Aerospace Hongtu: Qualification for military procurement suspended for three years due to alleged violations related to the portable drone project.
In Focus Today
[Winning Health: Actual Controller Zhou Wei Sentenced to 1.5 Years in Prison and Fined RMB 200,000]
Winning Health (300253.SZ) announced that its wholly-owned subsidiary, Shenzhen Winning Zhongtian, and the company’s actual controller and chairman, Zhou Wei, received a 'Criminal Judgment' from the Dianbai District People's Court of Maoming City, Guangdong Province. Shenzhen Winning Zhongtian was fined RMB 800,000, while Zhou Wei was sentenced to 1.5 years in prison and fined RMB 200,000. The above is a first-instance judgment and has not yet taken effect. Both the defendant entity and the individual have decided to appeal. This matter is not expected to have a materially adverse impact on the company’s operations.
[Aerospace Hongtu: Suspended from Military Procurement for Three Years Due to Alleged Violations in Portable Drone Project]
Aerospace Hongtu (688066.SH) announced that the Military Procurement Network ('Juncai Network') published an announcement stating that, following an investigation, Aerospace Hongtu was suspected of violations during its participation in the procurement activities for a portable drone series project. According to relevant military supplier management regulations, the Army Logistics Department’s Procurement and Asset Management Bureau decided to suspend the company’s qualification to participate in procurement activities for the entire military’s material, engineering, and services from July 6, 2024, to July 6, 2027. After being informed of the suspension of procurement eligibility, the company placed high importance on the matter internally. It will actively apply for reconsideration, and if there are any changes to the final penalty, it will make timely announcements. The aforementioned suspension of procurement qualifications has affected the company’s ability to secure reserve projects in specialized fields, as it will be unable to participate in bidding during this period. This matter is expected to negatively impact the company’s production, operations, and business performance.
[Haoersai: Company Found Guilty of Corporate Bribery and Fined RMB 7 Million]
Haoersai (002963.SZ) announced that the company received a criminal judgment from the Xinzhou District People’s Court of Wuhan City, Hubei Province. The company was found guilty of corporate bribery and fined RMB 7 million. Former Chairman and General Manager Dai Baolin was also found guilty of corporate bribery, sentenced to three years in prison with a four-year reprieve, and fined RMB 3 million. The illegal proceeds amounting to RMB 21,516,124.39, which the company had returned, were confiscated and remitted to the state treasury. The total amount of the fines already paid by the company and the seized illegal proceeds amounted to RMB 28,516,124.39, representing 15.90% of the absolute value of the company’s most recent audited net profit attributable to parent company shareholders.
[Xiamen XGMA: Second-Largest Tradable Shareholder, China EXIM Bank Xiamen Branch, Reduced Holdings by 17.7409 Million Shares Between September 11 and November 5 After Two Consecutive Limit-Up Days]
Xiamen XGMA (600815.SH) announced that between September 11, 2025, and November 5, 2025, the Xiamen Branch of the Export-Import Bank of China reduced its holdings in the company by a cumulative 17.7409 million shares through centralized bidding transactions, representing 1% of the company’s total share capital. The price range for the reduction was RMB 2.75 to RMB 3.71 per share, with a total reduction amount of RMB 55.4962 million. This reduction plan has been fully implemented, and after the reduction, the shareholding ratio of Xiamen EXIM Bank decreased from 5.78% to 4.78%.
[Standard Share (2-day limit up): Wang Kunyuan, legal representative of the controlling shareholder, elected as Chairman of the Board]
Standard Shares (600302.SH) announced that at the 21st meeting of the Ninth Board of Directors held on November 5, 2025, Wang Kunyuan was elected as the Chairman of the Ninth Board of Directors, with the term lasting until the expiration of the Ninth Board of Directors. Additionally, Wang Kunyuan was appointed as the Chairman of the Strategy Committee and as a member of both the Nomination Committee and the Remuneration and Evaluation Committee.
