**Trading Halt** 002388 ST Xinya (Rights Protection)
**Trading Resumption** 605255 Tianpu Co., Ltd. (Rights Protection) 603828 ST Kelida (Rights Protection) 603778 Guosheng Technology (Rights Protection) 002969 Jiamei Packaging
**Major Events** Jiamei Packaging: The company announced that its stock will resume trading on January 12 following the completion of a review. Jiamei Packaging (002969) disclosed that its stock price surged 230.48% between December 17, 2025, and January 6, 2026, repeatedly triggering abnormal trading volatility alerts. Due to this significant short-term price increase, which deviated from the company's fundamentals, trading was halted to protect investor interests while a review was conducted. With the review now complete and upon application to the Shenzhen Stock Exchange, trading will resume at the market open on January 12, 2026.
Yanjiang Co., Ltd.: The company announced its stock will remain suspended as the planning for an asset acquisition remains uncertain. Yanjiang Co., Ltd. (300658) is planning to acquire assets through a share issuance and raise supporting funds, a move that may constitute a major asset reorganization. To safeguard investor interests, trading was halted starting January 5, 2026, with a transaction plan expected to be disclosed by January 19, 2026. As of the announcement date, the company is actively advancing related work. Given the ongoing uncertainties, the stock will continue to be suspended to prevent abnormal price fluctuations, in accordance with Shenzhen Stock Exchange regulations.
Defu Technology: The company announced the termination of its planned acquisition of a 100% equity stake in Luxembourg Copper Foil. Defu Technology (301511) stated that the acquisition could not be completed due to restrictive conditions imposed by the Luxembourg Ministry of Economy. Both parties agreed to terminate the deal. A contract deposit of 17.4047 million euros paid by Defu Technology will be fully refunded by the counterparty within 10 working days after termination. This termination is not expected to affect the company's normal production, operations, or financial condition.
Defu Technology: The company announced its intention to acquire no less than a 51% stake in Huiru Technology through a combination of cash purchase and capital increase. Defu Technology (301511) recently signed a Letter of Intent with Anhui Huiru Technology Co., Ltd. and its actual controller, Wang Sungen. Upon completion of the transaction, Huiru Technology will become a controlled subsidiary. Huiru Technology is primarily engaged in the R&D, production, and sales of various high-performance electrolytic copper foils, with main products including lithium battery copper foil and electronic circuit copper foil. As of the announcement date, Huiru Technology's annual production capacity for electrolytic copper foil is 20,000 tons.
Shangluo Electronic: The company announced that its application for issuing convertible bonds to unspecified objects has been accepted by the Shenzhen Stock Exchange. Shangluo Electronic (300975) received a notice from the Shenzhen Stock Exchange on January 9, 2026, confirming that the application documents for the issuance were complete and had been accepted for review.
Xianle Health: The company announced its intention to issue H-shares and list on the Main Board of the Hong Kong Stock Exchange. Xianle Health (300791) stated that its board of directors approved relevant proposals for the H-share issuance on January 8, 2026. This initiative aims to deepen the company's global strategic layout, leverage international capital markets, enhance capital strength and comprehensive competitiveness, accelerate overseas business development, and strengthen its domestic and international dual-circulation structure. The company is currently discussing specific issuance and listing details with relevant intermediaries, which have not yet been finalized.
Hangyu Technology: The company plans to sell no more than 752,800 repurchased shares via a centralized bidding system. Hangyu Technology (688239) repurchased a total of 752,800 shares in 2024. Having achieved the repurchase objectives, the company plans to sell up to 752,800 shares (not exceeding 0.39% of the total share capital) over a six-month period starting 15 trading days after the announcement date (February 2 to August 1, 2026). Proceeds will be used to supplement working capital. Any unsold shares will be cancelled. Additionally, from September to December 2025, six individuals including Zhang Hua reduced their holdings in the secondary market. The share sale is subject to various regulations and uncertainties.
Fangsheng Pharmaceutical: The company announced that an inspection for the transfer of an active pharmaceutical ingredient production line did not meet requirements, but this is not expected to have a substantive impact on operations. Fangsheng Pharmaceutical (603998) received a GMP Conformity Inspection Notice from the Hunan Provincial Medical Products Administration. The inspection, covering the indobufen API production line in specific areas of the workshop at its Tongguan facility, concluded as non-compliant primarily because the standard used for an intermediate product was not updated to the latest version. The company's indobufen API and preparations are currently in pre-market stages and not yet officially sold. The company has already implemented corrective actions and will reapply for inspection promptly. Due to the high-tech, high-risk nature of pharmaceutical products, future sales are subject to market and policy uncertainties. Investors are advised to exercise caution.
