Los estándares de certificación de "activos ligeros y alta inversión en I+D" en las bolsas principales de Shanghai y Shenzhen han sido definidos; Qunhe Technology pasa por la audiencia de listado en la Bolsa de Hong Kong... Resumen de las noticias importantes antes de la apertura del mercado

Today’s Focus

Two new stock offerings are in focus today;

The People’s Bank of China convenes the 2026 Financial Stability Work Meeting;

Shanghai and Shenzhen main board recognition standards for “light assets, high R&D investment” are finalized;

“Hangzhou’s Six Little Dragons First Share” has arrived—Qunhe Technology has passed the HKEX listing hearing;

Multiple funds collectively announce fee rate reductions.

What are the Important Updates

1. March 30 (Monday) subscription notice: Saiying Electronics subscription code 920181, issue price 28 yuan/share, subscription limit 486,000 shares. Youyan Refractory Materials subscription code 787811, issue price 6.41 yuan/share, subscription limit 18,000 shares. Investing involves risk; please exercise caution when subscribing.

2. On March 27, the People’s Bank of China convened the 2026 Financial Stability Work Meeting. The meeting calls for continuously improving the systemic financial risk prevention and resolution framework, deepening and strengthening the work on technology empowerment, enhancing financial risk monitoring, assessment, early warning, and early correction, and continuously curbing incremental risks. Uphold the market-oriented and rule-of-law principles, proactively and prudently handle financial risks in key areas, and orderly reduce existing stockpiled risks.

3. The CSRC introduced that in 2025, it investigated and dealt with 701 securities and futures illegal cases, with penalties and confiscations of more than 15.474 billion yuan. This year, it will study and formulate a plan for building the rule of law in capital markets, accelerate legislation and amendments in key areas, and improve the inclusiveness, adaptability, and competitiveness and attractiveness of the system. Fully implement the work requirements for strictly cracking down on securities-related violations according to law, and adhere to regulator enforcement that is “firm with teeth,” sharp and non-obedient; severely crack down on all types of securities and futures violations and crimes.

4. On March 27, the Shanghai and Shenzhen Stock Exchanges revised and issued the implementation guidelines for review of stock issuance and listing—recognition standards for “light assets, high R&D investment” (2026 revision). The applicability scope of the “light assets, high R&D investment” recognition standards has been expanded to main board companies. Specifically, for main board listed companies, the “light assets” recognition standard is that the proportion of tangible assets in total assets is no more than 20%; the “high R&D investment” recognition standard is that the average R&D spending over the most recent three years accounts for no less than 15% of operating revenue, or that cumulative R&D spending over the most recent three years is no less than 300 million yuan and the average R&D spending over the most recent three years accounts for no less than 5% of operating revenue.

5. On March 27, 13 funds under Southern Fund simultaneously reduced their fee rates. At the same time, the largest cross-border ETF by market size across the whole market—the Fullgoal CSI Hong Kong Stock Connect Internet ETF—formally reduced its fee rates starting from the 27th. In addition to funds under Hu’an Fund, Jingshun Changcheng Fund, and others, the number of funds that have reduced management fees and custody fees since 2026—including those under public funds—has exceeded 70.

6. To firmly safeguard China’s related industry interests, pursuant to the provisions of the “Foreign Trade Law of the People’s Republic of China” and the “Rules on the Investigation of Foreign Trade Barriers,” in response to two 301 investigations by the U.S. against China, the Ministry of Commerce issued two announcements on March 27, respectively initiating two trade barrier investigations into the U.S.’s related practices and measures that disrupt the global production and supply chain, and into the U.S.’s related practices and measures that hinder trade in green products.

7. Data from market service provider Klepler shows that from March 1 to March 23, the number of times cargo ships passed through the Strait of Hormuz was only 144, which is 95 fewer than before the conflict erupted.

8. On the 28th, Emirates Global Aluminium said that its factory located in Abu Dhabi was attacked by Iran; on the 29th, Bahrain Aluminium also confirmed that some of its facilities were attacked by Iran. The Middle East is an important supply area for aluminum; aluminum output accounts for about 8% to 9% of the global total. The fighting has led to a substantial reduction in local production capacity, and with shipping through the Strait of Hormuz interrupted, both the channels for importing raw materials and exporting finished products have been obstructed. Reports say that since the beginning of this year, the three-month aluminum price on the London Metal Exchange has risen by about 10%. Citibank analysts previously predicted that if the supply situation worsens, aluminum prices could rise to 4,000 U.S. dollars per ton—far above the current level of about 3,300 U.S. dollars per ton.