[Wingtech Technology: Second largest shareholder Wuxi Guolian Integrated Circuit Investment Center plans to reduce holdings by no more than 3%]
Wingtech Technology (600745.SH) announced that Wuxi Guolian Integrated Circuit Investment Center (Limited Partnership), a shareholder holding over 5% of the company’s shares, plans to reduce its holdings through block trades by no more than 24.8927 million shares (no more than 2% of the total share capital) and via centralized bidding by no more than 12.4464 million shares (no more than 1% of the total share capital). The total reduction will not exceed 37.3391 million shares, i.e., no more than 3% of the company's total share capital. The reason for the reduction is the shareholder’s operational planning needs. The reduction period runs from November 27, 2025, to February 26, 2026.
[Shenma Power (2-day limit up): Actual controller Chen Xiaqin reduced holdings by 1% of the company’s shares between September 17 and November 5]
Shenma Electric Power (603530.SH) announced that its shareholder Chen Xiaoqin reduced her stake in the company by 4.3168 million shares, accounting for 1.00% of the company’s total share capital, through centralized bidding transactions during the period from September 17 to November 5, 2025. Following this change in equity interest, the aggregate shareholding percentage held by Chen Xiaoqin and her concert parties decreased from 79.16% to 78.16%, marking a change in equity interest at an integer multiple of 1%.
[Zhangzhou Development (2-day limit up): Wholly-owned subsidiary received tax refunds and paid overdue fines, expected to increase 2025 net profit by RMB 6.3847 million]
Zhangzhou Development (000753.SZ) issued an abnormal stock trading fluctuation announcement on November 4. On the same day, the company had previously announced that Zhangzhou Zhaofa Real Estate Co., Ltd., a wholly-owned subsidiary, received tax refunds and paid overdue fines, which are expected to increase the 2025 net profit by RMB 6.3847 million, subject to the audited financial statements for 2025. On the same day, the company also disclosed the 'Announcement Regarding Registration Approval for Perpetual Medium-Term Notes.' The company received the 'Notice of Acceptance of Registration' issued by the National Association of Financial Market Institutional Investors, agreeing to register the medium-term notes with an amount of RMB 600 million. The registration quota is valid for two years from the date of issuance of the notice.
[Sanjiang Shopping: Second largest shareholder Ali Zetey plans to reduce holdings by no more than 3%]
Sanjiang Shopping (601116.SH) announced that Hangzhou Alibaba Zetian Information Technology Co., Ltd. (referred to as "Alibaba Zetian"), a shareholder holding more than 5% of the company's shares, plans to reduce its stake in the company by no more than 16,430,400 shares, or no more than 3% of the company’s total share capital, via centralized bidding and block trading due to its own commercial arrangements. Among this, the reduction through centralized bidding will not exceed 5,476,800 shares (no more than 1% of the total share capital), and the reduction through block trading will not exceed 10,953,600 shares (no more than 2% of the total share capital). The reduction period is from November 27, 2025, to February 26, 2026.
[Cabery: Invests RMB 1 billion to establish a wholly-owned subsidiary, Shanghai Cabery Robotics, to accelerate the R&D progress and business layout of humanoid robot components projects.]
Cabery (300863.SZ) announced that the company has invested RMB 1 billion of its own funds to establish a wholly-owned subsidiary, Shanghai Cabery Robotics Co., Ltd., with its registered address at No. 1726 Kunyang Road, Minhang District, Shanghai, and a registered capital of RMB 1 billion. This investment aims to accelerate the company's R&D progress and business layout for humanoid robot components projects, aligning with the company’s long-term strategic planning and future business development needs. This investment does not constitute a related-party transaction or a major asset restructuring.
[Jiayuan Technology: Signs a cooperation framework agreement with CATL to comprehensively cooperate in materials for negative current collectors used in new batteries (including but not limited to copper foil for solid-state batteries).]
Jiayuan Technology (688388.SH) announced that the company (Party B) recently signed a Framework Agreement with CATL (Party A). On the basis of their existing business cooperation, both parties have agreed to further deepen and broaden their business relationship. Provided that Party B meets Party A’s requirements in relevant aspects, Party A will designate Party B as the preferred supplier of copper foil products based on actual demand. Both parties have agreed to establish a long-term partnership and comprehensively cooperate in the supply, R&D, and production of materials for negative current collectors used in new batteries (including but not limited to copper foil for solid-state batteries). For jointly developed products, provided that Party B meets Party A’s requirements in relevant aspects, Party A will designate Party B as the preferred supplier of such new products.
