China's A-share market saw widespread declines in the liquid cooling server sector, with industry leader Shenzhen Envicool Technology Co.,Ltd., boasting a market cap of over 100 billion yuan, hitting the daily down limit at the open. The company previously announced that its first-quarter net profit attributable to shareholders was 8.6576 million yuan, a decrease of 81.97% year-on-year.
On April 21, A-shares opened lower across the board in the morning session, with the three major indices declining collectively at the start of trading. The ChiNext Index fell as much as 1% at one point. Parts of the computing hardware supply chain, such as copper-clad laminates, printed circuit boards, and glass fibers, showed activity. Sectors including coal, banking, and lithium mining advanced, while AI computing power, servers, and other related areas saw collective adjustments. The semiconductor sector declined.
The Hong Kong stock market fluctuated and retreated. The Hang Seng Tech Index fell at the open, and the Hang Seng Index opened higher but then turned lower, approaching negative territory in the morning session. Technology and internet stocks were mixed, with Alibaba falling nearly 1%. New consumption concept stocks staged a collective rebound, with Mixue Group surging 7%.
In the bond market, government bond futures rose across the board. In commodities, domestic commodity futures were mixed, with polysilicon continuing its rise of over 4%.
Key market movements as of writing:
A-shares: The Shanghai Composite Index was down 0.26%, the Shenzhen Component Index was down 0.73%, and the ChiNext Index was down 0.81%.
Hong Kong Stocks: The Hang Seng Index was up 0.16%, while the Hang Seng Tech Index was down 0.49%.
Bond Market: Government bond futures were up across the board. The 30-year main contract was up 0.26%, the 10-year main contract was up 0.07%, the 5-year main contract was up 0.04%, and the 2-year main contract was up 0.01%.
Commodities: Domestic commodity futures were mixed. Polysilicon was up over 4%, after hitting the up limit in the previous trading session. Aluminum oxide, crude oil, rubber, coke, and Shanghai tin were up over 1%. Iron ore, rebar, hot-rolled coil, soybean meal, caustic soda, pulp, asphalt, stainless steel, and propylene were also higher. Shanghai nickel, fuel oil, glass, eggs, the containerized freight index, ethylene glycol, palladium, industrial silicon, Shanghai copper, ferromanganese silicon, Shanghai gold, rapeseed, methanol, Shanghai aluminum, and platinum declined. Lithium carbonate and Shanghai silver fell over 1%.
10:18 AM The optical module index was mostly lower. After opening significantly lower, Suzhou Tfc Optical Communication Co.,Ltd. saw its losses narrow in the morning session, currently down 4.5%. Reports indicated that benefiting from the explosion in AI and data center demand, Suzhou Tfc Optical Communication Co.,Ltd.'s first-quarter 2026 operating revenue reached 1.33 billion yuan, a year-on-year increase of 40.82%; net profit attributable to shareholders was 492 million yuan, a year-on-year increase of 45.79%. The company's plan for a Hong Kong listing has been approved by shareholders, marking a key step in its capital operations.
09:54 AM PCB concept stocks rose against the trend. Defu Technology surged over 10%, continuing to hit a record high. Guanghe Technology, Ping'an Electric, Xunjie Xing, Zhongying Technology, Tongguan Tongfo, and Yihao New Materials followed with gains. Analysts from Soochow Securities pointed out that leading PCB companies' investments in the AI field are gradually entering a phase of accelerated growth, suggesting that these companies' quarterly capital expenditures in 2026 may consistently exceed expectations, which would positively drive the performance of PCB equipment firms.
09:39 AM The pharmaceutical sector was active against the trend. Yibai Pharmaceutical hit the daily up limit. Jinling Pharmaceutical, Guangsheng Tang, Lingkang Pharmaceutical,神州细胞,华纳药厂, and Sailun Biological followed with gains. This follows the issuance of the "Several Opinions on Improving the Drug Price Formation Mechanism" by the General Office of the State Council, which proposes 14 measures, including optimizing the initial pricing mechanism for new drugs such as innovative medicines.
09:35 AM The liquid cooling server concept collectively slumped. Market leader Shenzhen Envicool Technology Co.,Ltd. hit the daily down limit at the open. Shengyang Co., Ltd. also fell by the daily limit. Dayuan Pump Industry fell 9%, Yingte Technology fell 8%, Jialitu fell over 7%, Gaolan Co., Ltd., UCloud -W, and Ruijie Networks fell over 6%. Longpan Technology, Chunrun Co., Ltd., and Shuguang Shuchuang fell over 5%. Shenzhen Envicool Technology Co.,Ltd. announced that its first-quarter 2026 net profit attributable to shareholders was 8.6576 million yuan, a year-on-year decrease of 81.97%. Prior to this, the company's stock price had accumulated gains of over 40% within the month.
09:29 AM A-share liquid cooling server concept stocks opened lower, with Shenzhen Envicool Technology Co.,Ltd. falling by the daily limit. The company announced that its first-quarter 2026 net profit was 8.6576 million yuan, down 81.97% year-on-year.
09:26 AM The Shanghai Composite Index opened down 0.15%, and the ChiNext Index opened down 0.42%. Liquid cooling servers, high-speed copper connections, CPO, AI computing power, consumer electronics, and semiconductor concept stocks weakened. Lithium battery and energy metal themes strengthened.
09:21 AM The Hang Seng Index opened up 0.31%, and the Hang Seng Tech Index opened up 0.53%. Baidu Group, Trip.com Group, and BYD Company were among the top gainers. Shenghong Technology opened over 57% higher on its first day of trading.
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