services. The company’s prospects are closely linked to retail participation in China’s equity markets, demand for timely financial data, platform reliability and its ability to maintain compliance while expanding digital and livestreaming channels.
- 2024
Investment-advisory unit restricted
[1]The CSRC suspended new-client additions for three months because of livestreaming and investment-consulting compliance concerns.
- 2021
Tonghuashun application outage
[1]A roughly one-hour outage led to investor compensation requests and a regulatory warning.
- 2017
Appeal upheld and second CSRC fine issued
[1]The Shanghai High People’s Court upheld the iFinD ruling, while the CSRC separately fined Hithink over distribution of an outdated report about Guo Guangchang.
- 2016
First-instance iFinD judgment
[1]The Shanghai No. 1 Intermediate Court ruled for Wind Information and ordered Hithink to stop the covered operation and pay 3.35 million yuan.
- 2012
Wind Information files iFinD lawsuit
[1]Wind Information sued Hithink, alleging that the iFinD terminal infringed its intellectual-property rights.
- 2009
Initial public offering on ChiNext
[1]Hithink became a listed company on the ChiNext board of the Shenzhen Stock Exchange.
- 2007
Predecessor companies are consolidated
[1]Shanghai Hexin acquired Hangzhou Hexin, moved to Hangzhou in July and adopted the Hithink identity.
- 2001
Shanghai Hexin is established
[1]Yi Zheng founded Shanghai Hexin, the direct predecessor of Hithink RoyalFlush Information Network.
- 1994
Hangzhou Hexin is co-founded
[1]Yi Zheng co-founded Hangzhou Hexin after developing securities-analysis software for a brokerage.
Products and positioning
A large China-focused retail-investor financial-information platform with additional professional data-terminal and investment-services capabilities.
Retail investment platform
Tonghuashun mobile application
Tonghuashun is Hithink’s principal consumer-facing mobile platform. It provides Chinese investors with stock-market quotations, price charts, financial news, market-monitoring functions and investment-analysis tools. The application is also connected with brokerage trading services, allowing users to move from market information toward account-based trading where supported. Its scale and role in retail-investor workflows make platform availability, data accuracy and regulatory compliance central to the brand’s reputation.
Financial software
Tonghuashun desktop software
The desktop Tonghuashun platform extends the company’s quotation and analysis services to personal-computer users. It is designed around securities-market monitoring, charting, news, research and trading-related functions. The product represents the company’s original software-led business model and remains part of the broader Tonghuashun ecosystem serving individual investors in China.
Professional financial-data terminal
iFinD Financial Data Terminal
iFinD is Hithink’s professional financial-data terminal, developed for users requiring more extensive market, company and research information than a standard retail quotation application. The product became the subject of a major intellectual-property dispute with Wind Information beginning in 2012. Although courts ruled against Hithink in the form of the product covered by the case, Hithink stated that the terminal had been substantially modified during the litigation period.
Investment services
Investment-advisory services
Hithink has operated investment-information and advisory activities alongside its software and data products. These activities include digital and livestreaming channels and cooperation with securities companies. They are subject to Chinese securities rules, and the company’s advisory unit was restricted from adding new clients for three months in 2024 because regulators identified compliance deficiencies.
Controversies
2024
Investment advisory business suspended from adding new clients over exaggerated promotion and disguised return promises
In November 2024, the CSRC Zhejiang Bureau found that Zhejiang Hithink RoyalFlush Cloud Software Co., Ltd. engaged in exaggerated and misleading promotion and disguised promises of returns, and that some personnel providing investment advice were not registered as securities investment advisers. It ordered correction and suspended the addition of new clients. The specific responsible entity is Hithink's cloud software subsidiary.
2021
Tonghuashun application outage
An approximately one-hour outage prompted compensation requests from investors and a regulatory warning.
2017
Outdated report about Guo Guangchang
Hithink was fined 200,000 yuan after distributing an outdated report that said Fosun International founder Guo Guangchang was missing, causing shareholder concern.
2016
Administrative penalty from CSRC for illegal securities business
On November 25, 2016, the CSRC found that Hithink RoyalFlush, knowing that clients did not have securities business qualifications, still provided asset management systems and clearing services, constituting illegal securities business. It confiscated illegal gains of approximately 2.177 million yuan, imposed a fine of approximately 6.531 million yuan, and penalized responsible persons. This entry is an administrative penalty record.
2012
Wind Information intellectual-property litigation
Wind Information alleged that Hithink’s iFinD terminal infringed its intellectual-property rights. A Shanghai court ruled for Wind in 2016, and the appellate court upheld the decision in 2017.
Brand decisions
2024
Investment-advisory compliance remediationStrategyBackground
The CSRC identified securities-rule problems in livestreaming and weaknesses in cooperation arrangements with securities companies.
Action taken
The regulator ordered the investment-advisory unit to stop adding new clients for three months.
Aftermath
The order placed compliance controls and the company’s digital advisory channels under heightened scrutiny.
2009
ChiNext initial public offeringOtherBackground
Hithink pursued public-market financing as its financial-software and information business expanded.
Action taken
The company completed an initial public offering and listed on the ChiNext board of the Shenzhen Stock Exchange.
Aftermath
Hithink became a publicly traded Chinese financial-technology company under ticker 300033.SZ.
2007
Consolidation and relocation to HangzhouStrategyBackground
Shanghai Hexin acquired Hangzhou Hexin as the predecessor businesses were consolidated.
Action taken
The company moved to Hangzhou in July and adopted the Hithink identity.
Aftermath
The move established Hangzhou as the company’s headquarters and supported its development as an internet financial-information provider.
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