Investment & Signing
[Luzhou Laojiao: Plans to invest RMB 1.478 billion to construct the Luzhou Laojiao History and Culture Industrial Park and the Sichuan China Baijiu Museum project.]
Luzhou Laojiao (000568.SZ) announced that the Seventeenth Meeting of the Eleventh Board of Directors approved the proposal to invest in the construction of the Luzhou Laojiao History and Culture Industrial Park and the Sichuan China Baijiu Museum project. The construction period is approximately 50 months, with a total investment of approximately RMB 1.478 billion, including RMB 420 million already spent on the acquisition of assets from Luzhou Laojiao Tianfu High School Phoenix Mountain Campus. The required funds will be self-raised by the company. The project aims to systematically display and promote the history, culture, and development of Chinese baijiu and Luzhou Laojiao, enhancing brand influence.
[Hengyuan Coal & Electricity: Plans to acquire 100% equity in Hongneng Coal Industry and Changsheng Energy from Shaanxi Heimao for RMB 440 million.]
Hengyuan Coal & Electricity (600971.SH) announced that the company plans to use its own funds to acquire 100% equity of Zhangye Hongneng Coal Industry and Zhangye Hongneng Changsheng Energy held by Shaanxi Black Cat, with an equity transaction value of RMB 4.4 billion. Meanwhile, the company will assume Shaanxi Black Cat's claims against the target companies amounting to RMB 11.37 billion, forming a debt owed by the target companies to the company. This transaction does not constitute a related-party transaction nor a major asset restructuring.
[Huatai: Plans to invest RMB 1.153 billion to construct a carbon dioxide comprehensive utilization project with an annual output of 120,000 tons of amino resin.]
Huarta (001217.SZ) announced that the company plans to invest RMB 1.153 billion from self-raised funds to construct a carbon dioxide comprehensive utilization project with an annual production capacity of 120,000 tons of amino resin, aiming to achieve production capacity alignment and optimize its product mix, thereby enhancing the company's overall competitiveness. The project is expected to have a construction period of 26 months.
[Tongling Nonferrous Metals: Secures Exploration Rights for the Jiguan Mountain–Hucun Copper-Gold-Molybdenum Mine in Tongling, Anhui Province, for RMB 3.204 billion]
Tongling Nonferrous Metals (000630.SZ) announced that the company has won the exploration rights for the Jiguan Mountain-Hu Village copper-gold-molybdenum mine in Tongling City, Anhui Province, for RMB 3.204 billion. Minerals under exploration: copper, gold, and molybdenum. Area: 1.3207 square kilometers; output royalty rates: 1.2% for copper, 2.3% for gold, and 2.3% for molybdenum.
[Guoneng Rixin: Plans to Jointly Invest RMB 400 Million with Dongfang Xinneng to Establish a Joint Venture]
Guoneng Rixin (301162.SZ) announced that the company plans to jointly invest with Dongfang Xinneng (Beijing) Enterprise Management Center (Limited Partnership) to establish Dongfang Xinneng (Beijing) Energy Storage Industry Development Co., Ltd. The registered capital of the joint venture will be RMB 400 million. Among this, Dongfang Xinneng will contribute RMB 2.4 billion, accounting for 60% of the joint venture's registered capital, while the company will contribute RMB 1.6 billion from its own funds, representing 40% of the joint venture’s registered capital. This external investment does not constitute a related-party transaction nor does it qualify as a significant asset restructuring.
[Xiling Power: Intends to Acquire 100% Equity of Vitesco Automotive Electronics (Shanghai) Co., Ltd.]
Xiling Power (300733.SZ) announced that the company intends to acquire 100% equity of Vitesco Automotive Electronics (Shanghai) Co., Ltd., held by Vitesco Technologies Investment (China) Co., Ltd., through a cash payment. The transaction consideration includes the base payment amount, the excess of closing net working capital over target net working capital, the amount of closing cash and equivalents, and the excess of other current assets and liabilities over target other current assets and liabilities at closing. This transaction does not constitute a related-party transaction or a major asset restructuring. Upon completion of the transaction, the target company will become a wholly owned subsidiary of the company.