These Company News You Mustn’t Miss

On March 29, according to information disclosed by HKEX, Space Intelligent Unicorn company Manycore Tech Inc. (referred to as “Qunhe Technology”) updated its post-hearing materials. This indicates the company has successfully passed the HKEX listing hearing, and the HK stock IPO process has entered the final sprint stage. If it completes the HK listing smoothly, Qunhe Technology will become the “global first share in space intelligence,” and it will also be the first technology company among “Hangzhou’s Six Little Dragons” to complete an IPO milestone.

San’an Optoelectronics: The chairman and general manager plan to increase their holdings of the company’s shares.

Fanfang Co., Ltd.: A fire occurred at a controlling subsidiary’s site; preliminary estimates suggest it will have a certain impact on performance.

Hylink Cables: Net profit in 2025 increased 1.05% year-on-year; proposed distribution of 0.65 yuan for every 10 shares.

BaiBang Technology: Plans a change in the company’s control; will be suspended from trading starting from the 30th.

Tianshan Aluminum: In Q1, net profit is preliminarily expected to increase 107.92% year-on-year.

China National Petroleum: Net profit in 2025 decreased 4.5% year-on-year; proposed cash dividend of 0.25 yuan per share.

Bertley: Plans to issue H shares and apply for listing on the Hong Kong Stock Exchange.

Suerte: In 2021 and 2023 annual reports, there were false records; it will be subject to other risk warning measures.

East Earth Technology: Terminates the plan to conduct a major asset restructuring.

Kaiweite: Plans to purchase 100% of Jingyi Semiconductor shares; will resume trading on the 30th.

International Refractory Materials: Plans to acquire 40% of the equity of Hongfa New Materials, the controlling subsidiary, for 712 million yuan.

Tianxinp Trading Pharmaceutical: Plans to raise funds via a share placement (non-public issuance) of no more than 228 million yuan.

Sitwind Vision: Plans to raise funds via a share placement of no more than 3.2 billion yuan.

Yongjin Shares: The former chairman traded stocks during a window period in violation of regulations and has received a warning letter.

OKI Tech: Expects Q1 net profit to increase by between 172 million yuan and 212 million yuan year-on-year.

Guolian Minsheng: Net profit in 2025 was 2.009 billion yuan, up 405.49% year-on-year.

TCL Technology: Net profit in 2025 increased 188.8% year-on-year; proposed distribution of 0.9 yuan for every 10 shares.

Lier Chemistry: Net profit in 2025 increased 122.33% year-on-year; proposed distribution of 2 yuan for every 10 shares.

Central Plains Securities: Net profit in 2025 increased 85% year-on-year; proposed distribution of 0.22 yuan for every 10 shares.

Shenwan Hongyuan: Net profit in 2025 increased 82.46% year-on-year; proposed distribution of 0.75 yuan for every 10 shares.

Orient Securities: Net profit in 2025 increased 68.16% year-on-year; proposed distribution of 2 yuan for every 10 shares.

Hongta Securities: Net profit in 2025 increased 58.84% year-on-year; proposed distribution of 1.6 yuan for every 10 shares.

Luoyang Molybdenum: Net profit in 2025 increased 50.3% year-on-year; proposed distribution of 2.86 yuan for every 10 shares.

Goldwind Technology: Net profit in 2025 increased 49.12% year-on-year; proposed distribution of 2 yuan for every 10 shares.

Colin Electric: Net profit in 2025 increased 45.06% year-on-year; proposed distribution of 1.9835 yuan for every 10 shares.

Haida Shares: Net profit in 2025 increased 43.67% year-on-year; proposed distribution of 0.3 yuan for every 10 shares.

New China Life Insurance: Net profit in 2025 increased 38.3% year-on-year; proposed distribution of 20.6 yuan for every 10 shares.

Xingye Securities: Net profit in 2025 increased 32.64% year-on-year; proposed distribution of 1 yuan for every 10 shares.

Lingyi Zhizao: Net profit in 2025 increased 30.34% year-on-year; proposed distribution of 0.2 yuan for every 10 shares.

Andeli: Net profit in 2025 increased 26.71% year-on-year; proposed distribution of 3 yuan for every 10 shares.

Gansu Energy: Net profit in 2025 increased 24.77% year-on-year; proposed distribution of 2.3 yuan for every 10 shares.

Ruijie Network: Net profit in 2025 increased 21.3% year-on-year; 10 bonus shares for 4; 5.25 for every 10 shares.

Changfei Optic Fiber: Net profit in 2025 increased 20.4% year-on-year; proposed distribution of 2.95 yuan for every 10 shares.

Huayang Group: Net profit in 2025 increased 20% year-on-year; proposed distribution of 5 yuan for every 10 shares.

China Merchants Securities: Net profit in 2025 increased 18.91% year-on-year; proposed distribution of 4.49 yuan for every 10 shares.