Huadong Medicine: A product from the company's controlling subsidiary has been included in the Breakthrough Therapy Designation list. Huadong Medicine (000963) announced that DR10624, a first-in-class long-acting triple-target agonist developed by its subsidiary Zhejiang Dauer Biotechnology Co., Ltd., targeting FGFR1, GCGR, and GLP-1R, was included in the list by the Center for Drug Evaluation (CDE) of the NMPA. The proposed indication is for severe hypertriglyceridemia.
**Performance Review** Dechang Co., Ltd.: The company forecasts a 51% to 61% year-on-year decrease in net profit attributable to parent company owners for 2025. Dechang Co., Ltd. (605555) released its 2025 performance forecast, estimating net profit between 160 million and 200 million yuan. The automotive components business maintained rapid growth. However, the home appliance business was impacted by international trade policies and intensified competition, leading to price declines. Furthermore, new production capacity, still in its ramp-up phase, increased amortization costs, collectively affecting gross margins. Additionally, exchange rate fluctuations resulted in a forex loss of approximately -18 million yuan, a decrease of about 60 million yuan compared to the same period last year.
Hebang Bio: The company expects to report a net loss for the 2025 fiscal year. Hebang Bio (603077) announced that, based on preliminary calculations, it anticipates a net loss attributable to shareholders, primarily due to expected asset impairment provisions.
Qumei Home Furnishings: The company expects its 2025 operating performance to result in a loss. Qumei Home Furnishings (603818) reported a total profit of -87.7993 million yuan and a net profit attributable to shareholders of -66.9336 million yuan for the first nine months of 2025. Based on this, the company forecasts negative figures for total profit, net profit attributable to shareholders, and related non-GAAP measures for the full year 2025.
Jinzhongzi Liquor: The company expects its 2025 operating performance to result in a loss, although the scale of the loss is projected to narrow compared to the previous year. Jinzhongzi Liquor (600199) announced that, based on preliminary calculations, it anticipates a net loss attributable to shareholders for 2025.
Sichuang Electronics: The company expects its 2025 operating performance to result in a loss. Sichuang Electronics (600990) forecasts a net loss attributable to shareholders between -265 million yuan and -340 million yuan for 2025. The primary reasons include intensified competition in traditional businesses, where revenue growth was insufficient to cover costs, and delays in customer procurement plans affecting orders for key sensing product projects.
Wansheng Co., Ltd.: The company expects its 2025 operating performance to result in a loss. Wansheng Co., Ltd. (603010) announced that, based on preliminary calculations, it anticipates a net loss attributable to shareholders for 2025.
Weiyuan Co., Ltd.: The company expects its 2025 operating performance to result in a loss. Weiyuan Co., Ltd. (600955) announced that, based on preliminary calculations, it anticipates a net loss attributable to shareholders for 2025.
Kesen Technology: The company expects its 2025 operating performance to result in a loss. Kesen Technology (603626) announced that, based on preliminary calculations, it anticipates a net loss attributable to shareholders for 2025. The company has pre-communicated with its auditors, with no major disagreements. Reasons for the loss include fluctuating demand leading to lower-than-expected orders and capacity utilization; strategic adjustments involving optimization of low-margin projects, leading to inventory write-offs and impairment losses; and sustained high R&D investment to enhance product competitiveness.
Zhongheng Group: The company expects its 2025 operating performance to result in a loss. Zhongheng Group (600252) announced that, based on preliminary calculations, it anticipates a net loss attributable to shareholders for 2025.
Xiantan Co., Ltd.: The company reported chicken product sales revenue of 530 million yuan in December 2025, a year-on-year increase of 9.41%. Xiantan Co., Ltd. (002746) announced sales volume of 55,100 tons for December 2025. Year-on-year changes were +9.41% for revenue and +6.76% for volume. Month-on-month changes were +7.29% for revenue and -4.04% for volume.
**Shareholding Changes** Huate Gas: Shareholders plan to reduce their holdings by no more than 2% of the company's shares. Huate Gas (688268) announced that shareholder entities plan to collectively reduce their holdings by up to 2.4 million shares (2%) through block trades between February 4 and April 30, 2026. As of the announcement, these shareholders collectively hold 15.6136 million shares (12.98% of total shares). The plan may be adjusted based on market conditions and the company's stock price and is subject to uncertainty. The reduction is considered a normal activity and is not expected to significantly impact corporate governance or ongoing operations.
MDK: A shareholder plans to reduce its holdings by no more than 1% of the company's shares. MDK (688079) announced that shareholder Hong Kong Fengsheng Jiamei (International) Investment Co., Ltd., holding 5.0346%, plans to sell no more than 4.1093 million shares (1% of total shares) through a centralized bidding system, with the selling price determined by the market price.
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