[Triangle Defense: Signs Gas Turbine Project Development Agreement and Framework Order Agreement with Siemens Energy]
Triangle Defense (300775.SZ) announced that the company has signed a Gas Turbine Project Development Agreement and a Framework Order Agreement with Siemens Energy and Siemens Energy Canada Ltd. The development agreement qualifies the company to supply specific items to Siemens Energy, while the framework order agreement requires the company to deliver corresponding products and tooling according to procurement orders, statements of work, drawings, and other documents. These agreements are expected to help the company expand its international market business and enhance its market position. However, subsequent cooperation and project implementation schedules remain uncertain, and the specific annual procurement amount is yet to be determined.
Equity Changes
[EVE Energy: Major shareholder and actual controller conduct a price inquiry transfer of 40.7768 million shares]
EVE Energy (300014.SZ) announced that the company’s controlling shareholder, EVE Holdings, along with the actual controllers Liu Jincheng and Luo Jinhong, transferred a total of 40,776,800 shares through a price-inquiry transfer method, representing 1.99% of the company's total share capital. Following the transfer, the transferor’s shareholding ratio decreased from 39.92% to 37.85%.
[Shaanxi Black Cat: Sale of wholly-owned subsidiary’s equity and debt for a transaction amount of RMB 1.577 billion]
Shaanxi Black Cat (601015.SH) announced that it will transfer its 100% equity in Zhangye Hongneng Coal Industry Co., Ltd., 100% equity in Zhangye Hongneng Changsheng Energy Co., Ltd., and the company’s claims against Hongneng Coal Industry to Anhui Hengyuan Coal & Electricity Co., Ltd. Among these, the provisional equity transfer consideration for Hongneng Coal Industry and Hongneng Changsheng amounts to RMB 439.8593 million, while the debt transfer consideration is RMB 1,136.8545 million. This transaction does not constitute a related-party transaction, nor does it constitute a major asset restructuring. The transaction has been approved at the twelfth meeting of the sixth board of directors and does not require submission to the shareholders’ meeting for deliberation.
Shareholding Increase/Decrease & Buybacks
[Kemai Special Gas: Shareholder and acting-in-concert parties plan to reduce holdings by no more than 3% of the company’s shares]
Kaimeite Gas (002549.SZ) announced that its shareholders, Caixin Asset, and concert parties, including Changqin No. 1 and Caixin Jingxin, plan to reduce their holdings through centralized bidding and/or block trading. The expected total reduction will be no more than 20,860,400 unrestricted tradable shares, representing no more than 3% of the company’s total share capital. The reduction period will commence 15 trading days after the disclosure of this reduction plan and last for three months.
[KeChuan Technology: Controlling shareholder Shi Huiqing plans to reduce holdings by no more than 3% of shares]
KeChuan Technology (603052.SH) announced that controlling shareholder and actual controller Shi Huiqing plans, starting from 15 trading days after the announcement date, within three months, to reduce holdings through centralized bidding and block trading by no more than 5.6369 million shares, representing 3.00% of the company’s total share capital. Among this, centralized bidding will be limited to no more than 1.879 million shares, accounting for up to 1.00%; block trading will not exceed 3.7579 million shares, representing no more than 2.00%. The reason for the reduction is personal financial needs, with the shares originating from pre-IPO acquisitions and bonus share issuances. The reduction period is from December 1, 2025, to February 28, 2026.
[Kangsheng Co., Ltd.: Shareholder Jiangsu Ruigin plans to reduce holdings by no more than 1% of shares]
Kangsheng Co., Ltd. (002418.SZ) announced that Jiangsu Ruijin Equipment Technology Co., Ltd., a shareholder holding 5% of the company’s shares, plans to reduce its holdings by no more than 11,364,000 shares (representing 1% of the company's total share capital) via centralized bidding. The reduction period will commence 15 trading days after the disclosure of this announcement and conclude on February 27, 2026.
