**Hot Topics** **Guanxiang Technology** announced plans to acquire no less than 60% equity in Liaojing Electronics, with trading suspended starting December 22. The target company, Jinzhou Liaojing Electronics Technology Co., Ltd., is partially owned by shareholders holding 67.69% of its equity. The transaction remains uncertain, pending further disclosures.
**Shangfeng Cement** disclosed that its investee, Yuexin Semiconductor, has filed for a ChiNext IPO, which was accepted by the Shenzhen Stock Exchange on December 19. The company indirectly holds approximately 1.4957% of Yuexin Semiconductor’s pre-IPO shares.
**Jindalai** plans to invest RMB 30 million in Zhongke Hongtai, a medical robotics firm, acquiring a 10% stake. Zhongke Hongtai specializes in AI-driven vascular intervention robotics and is a spin-off from the Chinese Academy of Sciences.
**Lianchuang Electronic** extended its trading suspension due to ongoing negotiations for a controlling stake transfer, which may lead to a change in its controlling shareholder. The suspension is expected to last no more than three trading days.
**Joincare Pharmaceutical** received regulatory approval to expand clinical trials for its NS-041 tablets to treat depression. The drug, targeting KCNQ2/3, is the only domestic candidate in clinical trials for both epilepsy and depression.
**China Kings Resources Group** agreed to acquire a 15.7147% stake in Nuoya Fluorochemicals for RMB 257 million, becoming its second-largest shareholder. The move aligns with its strategy to expand into high-value fluorochemical downstream sectors.
**Zelgen Biopharmaceuticals** submitted an application for an H-share listing on the Hong Kong Stock Exchange on December 19. The approval process involves multiple regulatory bodies and remains uncertain.
**Nanhua Futures**’ Singapore subsidiary was approved as a trading and clearing member by ICE Futures Singapore (IFSG) and ICE Clear Singapore (ICSG), enabling participation in IFSG-listed products.
**Xihua Technology** will debut on the Shanghai Stock Exchange main board on December 23, issuing 100 million shares at a total post-IPO capital of 460 million shares.
**ST Mingjia** completed its capital reserve-to-share conversion under a restructuring plan, adding 730 million shares. Trading will resume on December 22.
**Xiamen Tungsten** redeemed RMB 280 million in principal and RMB 2.75 million in returns from wealth management products. Its unused fundraising balance for cash management stands at RMB 1.735 billion.
**Shareholder Actions** - **Zhongheng Group** will cancel 11.07 million restricted shares on December 24 due to unmet performance targets and participant exits. - **Haoyuan Pharma** shareholder Su Min Tou Jun Xin plans to sell up to 550,000 shares (0.26%) from December 26 to March 25, 2026. - **Huatu Shanding** shareholder Zhang Peng intends to offload 370,000 shares (0.19%) within three months. - **Kairuide**’s major shareholder Hubei Nonggu Industrial Group may sell up to 11.03 million shares (3%). - **Zhenbang Intelligent** shareholder Zhongtian Zhike aims to divest 52,000 shares (0.0359%). - **Shuixing Home Textile** directors Li Lijun and Li Yujiang plan to sell 1.52 million (0.5791%) and 3 million shares (1.1429%), respectively. - **Hengsheng Energy**’s controlling shareholder Du Shunxian reduced holdings by 1.11 million shares (0.40%). - **Delinhai** Vice Chairman Ma Jianhua may sell 200,000 shares (0.1735%) from January to April 2026. - **Yongdong Shares**’ major shareholders diluted their stake by 0.95% through减持 and passive dilution.
**M&A and Listings** - **China Kings Resources Group**’s acquisition of Nuoya Fluorochemicals is detailed above. - **Zelgen Biopharmaceuticals** and **Zhaowei Machinery & Electronics** updated their H-share listing applications in Hong Kong. - **Nanhua Futures** priced its global H-share offering at HK$12 per share, aiming to raise ~HK$1.2 billion net.
**Market Alerts** - **Senton Energy** warned of a potential sharp decline after six consecutive limit-up surges (77.22% gain), citing detachment from fundamentals. - **Western Metal Materials** confirmed no material operational changes despite a 20% price fluctuation over two days.
**Restructuring & Freezes** - **ST Dong Yi**’s restructuring plan was approved by court, entering the execution phase. - **Vantone Neo Development**’s controlling shareholder saw 364 million shares (19.28%) frozen, with cumulative freezes affecting 40.62% of total equity.
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