1. **Central Microelectronics Finalizes Inquiry Transfer Price** Central Microelectronics announced on February 26 that the preliminary price for its inquiry transfer has been set at 43.35 yuan per share. A total of 36 institutional investors participated in the offering, with valid subscriptions for 14.986 million shares, resulting in an oversubscription rate of 1.87 times. The full allotment of shares has been secured, with 28 institutional investors set to acquire 8.0073 million shares.
2. **Deppon Logistics Applies for Voluntary Delisting** Deppon Logistics disclosed on February 26 its intention to withdraw its A-share listing from the Shanghai Stock Exchange via a shareholder resolution. The company plans to transition to the National Equities Exchange and Quotations system for continued trading. The proposal was approved at an interim shareholders’ meeting, and an application has been submitted to the exchange. The outcome remains subject to regulatory approval. Investors are advised to monitor further announcements and exercise caution.
3. **Duory Pharmaceutical to Resume Trading After Takeover Offer Expiry** Duory Pharmaceutical will resume trading on February 27. During the offer period from January 22 to February 24, Wang Qingtai received acceptances from three accounts for 17.6006 million shares, while Cao Xiaobing received acceptances from four accounts for 1.8514 million shares. Post-offer, the acquirers and their concert parties will hold 53.90% of the company’s total shares.
4. **China Yangtze Power Announces Interim Dividend** China Yangtze Power approved an interim dividend of 2.1 yuan per share (before tax) for 2025. Based on 24.468 billion shares, the total payout will be 5.138 billion yuan. The interim dividend is part of the annual distribution, which will be implemented in accordance with the company’s charter.
5. **CATLC’s Innovation Bond to List on Shenzhen Exchange** CATLC’s inaugural 2026 innovation corporate bond for professional investors has been approved for listing on the Shenzhen Stock Exchange, effective February 27. Trading will be available to institutional investors via multiple methods, including matched and negotiated trades.
6. **CITIC Securities Approved for Bond Issuance** CITIC Securities received regulatory approval to issue up to 80 billion yuan in corporate bonds to professional investors. The approval is valid for 24 months, allowing for phased issuances.
7. **Eastsoft Carrier’s Subsidiary to Invest in Energy Storage Project** A secondary subsidiary of Eastsoft Carrier plans to invest approximately 453 million yuan in a grid-side independent energy storage station in Foshan. The six-month project will have a capacity of 200MW/400MWh and will be funded through equity and debt.
8. **Intercontinental Oil & Gas Warns of Speculative Trading** Intercontinental Oil & Gas noted that its shares rose sharply for three consecutive trading days, possibly due to market speculation rather than fundamental changes. The company cautioned investors about irrational trading activity.
9. **NIO’s Subsidiary GeniTech Secures Investment** NIO’s subsidiary GeniTech entered into an agreement with Chinese investors for a 2.257 billion yuan cash injection. Post-transaction, NIO will retain a 62.7% controlling stake and continue consolidating GeniTech’s financials.
10. **Philighwa Expects Limited Revenue from Quartz Electronic Fabric** Philighwa stated that its ultra-thin quartz electronic fabric is undergoing client testing and certification. The segment is projected to contribute about 5% of total revenue in 2025, with future orders subject to uncertainties.
11. **China Merchants Energy Shipping Notes Strong Market Conditions** China Merchants Energy Shipping reported robust demand in the international tanker and dry bulk markets, with asset prices rising significantly. Four senior executives plan to sell up to 648,600 shares by April 30.
12. ***ST Yangguang Applies to Remove Delisting Risk Warning** *ST Yangguang applied to the Shenzhen Exchange to revoke its delisting risk warning. The company reported a net loss of 218 million yuan for 2025 but met the criteria for risk-warning removal.
13. **Zaisheng Technology Clarifies SpaceX Supply Rumors** Zaisheng Technology addressed market speculation about supplying SpaceX, noting that aerospace-related products accounted for only 0.5% of 2024 revenue. Its high-silica oxygen fiber product currently has no active orders.
14. **East Money Information’s Major Shareholder to Donate Shares** East Money Information’s controlling shareholder plans to donate 20 million shares, representing 0.13% of equity, to Shanghai Jiao Tong University’s education foundation.
15. **Wus Printed Circuit Notes Uncertainty in New Project** Wus Printed Circuit is considering divesting a logistics subsidiary and expanding production facilities. The company highlighted uncertainties in demand and market conditions for the new project.
**Earnings Preview/Summary:** 1. Longda Foodstuff: 2025 net profit of 3.153 billion yuan, up 26.01% YoY. 2. IQIYI: Q4 2025 revenue of 6.79 billion yuan, up 3% YoY. 3. Huarui Precision: 2025 net profit of 187 million yuan, up 74.61% YoY. 4. Smartsens Technology: 2025 net profit of 1.001 billion yuan, up 154.97% YoY. 5. VeriSilicon Microelectronics: 2025 net loss of 528 million yuan, narrowing by 12.16%. 6. Highsec Technology: 2025 net loss of 40.16 million yuan. 7. CanSino Biologics: 2025 net profit of 27.87 million yuan, reversing a loss. 8. Lijun Machinery: 2025 net profit of 57.545 million yuan, down 52.09% YoY. 9. Biocytogen: 2025 net profit of 173 million yuan, up 416.37% YoY. 10. Zhimming Technology: 2025 net profit of 110 million yuan, up 466.74% YoY. 11. Zhenride Technology: 2025 net profit of 133 million yuan, up 582.01% YoY. 12. China UAV: 2025 net profit of 88.5749 million yuan, up 264.28% YoY.
**Share Buybacks & Changes in Holdings:** 1. Tianhao Energy: Secured a special loan commitment for share repurchases. 2. Longlide: Controlling shareholder plans to buy 56–112 million yuan worth of shares. 3. Shengyi Technology: Guangxin Holdings reduced stake by 1%; Chairman Chen Renxi sold 0.0124%. 4. Xinyayi: Shareholders plan to sell up to 4% of equity. 5. Yinhe Electronics: Controlling shareholder intends to sell up to 0.81%. 6. Inner Mongolia Caoyuan: Actual controller reduced stake to 20.00%. 7. Qiule Seed: Shareholder Henan Agricultural Investment plans to sell up to 1.9975%.
**Major Contracts:** 1. *ST Dali: Signed an 88.8794 million yuan equipment procurement framework agreement with a leading new energy firm. 2. China Tianying: Secured the world’s first power-to-methanol supply order with a global energy leader. 3. B.Duck: Entered a strategic partnership with Haers. 4. Jichuan Pharmaceutical: Wholly-owned subsidiary signed an exclusive commercialization agreement.
**Other Announcements:** 1. Zhifei Biological: Received clinical trial approval for its HK.3-JN.1 COVID-19 mRNA vaccine. 2. Conba Group: Subsidiary obtained drug registration certificate for esomeprazole magnesium enteric-coated capsules. 3. China Resources Double-Crane: Subsidiary received approval for balanced salt irrigation solution.
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