[Ankai Bus: Anhui Investment Group Plans to Reduce Stake by Up to 1%]
Ankai Bus (000868.SZ) announced that Anhui Investment Group Holding Co., Ltd., a shareholder holding more than 5% of the company's shares, plans to reduce its stake in the company by no more than 9.3951 million shares (i.e., no more than 1% of the company’s total share capital) via centralized bidding. The reduction period will commence 15 trading days after the announcement and last for 90 calendar days.
[Staidson Biotech: Shareholder Xiangtang Group Plans to Reduce Stake by Up to 1%]
Staidson (300204.SZ) announced that Xiangtang Group Limited, a shareholder holding more than 5% of the company’s shares, plans to reduce its stake through block trading within three months after 15 trading days from the date of this announcement. The planned reduction will not exceed 4,777,700 shares, representing 1% of the company’s total share capital. The reduction period is scheduled from November 27, 2025, to February 26, 2026, due to the group’s own funding requirements.
[Hualan Co., Ltd.: Controlling Shareholder Plans to Increase Stake by RMB 30 Million to RMB 60 Million]
Hualan Co., Ltd. (301093.SZ) announced that its controlling shareholder, Jiangyin Hualan Electromechanical Technology Co., Ltd. (“Hualan Electromechanical”), plans to increase its stake in the company through centralized bidding. The total amount of the increase will be no less than RMB 30 million and no more than RMB 60 million, with a price per share not exceeding RMB 58.08. The cumulative number of shares to be increased will not exceed 2% of the company’s total issued shares (excluding shares held in the dedicated repurchase account at the time of implementation).
Operations & Performance
[Wens Foodstuff Group: October Swine Sales Revenue Decreased by 13.15% Year-on-Year]
Wens Foodstuff Group (300498.SZ) announced that in October 2025, the company sold 128.3345 million broilers, generating revenue of RMB 3.633 billion, with an average selling price of RMB 13.33 per kilogram for live broilers. Month-on-month changes were 4.66%, 4.91%, and -1.48%, while year-on-year changes were 8.01%, 9.96%, and 0.00%, respectively. In October 2025, the company sold 3.8928 million hogs, generating revenue of RMB 5.048 billion, with an average selling price of RMB 11.57 per kilogram for live hogs. Month-on-month changes were 17.07%, 1.47%, and -12.22%, while year-on-year changes were 45.69%, -13.15%, and -34.41%, respectively.
[Muyuan Foods: October Revenue from Commercial Pig Sales RMB 10.331 Billion, Down 22.28% Year-on-Year]
Muyuan Foods (002714.SZ) announced that in October 2025, the company sold 7.076 million commercial pigs, representing a year-on-year change of 13.17%; the average selling price for commercial pigs was RMB 11.55 per kilogram, with a year-on-year change of -32.73%; revenue from commercial pig sales amounted to RMB 10.331 billion, reflecting a year-on-year change of -22.28%.
[*ST Tianshan: October Live Livestock Sales Revenue Increased by 242.54% Year-on-Year]
*ST Tian Shan (300313.SZ) announced that the company sold 1,367 heads of livestock in October, generating sales revenue of RMB 13.3484 million. The month-on-month changes were 364.97% and 365.64%, respectively, while the year-on-year changes were 354.15% and 242.54%, respectively. The main reason for the month-on-month and year-on-year increases in the number of livestock sold and revenue in October was that the output volume in October was higher than in September and the same period last year.
Financing & Private Placement
[Hao Neng Technology: Plans to Issue Convertible Bonds to Raise No More Than RMB 1.8 Billion for Core Components of Intelligent Manufacturing Project (Phase II), etc.]
HaoNeng Co., Ltd. (603809.SH) announced that it plans to raise up to RMB 1.8 billion through a convertible bond issuance, which will be allocated for Phase II of the Intelligent Manufacturing Core Components Project, as well as for working capital replenishment and bank loan repayment. Specifically, Phase II of the Intelligent Manufacturing Core Components Project involves a total investment of RMB 1.307 billion, with RMB 1.3 billion proposed for use from the raised funds; the project for working capital replenishment and bank loan repayment is expected to utilize RMB 500 million of the raised funds.
