At the beginning of 2026, leading intelligent controller manufacturer Shenzhen H&T Intelligent Control Co.,Ltd. saw its stock price fluctuate due to a sell-off plan announced by its actual controller, Liu Jianwei. With over 55% of Liu's holdings already pledged, the减持 aims to alleviate debt pressure. H&T gained market attention in 2025 for its investment in chipmaker Moore Threads Technology Co.,Ltd., and its stake in Moore Threads is now valued at over 2.5 billion yuan.
On the evening of January 6, 2026, H&T released a pre-disclosure announcement regarding the share reduction by its controlling shareholder and actual controller. The announcement revealed that Liu Jianwei, the company's controlling shareholder, actual controller, chairman, and president, plans to reduce his holdings by no more than 18.4178 million shares (not exceeding 2% of the company's total share capital after excluding shares in the repurchase专用account) through centralized bidding or block trades between January 28, 2026, and April 27, 2026. As of now, Liu holds approximately 139 million shares of H&T (representing 15.06% of the total share capital after excluding shares in the repurchase专用account).
The reasons for Liu Jianwei's intended share reduction are primarily for repaying pledged financing debts and personal capital needs. An announcement issued by H&T on December 31, 2025, regarding the partial pledging and release of pledges by the actual controller showed that, as of that date, Liu had累计pledged approximately 76.76 million shares, accounting for over 55% of his total holdings.
In the next six months, the cumulative amount of Liu's pledged shares due to expire is 26.95 million shares, representing 2.9145% of the company's total share capital, corresponding to a financing balance of 260 million yuan. Within the next year, the cumulative amount of pledged shares due to expire is approximately 76.76 million shares, representing 8.30% of the total share capital, with a corresponding financing balance of 840 million yuan. Notably, the majority of Liu's current holdings are executive lock-up shares, amounting to approximately 111.6 million shares.
On the first trading day following the announcement of the actual controller's intended share reduction, H&T's stock performance was weak, with an intraday decline一度exceeding 5%,最终closing down 4.69%. As of January 7, 2026, H&T's closing price was 38.80 yuan, giving it a market capitalization of approximately 35.88 billion yuan. If Liu Jianwei sells the 18.4178 million shares at 38.80 yuan, the cash proceeds would exceed 700 million yuan.
This is not the first time Liu Jianwei has announced a reduction plan. Relevant announcements show that on June 27, 2025, Liu累计reduced his holdings by 1.4409 million shares (0.1558% of the total share capital) through block trades, at an average price of 20.36 yuan, totaling proceeds of approximately 29.34 million yuan. However, in retrospect, this减持occurred just before a significant surge in the company's stock price.
Driven by substantial earnings growth and the support of热门concepts, H&T's stock price rose持续in the third quarter of 2025, repeatedly刷新historical highs. Calculated on a forward-adjusted basis, H&T's stock price reached a peak of 60.71 yuan on September 24, 2025, nearly triple the price at which Liu reduced his holdings in June 2025!
H&T is a provider of intelligent controller solutions, with its main business involving home appliances, power tools and industrial automation, automotive electronics, intelligent products, and AI service platforms; as well as the R&D, production, sales, and technical services of microwave/millimeter-wave phased array T/R chips.
H&T's performance in the first three quarters of 2025 was impressive. Data from Tonghuashun shows that the company achieved operating revenue of 8.27 billion yuan, a year-on-year increase of 17.47%, and a net profit of 603 million yuan, a surge of 69.66%. The significant earnings growth was primarily attributed to increased delivery for new customers and new projects, as well as continuous market share expansion.
Due to its wide range of downstream applications, H&T is associated with热门concepts such as chips, humanoid robots, commercial aerospace, and artificial intelligence. Furthermore, H&T has also achieved notable success in investments. According to Moore Threads' prospectus, H&T holds 4.1051 million shares of Moore Threads, with a lock-up period of 12 months from the listing date of Moore Threads. On January 7, 2026, Moore Threads closed at 617.54 yuan, valuing H&T's stake at over 2.5 billion yuan.
In response to investor inquiries, H&T stated: "In accordance with the relevant provisions of the 'Accounting Standards for Business Enterprises,' the company's investment in Moore Threads is classified under 'other equity instrument investments.' This investment is measured at fair value, and changes in the fair value resulting from fluctuations in Moore Threads' share price will be recorded under the 'other comprehensive income' item."
Moore Threads' prospectus did not disclose the investment cost for H&T and other companies. Regarding this, a relevant staff member from H&T's securities department stated by phone that it was 30 million yuan. Will the changes in the fair value of Moore Threads be included in H&T's 2025 income statement? The relevant staff member indicated: "It will not be included in the income statement but will be recorded as an asset on the balance sheet."
Despite the highly successful investment in Moore Threads, H&T's stock price跌停on the day of Moore Threads' listing (December 5, 2025). As of January 7, 2026, compared to its 2025 peak, H&T's stock price had fallen by over 30%, and its valuation still appears relatively high, with a dynamic P/E ratio接近60 times and a P/B ratio接近7 times.
H&T's operational performance in 2025 was very strong. However, during an on-site visit by investors in December 2025, a question was raised: "How is the management分工between the CEO and the Chairman, and are there any disagreements?"
H&T responded: "Currently, the company's founder, Mr. Liu Jianwei, serves as Chairman and President, primarily responsible for top-level system construction in finance, investment, human resources, etc., and leads the formulation of the company's strategic direction. Executive President Mr. Qin Hongwu is fully responsible for the decomposition and implementation of the company's strategy, the operational management of various business divisions, and the achievement of overall performance targets. Their responsibilities and authorities are clear, and they collaborate efficiently to jointly promote standardized corporate management and healthy business development."
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