April 2 Investment Stop-Loss Indicator: Two companies filed with the CSRC for violations of information disclosure laws and regulations

Introduction: Caixin Global on April 2 shares investment “risk warnings” for investors. The potential risk events in the A-share market and overseas markets are as follows in recent days. In terms of domestic economic information, they include: 1) the close of the commodity futures night session, with prices nearly falling across the board; 2) the recycling price for smartphones has declined, with old phone recycling prices dropping by 100 yuan over the course of a week. In terms of companies, key focus includes: 1) E&T Technology has been filed by the China Securities Regulatory Commission for alleged violations of information disclosure regulations; 2) Xileping and its actual controller, Chen Ayu, have been filed for alleged violations in information disclosure, with the controlling shareholder being sued involving 478 million yuan, and there is a risk that the company’s stock may face other risk warnings. In overseas markets, key focus includes: 1) a source says Iran requires that ceasefire talks with the other side must be based on ensuring the permanent end of the war; 2) the U.S. Treasury Department expects oil prices to remain above $100 per barrel for a period of time.

Economic Information

1. In the near term, after the close of the night session for some futures contract varieties, prices fell nearly across the board. In the energy contracts, all of them closed lower in the night session: low-sulfur fuel oil fell 4.61%, fuel oil fell 3.29%, and LPG fell 2.70%. In the chemical products contracts, all closed lower in the night session: ethylene glycol fell 4.80%, butadiene rubber fell 3.99%, styrene fell 3.44%, asphalt fell 2.89%, methanol fell 2.06%, PTA fell 1.87%, polypropylene fell 1.20%, plastics fell 1.11%, rubber fell 0.57%, pulp fell 0.51%, soda ash fell 0.51%, and No. 20 rubber fell 0.29%. In the oils and oilseeds contracts, all closed lower in the night session: palm oil fell 2.42%, soybean 2 fell 1.43%, soybean oil fell 1.42%, rapeseed meal fell 1.36%, soybean meal fell 1.17%, rapeseed oil fell 1.11%, and soybean 1 fell 0.52%. In the commodity sectors (iron-related) contracts, all closed lower in the night session: iron ore fell 2.21%, coking coal fell 1.94%, coke fell 1.09%, rebar fell 0.99%, and hot-rolled coil fell 0.85%.

2. Recently, prices of consumer-grade memory sticks ended a months-long surge and saw a significant pullback. This volatility quickly transmitted to downstream markets for secondhand digital products. Reporters found that the recycling “disassembly” frenzy of used phones—previously unusually hot due to a shortage of storage chips—has started to cool down, and used phone recycling prices have become more rational. In the secondhand phone recycling market in Huaqiangbei, Shenzhen, many customers were still asking for quotes at the storefronts, but merchants’ quotes had loosened noticeably compared with before. Multiple merchants said that the decline in spot memory prices directly affected phone recycling activity; the recycling prices for some popular models saw declines on the order of a hundred yuan within a week. “For example, for this used phone, I could get it back for 1,000 yuan last week; now it might only be 900 yuan.” One merchant said that because large volumes of old devices were sold earlier and market demand was already saturated, old phones no longer command a premium.

Company Warnings

1. Guanghua Technology: Director Cai Wen has been filed for alleged insider trading.

2. Xileping: The company and its actual controller, Chen Ayu, have been filed for alleged violations in information disclosure, and the controlling shareholder has been sued involving 478 million yuan; there is a risk that the company’s stock may be subject to other risk warnings.

3. E&T Technology: It has been filed by the China Securities Regulatory Commission for alleged violations of laws and regulations regarding information disclosure.

4. Shenglan Co., Ltd.: The controlling shareholder and some directors plan to collectively reduce their holdings by no more than 3.19% of the company’s shares.

5. Chengtou Holding: The shareholder Hongyi Fund plans to reduce its holdings by no more than 3% of the shares.

6. Olayde: The controlling shareholder, the actual controller, persons acting in concert, and some senior executives plan to collectively reduce their holdings by no more than 3%.

7. Fangbang Shares: Directors and senior executives plan to collectively reduce their holdings by no more than 22,703 shares.

8. Inkerui: A shareholder plans to reduce its holdings by no more than 0.83% of the shares.

9. Wajinke: A shareholder plans to collectively reduce its holdings by no more than 0.12% of the company’s shares.

10. Bainian Qiancheng: Hualu Capital, a shareholder, plans to reduce its holdings by no more than 1.1% of the shares.

11. Chaojie Shares: The employee shareholding platform plans to collectively reduce its holdings by no more than 1.33%.

12. Zhongke Environmental Protection: A shareholder plans to reduce its holdings by no more than 0.82% of the company’s shares.