[Seres: Successful Listing and Trading of H Shares]
Seres (601127.SH) announced that the total number of H shares offered globally in this offering is 108,619,000 shares (before the exercise of the over-allotment option), and the estimated net proceeds from the global offering are approximately HKD 14.016 billion. The H shares were listed and began trading on the Main Board of the Hong Kong Stock Exchange on November 5, 2025, with the Chinese abbreviation “Seres” and the English abbreviation “SERES,” and the stock code “9927.” Upon completion of this issuance and listing, the company's total share capital will increase to 1,741,985,086 shares or 1,758,277,886 shares (assuming full exercise of the over-allotment option).
Abnormal stock price movements
[7-Day Limit-Up Streak for Hefu China: Cumulative Stock Price Increase Severely Deviates from Fundamentals, Poses Risk of Rapid Decline]
Hefu China (603122.SH) issued a risk advisory announcement stating that from October 28, 2025, to November 5, 2025, the company's stock closed at the upper price limit for seven consecutive trading days and triggered abnormal price fluctuation warnings three times consecutively. During this period, the cumulative increase reached 95.21%. There has been no significant change in the company’s core business operations. The sharp rise in stock price over a short period reflects overheated market sentiment and risks of irrational speculation. The stock price has significantly outpaced both industry peers and the Shanghai Composite Index and deviates substantially from the company’s fundamentals, posing a risk of a rapid decline at any time.
[Shenma Power: Planning Investments to Build Factories in Vietnam and Romania; Specific Investment Scale Yet to Be Determined After 2-Day Limit-Up Streak]
Shenma Power (603530.SH) issued an unusual trading activity announcement. As of now, the company primarily engages in the research, production, and sales of composite external insulation products for power system substations, transmission and distribution lines, as well as rubber sealing components. There have been no significant changes in its core business operations or production activities. All business operations are proceeding normally, with internal production and operational order remaining stable. The fundamental aspects of operations and the structure of its core business have not undergone any major changes, nor have there been any significant shifts in the internal or external operating environment. The company is planning to invest in building factories in Vietnam and Romania. The specific investment scale has yet to be determined. The company will convene a board meeting as soon as possible to review related proposals.
Others
[Fuan Pharmaceutical: Subsidiary Qingyutang Receives GMP Compliance Certificate from the Philippines]
Fuan Pharmaceutical (300194.SZ) announced that its wholly-owned subsidiary, Fuan Pharmaceutical Group Qingyutang Pharmaceutical Co., Ltd., has received the 'GMP Compliance Certificate' issued by the Food and Drug Administration of the Ministry of Health of the Republic of the Philippines. The certification scope includes production operations for small-volume injectables (powder injections) and multiple dosage forms. Passing the Philippine GMP compliance inspection will have a positive impact on the overseas market expansion of the subsidiary’s related products; however, the timing, scale, and progress of product sales in foreign markets remain uncertain.
[Oriental Landscape: Involved in Securities Misrepresentation Liability Dispute Litigation Amounting to RMB 170 Million]
Oriental Garden (002310.SZ) announced that the company received a 'Notice of Defense' from the Beijing Financial Court. The lawsuit filed by Zhao Hong against the company for securities false statement liability disputes has not yet been heard in court. The amount involved is RMB 170,022,100. As the case has not yet gone to trial, the specific impact of the final outcome on the company’s current or future performance remains uncertain. However, since the matters related to this case occurred before November 22, 2024, if relevant parties claim their rights based on an effective court judgment, compensation will be made in accordance with the settlement plan for similar claims under the 'Restructuring Plan,' without affecting the operations and profits/losses of the company after restructuring.
[Dongfeng Group: Ticker Symbol to Be Changed to Quzhou Dongfeng]
Dongfeng Group (601515.SH) announced that the company's stock abbreviation will be changed from "Dongfeng Group" to "Quzhou Dongfeng" effective November 11, 2025, while the stock code "601515" will remain unchanged. This change is due to the fact that the company's controlling shareholder and actual controller have changed. According to relevant agreements and decisions by the controlling shareholder, the company’s name, stock abbreviation, and registered address have been correspondingly updated. This change only reflects the company's regional affiliation and does not involve changes to its trade name or industry, nor will it have a significant impact on the company’s operating performance.