Zhongrun Optical: Net profit in 2025 increased 18% year-on-year; 10 bonus shares for 4; 4 for every 10 shares.

FAW Jiefang: Net profit in 2025 increased 16.41% year-on-year; proposed distribution of 0.45 yuan for every 10 shares.

Sinotruk: Net profit in 2025 increased 12.58% year-on-year; proposed distribution of 5.12 yuan for every 10 shares.

Sangbon Shares: Net profit in 2025 increased 9.36% year-on-year; proposed distribution of 2 yuan for every 10 shares.

Weigao Xuejing: Net profit in 2025 increased 7.33% year-on-year; proposed distribution of 3.608 yuan for every 10 shares.

CRRC: Net profit in 2025 increased 6.4% year-on-year; proposed distribution of 1.2 yuan for every 10 shares.

Guobang Pharma: Net profit in 2025 increased 5.02% year-on-year; 10 bonus shares for 4; 6 for every 10 shares.

Newrio Shares: Net profit in 2025 increased 4.19% year-on-year; proposed distribution of 9.6 yuan for every 10 shares.

Chinalco: Net profit in 2025 increased 2.25% year-on-year; proposed distribution of 1.47 yuan for every 10 shares.

EVE Energy: Net profit in 2025 increased 1.44% year-on-year; proposed distribution of 2.45 yuan for every 10 shares.

Bank of Communications: Net profit attributable to the parent company in 2025 was 95.622 billion yuan, up 2.18%.

China Merchants Bank: Net profit attributable to the parent company in 2025 increased 1.21% year-on-year; proposed distribution of 10.03 yuan for every 10 shares.

China Construction Bank: Net profit attributable to the parent company in 2025 increased 0.99% year-on-year; proposed distribution of 2.029 yuan for every 10 shares.

Hailan Home: Net profit in 2025 increased 0.34% year-on-year; proposed distribution of 4.1 yuan for every 10 shares.

Eastern Air Logistics: Net profit in 2025 increased 0.02% year-on-year; proposed distribution of 6.77 yuan for every 10 shares.

Tianqi Lithium: Net profit in 2025 was 463 million yuan; turned from loss to profit year-on-year.

Zhongyida: Net profit in 2025 was 50.71 million yuan; turned from loss to profit year-on-year.

Fuling Zhacai: Net profit in 2025 decreased 3.92% year-on-year; proposed distribution of 2.2 yuan for every 10 shares.

China Coal Energy: Net profit in 2025 decreased 7.3% year-on-year; proposed distribution of 2.17 yuan for every 10 shares.

Xinji Energy: Net profit in 2025 decreased 10.73% year-on-year; proposed distribution of 1.2 yuan for every 10 shares.

Hualan Bio: Net profit in 2025 decreased 13.55% year-on-year; proposed distribution of 5 yuan for every 10 shares.

Mu Yuan Shares: Net profit in 2025 decreased 13.39% year-on-year; proposed distribution of 4.27 yuan for every 10 shares.

Sinopharm Modern: Net profit in 2025 decreased 13.11% year-on-year; proposed distribution of 2 yuan for every 10 shares.

Ophcon Vision: Net profit in 2025 decreased 16.2% year-on-year; proposed distribution of 1.32 yuan for every 10 shares.

Hengfeng Chemical: Net profit in 2025 decreased 16.32% year-on-year; proposed distribution of 1 yuan for every 10 shares.

BYD: Net profit in 2025 was 32.62 billion yuan; proposed distribution of 3.58 yuan for every 10 shares.

Quan Chai Power: Net profit in 2025 decreased 22.66% year-on-year; proposed distribution of 0.3 yuan for every 10 shares.

Great Wall Motor: Net profit in 2025 decreased 22.07% year-on-year; proposed distribution of 3.5 yuan for every 10 shares.

New Natural Gas: Net profit in 2025 was 807 million yuan; decreased 31.92% year-on-year.

Yuan Zu Shares: Net profit in 2025 decreased 43.88% year-on-year; proposed distribution of 6 yuan for every 10 shares.

Aerospace Electronics: Net profit in 2025 decreased 58.58% year-on-year; proposed distribution of 0.21 yuan for every 10 shares.

Shanghai Energy: Net profit in 2025 decreased 69.2% year-on-year; 10 bonus shares for 1 and 3 shares distribution for every 10 shares; 2.1 for every 10 shares.

COSCO Shipping Technology: Net profit in 2025 decreased 74.5% year-on-year; proposed distribution of 0.28 yuan for every 10 shares.

Minhe Shares: Net profit in 2025 had a loss of 269 million yuan.

Proofreading: Su Huanwen