①Hi-Crea Photonics' STAR Market IPO review has been terminated; ②FavoredTech Corporation Limited, a shareholder of Feiwo Tai, intends to transfer 3% of the company's shares; ③Chipscreen Biosciences plans to repurchase shares for RMB 10 million to RMB 15 million; ④Canadian Solar Inc. has issued an unusual trading activity announcement.
STAR Market Daily, November 5th: The main content of today’s STAR Market Express includes: Hi-Crea Photonics' STAR Market IPO review has been terminated; FavoredTech Corporation Limited, a shareholder of Feiwo Tai, intends to transfer 3% of the company's shares; Chipscreen Biosciences plans to repurchase shares for RMB 10 million to RMB 15 million; Canadian Solar Inc. has issued an unusual trading activity announcement.
[Hotspot Focus]
Brief News:
The Tariff Commission of the State Council announced the cessation of additional tariff measures on certain imported goods originating from the United States.
To implement the consensual outcomes of the China-US economic and trade consultations, and in accordance with laws and regulations such as the Customs Law of the People's Republic of China, the Tariff Law of the People's Republic of China, the Foreign Trade Law of the People's Republic of China, as well as the fundamental principles of international law, the Tariff Commission of the State Council, with the approval of the State Council, has announced that starting from 13:01 on November 10, 2025, it will cease implementing the additional tariff measures stipulated in the 'Announcement of the Tariff Commission of the State Council on Imposing Additional Tariffs on Certain Imported Goods Originating from the United States' (Announcement No. 2 of 2025 by the Tariff Commission).
The suspension of certain bilateral additional tariffs by China and the United States aligns with the fundamental interests of both countries and their peoples, as well as the expectations of the international community, and will help elevate bilateral economic and trade relations to higher levels.
In-depth Analysis:
The screens are all 'powered'! AI-driven electricity shortages catalyze the power equipment sector. Who will benefit in this 'New Watt Era'?
SK Hynix takes the lead in HBM4 development: Agreement reached with NVIDIA at a 50% price increase compared to the previous generation.
Wang Xingxing of Unitree Technology: This year, the average growth of domestic intelligent robot companies in China is expected to exceed 50%-100%.
[SSE STAR Market Companies]
Aerospace Hongtu: Qualification for military procurement suspended for three years due to alleged violations related to the portable drone project.
PIESAT (688066.SH) announced that the Army Procurement Network ('Juncai Net') posted an announcement stating that, after investigation, PIESAT was suspected of violations during its participation in the procurement activities for portable drone series projects. According to relevant regulations governing army suppliers, the Logistics Procurement and Asset Management Bureau of the Army decided to suspend the company from participating in procurement activities for military goods, engineering, and services from July 6, 2024, to July 6, 2027. After learning about the suspension of procurement qualifications, the company attached great importance internally and will actively apply for reconsideration. If there are any changes to the final penalty, they will be promptly announced. The aforementioned suspension of procurement eligibility has affected the company’s ability to secure reserve projects in specialized fields, as it cannot participate in bidding during this period. This matter is expected to negatively impact the company’s production, operations, and financial performance.
Jiayuan Technology: A cooperation framework agreement has been signed with CATL to comprehensively collaborate on anode current collector materials for new types of 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 agreed to further expand the depth and breadth of their business relationship. Provided that Party B meets Party A's requirements in relevant aspects, Party A will consider Party B as the preferred supplier of copper foil products based on actual demand. Both parties agreed to establish a long-term partnership to comprehensively collaborate on the supply, research and development, and production of anode current collector materials for new types of batteries (including but not limited to copper foil for solid-state batteries). For jointly developed products, Party A will consider Party B as the preferred supplier of such new products, provided that Party B meets Party A's requirements in relevant aspects. Based on its operational situation, Party A plans to purchase anode current collector materials from Party B, and Party B should ensure priority fulfillment of Party A’s product demands within the estimated capacity under the agreement and provide competitive pricing solutions.
FavoredTech Corporation Limited, a shareholder of FeiwoTai, intends to transfer 3% of the company's shares.
FeiwoTai (688371.SH) announced that FavoredTech Corporation Limited, a shareholder, plans to conduct a price inquiry for the transfer of 10,064,170 shares, representing 3.00% of the company’s total share capital. The reason for the transfer is due to its own financial needs.
Chipscreen Biosciences: Plans to repurchase shares worth RMB 10 million to RMB 15 million.
Chipscreen Biosciences (688321.SH) announced that the company plans to repurchase part of its issued Renminbi ordinary shares (A-shares) through the Shanghai Stock Exchange trading system using centralized bidding. The repurchase will be funded by no less than RMB 10 million (inclusive) and no more than RMB 15 million (inclusive) of the company’s own funds and special stock repurchase loans. All repurchased shares will be used for equity incentives or employee stock ownership plans at an appropriate future time. The maximum repurchase price per share is RMB 47.46, and the repurchase period is 12 months from the date the board of directors approves the repurchase plan.
Zhiyang Innovation: Directors and Senior Executives Plan to Reduce Combined Stake by No More Than 0.52% of the Company’s Shares
Zhiyang Innovation (688191.SH) announced that due to the shareholders’ own funding needs, director Chen Xiaojuan plans to reduce her holdings by no more than 500,000 shares (0.22%), Sun Peixiang by no more than 270,000 shares (0.12%), Zhang Wanzheng by no more than 100,000 shares (0.04%), Bao Chunfei by no more than 160,000 shares (0.07%), Wang Shutang by no more than 100,000 shares (0.04%), Hu Zhikun by no more than 48,000 shares (0.02%), and Hu Xuehai by no more than 30,000 shares (0.01%). The methods of reduction will be centralized bidding or block trading, and the reduction period is from November 28, 2025, to February 27, 2026.
