On September 17, an unverified social media post triggered a chain reaction in the secondary market, causing Victory Giant Technology(Huizhou) Co.,Ltd. shares to plummet as much as 7.77% before recovering to close down 3.78%. The incident stemmed from Suzhou Dongshan Precision Manufacturing Co.,Ltd.'s investor relations activity disclosed on September 16, with market sentiment quickly ignited by fragmented and distorted information spread online. The stock price gradually stabilized after company IR director Xiong Dan publicly refuted the rumors.
The cause of this episode was relatively straightforward. On September 16, Dongshan Precision held an investor relations meeting at 2 PM and published the required "Investor Relations Activity Record" per regulatory requirements. What should have been routine communication became the source of market speculation.
In the version circulating online, Dongshan Precision's statements were transformed into sensational quotes: first, "Our technical expertise surpasses Victory Giant's, but they got ahead of us due to our previous capacity constraints"; second, "We are the only company to pass orthogonal backplane sample testing on the first try"; and third, "Victory Giant comes to us for technical guidance, we'll defeat Victory Giant and rival others, aiming for trillion-yuan market cap." These snippets quickly spread, combined with the market's high sensitivity to popular AI and PCB sectors, directly impacting Victory Giant Technology's stock performance.
On the morning of September 17, Victory Giant Technology's stock price dropped sharply, with losses expanding to 7.77% at one point. Within the short window before information authenticity could be verified, rapid capital outflows created heightened panic.
Facing the rapidly spreading rumors, Dongshan Precision's IR director Xiong Dan reportedly posted on social media around 11 AM on the 17th, clearly stating "rumors end with the wise." In the comments section, she further clarified her original meaning: "We firmly believe this industry will see trillion-yuan enterprises emerge, just like the automotive supply chain has trillion-yuan companies (CATL)! Great industries like AI and PCB cannot possibly lack such companies - it may not be us, but there will definitely be such enterprises!" The implication was not targeting any specific company, but emphasizing the overall industry development prospects.
Xiong Dan's statement helped slow Victory Giant Technology's decline, with losses gradually narrowing in the afternoon session. As of the September 17 close, the company's shares traded at 333.87 yuan per share, with daily losses narrowing to -3.78%. Market performance showed sentiment clearly improved after the clarification.
The incident quickly drew attention from financial bloggers on social media. Financial blogger @XiaoShengTongXueoo posted at midday: "Dongshan Precision IR director Xiong Dan refutes rumors. Regarding this morning's social media post that caused Victory Giant Technology to drop 8%, it's now gradually recovering."
Another financial blogger @QuShiYiGe commented directly: "The battle between Dongshan Precision against overseas companies and Victory Giant Technology actually has nothing to do with other overseas chain companies."
Notably, both Victory Giant Technology and Dongshan Precision are important participants in the AI and PCB sectors. The industry has risen rapidly in recent years due to computing power and high-performance interconnect demands, with capital markets paying extremely high attention to related stocks.
Looking at the full trading day on September 17, Victory Giant Technology's performance almost completely demonstrated the entire process of "rumor generation—market panic—company clarification—stock price recovery."
Ultimately, while Victory Giant Technology failed to recover all its losses, the stock price rebounded from its intraday maximum decline of 7.77% to -3.78%.
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