<p>To achieve efficient building construction while ensuring the structural seismic safety, this paper proposes a precast assembled concrete structure with simplified connection. The precast structure consists of uniform double-row hollow wall panels as the primary load-bearing element and cast-in-place reinforced concrete as the constraint elements. The low-cycle loading tests are conducted on comparative specimens to determine the reliability of simplified connections in the term of seismic performance and damage mechanisms of the new precast hollow shear walls. The experimental results show that the difference in ultimate load-bearing capacity between the simplified connection and localized grouting strengthening connection is only 0.78%, the simplified connection in the horizontal direction is safe and feasible. Furthermore, based on ABAQUS, the finite element model is established, combined with experiments and simulations, reveals the three-stage gradual failure process of the simplified connection specimen, i.e., the cooperative work stage, the gradual failure stage, and the weak framework stage. The calculation methods of precast shear wall’s lateral load-bearing capacity at various stages are established. The ratios of experimental and calculated values for the cooperative working and the weak framework are 1.04 and 1.10, respectively, indicating that the calculation model and calculation method are reliable. The research results provide significant references for the engineering application of connections similar to hollow wall panels.</p>