13. Haimo Technology: A shareholder, Dou Jianwen, plans to reduce its holdings by no more than 1.90% of the shares.

14. Guoxin Technology: A shareholder group plans to reduce its holdings by no more than 1.5% of the shares.

15. Sanjiang Shopping: A shareholder, Alize Tai, plans to reduce its holdings by no more than 2% of the company’s shares.

16. Dongwei Technology: Director Wei Yongjun plans to reduce its holdings by no more than 0.5% of the shares.

17. Kaizhong Shares: A shareholder, Yang Yingtang, plans to reduce its holdings by no more than 0.56% of the company’s shares.

18. Jiangshun Technology: The company has not sent liquid-cooling plate sample data-center samples to overseas companies.

19. Aero-Engine Power: In 2025, net profit will decrease year over year by 26.27%, and it plans to distribute 0.72 yuan for every 10 shares.

20. Shengma Shares: It revises its 2025 performance forecast, expecting an approximately 221 million yuan net loss in 2025.

21. Sinma Transmission: In 2025, it expects a net loss of 5.8034 million yuan, turning from profit to loss year over year.

22. Xinda Real Estate: In 2025, it expects a net loss of 7.875 billion yuan.

23. Huayi Brothers: 56.40 million yuan in debt is overdue and accounts have been frozen.

24. Shenzhen Kangjia A: An overdue 226 million yuan loan to an investee company.

Overseas Warnings

1. A source in Iran said that Iran requires that ceasefire negotiations between Iran and the United States must be based on ensuring the war ends permanently. The source also said that the intermediary side contacted Iran on March 31 to exchange views on continuing diplomatic dialogue. However, as of now, the United States and Iran have not formally initiated ceasefire talks through the intermediary.

2. According to a report by The Washington Post, two people familiar with the matter said that the U.S. military has submitted a plan to President Trump aimed at seizing more than 460 kilograms of highly enriched uranium within Iran. The report said the plan involves airlifting excavation equipment into the site and building a runway so that cargo aircraft can transport those nuclear materials out. One person familiar with the matter said Trump had previously asked the military to submit relevant proposals; over the past week the military reported this complex plan to him, while also outlining the major operational risks embedded in it. The report said Trump’s request indicated that he is considering an extremely sensitive special operations mission with very high risk.

3. This evening local time today (April 1), Israel’s military again announced that the air-defense alert had been lifted. Israeli media statistics show that in the just-passed hour, Iran’s missile attacks on Israel were the most densely concentrated since the war began on February 28.

4. In the U.S., March ADP employment rose by 62,000, forecast to increase by 40,000, versus the prior figure of an increase of 63,000.

5. Some major trading teams on Wall Street said that the extremely bearish positioning ahead of quarter-end was the main driver behind the sharp rebound in U.S. stocks on Tuesday, rather than any change in investors’ views about a war involving Iran.

6. The U.S. Energy Information Administration (EIA) shows that U.S. crude oil inventories increased by 5.451 million barrels last week, with the market forecast for an increase of 0.814 million barrels. U.S. refinery capacity utilization fell by 0.8 percentage points last week. U.S. gasoline inventories decreased by 0.586 million barrels last week, with the market forecast for a decrease of 1.876 million barrels. U.S. crude oil daily imports fell by 209,000 barrels last week.

7. A person familiar with the matter said that after Iran’s missile and drone attacks over the weekend on the Al Taweelah smelter of the Middle East’s largest aluminum producer, Emirates Global Aluminium, the company has stopped operations of that facility. The smelter located outside Abu Dhabi was cut off from power due to the attack, forcing its electrolysis production lines into uncontrolled shutdown. The person said the metal solidified within the smelting circuit, causing major damage to operations. London Metal Exchange aluminum futures have risen sharply since the attack. Another major producer in the Gulf region, Bahrain Aluminium, also confirmed that its operating facilities were hit by an Iranian attack over the weekend. These two plants are among the largest globally, with 2025 aluminum output reaching 1.6 million tons each.

8. Reports say that U.S. officials, when discussing the possibility of oil prices reaching $150 per barrel, the U.S. Treasury Department expects oil prices to remain above $100 per barrel for a period of time. The Trump administration views the Treasury Department’s expectation as a “baseline scenario.”

9. A new study led by scientists at the University of New South Wales in Australia has issued a grim warning: vaping very likely induces lung cancer and oral cancer. Related papers have been published in the latest issue of the journal Carcinogenesis. Three lines of evidence—clinical monitoring, animal model studies, and mechanistic research—show that in the human body, people who vape exhibit biomarkers indicating DNA damage, oxidative stress, and tissue inflammation. Mouse experiments confirmed tumor generation in the lungs, while cell studies revealed that carcinogenic pathways are activated. Based on all findings, the team concludes that vaping indeed has carcinogenic potential.