Canadian Solar: No Significant Fluctuations in Production Costs or Sales
Canadian Solar (688472.SH) announced that the cumulative deviation of closing price increases over three consecutive trading days exceeded 30%, constituting an unusual stock trading fluctuation. After a self-examination, the company confirmed that its current production and business operations are normal; there have been no major adjustments to the market environment or industry policies, no significant fluctuations in production costs or sales, and normal internal production and operational order. Recently, no major contracts were signed or are under negotiation, and there have been no new investment projects for industrial transformation and upgrading.
Ambitply: Zhujie Gaotekjia and others plan to collectively reduce holdings by no more than 1.00% of shares.
Ambitply (688393.SH) announced that shareholders Zhujie Gaotekjia, Chongqing Gaotekjia, Hangzhou Gaotekjia, and Hangzhou Ruihong plan to collectively reduce their holdings by no more than 935,700 shares through centralized bidding, representing no more than 1.00% of the company's total share capital. The reduction period will be from November 28, 2025, to February 27, 2026. The reason for the reduction is financial needs, and the shares were acquired prior to the initial public offering.
[IPO Review Updates]
HaiChuang Optoelectronics’ STAR Market IPO Review Terminated
The Shanghai Stock Exchange has halted the review of Haichuang Optoelectronics' STAR Market IPO, as the company and its sponsor, Industrial Securities, withdrew the application.
[Venture Capital Trends]
Zhongling Technology Completes Over RMB 400 Million in Series C Financing
Recently, Zhongling Technology Co., Ltd., a supplier of integrated metal mask solutions based in Zhejiang, completed over RMB 400 million in Series C financing. This round was led by Shenzhen Capital Group, with participation from China Jianyin Investment, Yada Capital, Guangdong Science and Technology Financial Group, CAS Star, China Venture Capital, and Suzhou Creater Investment. Founded in 2020, Zhongling Technology focuses on the research, development, and production of ultra-fine metal masks for OLEDs. The proceeds from this round will be used for capacity expansion, technological R&D, and market development. The company has previously received investments from well-known institutions such as Shenzhen Capital Group and CAS Star. According to data from Cailian She Venture Capital Pass-Zhongzhong Data, with November 2025 as the forecast base time, the probability of subsequent two-year financing is 69.23%.
Dazheng Micro-Nano Completes Over RMB 100 Million in Series A3 Financing
Recently, Dazheng (Jiangsu) Micro-Nano Technology Co., Ltd., a developer of lightweight flexible perovskite solar cells, completed over RMB 100 million in Series A3 financing. This round was led by Future Genesis Fund No. 3, with participation from Guoxing Investment. The funds will be used to advance the mass production of flexible perovskite solar cell modules and equipment R&D. Founded in 2018, Dazheng Micro-Nano specializes in the manufacturing of lightweight flexible perovskite solar cell modules and related precision equipment. In 2022, the company built its first pilot production line for flexible perovskite and began supplying products. According to data from Cailian She Venture Capital Pass-Zhongzhong Data, with November 2025 as the forecast base time, the probability of subsequent two-year financing is 65.52%.
Guanglian Xinke Secures Largest Early-Stage Financing in Optical Interconnect Sector
Reporters from The STAR Market Daily learned that Guanglian Xinke, a developer of chip-to-chip optical interconnect technologies, recently completed a new round of financing, marking one of the largest early-stage financings in China’s optical interconnect chip sector. Guanglian Xinke has completed multiple rounds of financing within the past year, with its founding investor being Truth Ventures.
Starry Energy Completes Over RMB 300 Million in Series A Financing
Recently, Starry Energy, a provider of vanadium redox flow battery energy storage systems, completed over RMB 300 million in Series A financing. Investors in this round include CITIC Construction Capital, Sichuan Juxin Zhiyuan Fund, Shaoxing Xinghui Fund, and Changshi Capital. Founded in 2021, Starry Energy focuses on the R&D and manufacturing of vanadium redox flow battery energy storage systems, with operations spanning the entire industrial chain from stone coal vanadium mines, electrolyte, stack components, to complete energy storage systems. Its core technologies and materials are fully self-developed, providing customers with safe, efficient, and reliable energy storage solutions. The company had previously completed multiple rounds of strategic financing, with investors including State Power Investment Corporation, CRRC Capital, CAS Capital, CNPC Kunlun Capital, and others. According to data from Cailian She Venture Capital Pass-Zhongzhong Data, with November 2025 as the forecast base time, the probability of subsequent two-year financing is 27.9%.
Agile Medical Completes Multi-Hundred Million RMB Series B Financing
Recently, Agile Medical, a developer of surgical robots, completed multi-hundred million RMB in Series B financing. This round was led by Mingxi Capital, with participation from Yuanhe Holdings, Licheng Investment, Nantong Investment Management, Qianji Capital, and Yuanhe Origin. The funds will be used to advance the commercialization of the AGIBOT laparoscopic surgical robot and support new product R&D. Founded in 2020, Agile Medical specializes in the R&D and industrialization of intelligent surgical products. Its AGIBOT laparoscopic surgical robot has been approved for market entry by the National Medical Products Administration (NMPA). The company had previously received investment from Qianji Capital. According to data from Cailian She Venture Capital Pass-Zhongzhong Data, with November 2025 as the forecast base time, the probability of subsequent two-year financing is 66.22%.