Core Viewpoint - *ST Baoshi (000595.SZ) announced the development of a 1 million kW photovoltaic composite project by its subsidiary Ningguo Yun New Energy (Lingwu) Co., Ltd., which is connected to the newly operational Xiaoguan 330kV substation as of June 28, 2025 [1] Group 1: Project Details - The project requires the installation of three 50MVar distributed phase-shifting devices on the 35kV side of the Xiaoguan 330kV substation as per the requirements from State Grid Ningxia Electric Power Co., Ltd. [1] - The company has decided to implement the investment in phases, with plans to first invest in one 50MVar distributed phase-shifting device in 2026 [1] Group 2: Financial Aspects - The total static investment for the phased phase-shifting device is estimated at 57 million yuan, while the dynamic investment totals 58.5 million yuan [1] - Funding sources for the project will include the self-owned funds of Ningguo Yun New Energy (Lingwu) Co., Ltd. and financing from financial institutions [1]

Market Overview - A-shares experienced a volatile rise, with major indices showing overall activity; the Hang Seng Tech Index increased by over 1% [1] - The Shanghai Composite Index rose by 0.36% to 3890.45 points, while the Shenzhen Component Index increased by 0.66% and the ChiNext Index by 0.49% [1] - Total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.7489 trillion yuan, an increase of over 70 billion yuan compared to the previous day [1] Sector Performance - The real estate sector saw gains, with Zhongtian Service achieving three consecutive daily limits [1] - Dairy stocks collectively rose, with Zhuangyuan Pasture hitting daily limits for three days in a row [1] - The Hainan Free Trade Zone concept surged in the afternoon, with China Duty Free hitting a daily limit and other related stocks like Kangzhi Pharmaceutical and Hainan Rui Ze also seeing significant increases [3][4] New Listings - Yuxun Co., which debuted on the Sci-Tech Innovation Board, saw a remarkable increase of 346.6%, closing at 230.7 yuan per share, with a peak of 289 yuan per share, yielding a maximum profit of 118,700 yuan per contract [2] Hainan Free Trade Zone - The implementation of the Hainan Free Trade Port's closure policy is expected to bring new investment opportunities, particularly in tourism, modern services, and high-tech industries [5] - The policy includes zero tariffs and tax exemptions for processing and value-added services, which are anticipated to attract significant investment and boost related companies' performance [5][6] Controlled Nuclear Fusion - The controlled nuclear fusion concept saw a strong rise, with companies like LIGONG Optical Science and Technology hitting daily limits [7] - The industry is expected to experience rapid development, with significant technological breakthroughs anticipated by 2025, leading to increased investment opportunities [9] Stock Volatility - Several strong stocks, including Pingtan Development and HeFu China, experienced sudden declines at the end of the trading day, with Pingtan Development dropping by 7.48% after a two-month increase of approximately 310% [10][11] - HeFu China also saw a decline of about 3%, following a cumulative increase of approximately 349% from late October to mid-December [13]

Core Viewpoint - Pingtan Development (000592.SZ) has experienced a significant stock price surge of over 3.5 times in two months, leading to increased market speculation and volatility, with recent trading showing signs of a "hot potato" effect among investors [2][5][4]. Group 1: Stock Performance - As of December 16, Pingtan Development's stock price has risen by 333% in the fourth quarter, making it the top performer in the A-share market [3]. - The company's market capitalization has increased from approximately 5.6 billion yuan at the beginning of the year to around 29.7 billion yuan currently [5]. - The stock has recorded 16 trading halts due to price increases and has appeared on the trading leaderboard over 20 times in the same period [5]. Group 2: Trading Dynamics - The trading activity from October 17 to December 15 indicates a transition from early speculative trading by institutional investors to a later phase dominated by retail investors [4][7]. - Initial trading was characterized by active participation from well-known speculative trading desks, particularly those associated with Guotai Junan [8]. - By late October and early November, retail investors began to take over as speculative traders started to sell off their positions, leading to a shift in the trading landscape [8]. Group 3: Financial Metrics - As of December 15, Pingtan Development's rolling P/E ratio stands at 687.06, significantly higher than the industry average of 27.07, while its P/B ratio is 14.92 compared to the industry average of 3.06 [6]. - The company has reported continuous losses over the past years, with projected revenues for 2022, 2023, 2024, and the first three quarters of 2025 being 1.175 billion yuan, 1.233 billion yuan, 1.563 billion yuan, and 1.03 billion yuan respectively [6]. - The net profit figures for the same periods are -229 million yuan, -308 million yuan, -117 million yuan, and a projected profit of 3.1 million yuan [6]. Group 4: Market Sentiment - The stock's recent volatility has led to mixed sentiments among investors, with some believing the rally is over while others are willing to increase their positions despite the downturn [2][5]. - The company has issued a statement acknowledging the significant price increase and asserting that its operational fundamentals remain unchanged [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準 確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告之全部或 任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 天譽置業 (控股) 有限公司 SKYFAME REALTY (HOLDINGS) LIMITED (清盤中) (於百慕達註冊成立之有限公司) (股份代號: 00059 及債券股份代號：5310, 5311, 5367, 5379, 5567, 5602, 5626 and 5855 (統稱「債項」)) 額外復牌指引及 繼續暫停買賣 本公告乃由天譽置業（控股）有限公司（「本公司」））根據香港聯合交易所有限 公司（「聯交所」）證券上市規則（「上市規則」）第13.09條及香港法例第571 章證券及期貨條例第XIVA部項下之內幕信息條文（定義見上市規則）發出。 茲提述(i) 本公司日期為二零二二年六月二十八日之公告，內容有關債項於聯交所暫 停買賣；(ii)本公司日期為二零二五年三月十三日、二零二五年三月三十一日及二零 二五年五月十九日之公告，內容有關（其中包括）延遲刊發二零二四年年度業績及 本公司股份暫 ...

Core Viewpoint - The controlling shareholder of *ST Baoshi, Ningxia State-owned Capital Operation Group Co., Ltd., plans to increase its stake in the company through its wholly-owned subsidiary, Ningxia Electric Power Investment Group Co., Ltd. [1] Summary by Sections - **Shareholding Increase Plan** - Ningxia Electric Power Investment Group intends to acquire up to 0.66% of the total share capital of *ST Baoshi, which equates to a maximum of 7.5151 million shares [1] - The planned investment amount will be no less than 21 million yuan and no more than 42 million yuan [1] - There is no set price range for the share purchase [1] - The funding for this acquisition will come from Ningxia Electric Power Investment's own funds or raised funds [1]

Core Viewpoint - Tianyu Properties (00059) has been ordered to liquidate by a Bermuda court on November 14, 2025, with appointed provisional liquidators from EY Bermuda Limited and EY Cayman Ltd. [1] Group 1 - The Bermuda court issued a liquidation order for the company [1] - Michael Penrose, Su Jieyi, Liu Yunwen, and Joel Edwards are acting as provisional liquidators [1] - The company’s shares remain suspended from trading [1]

Core Viewpoint - Tianyu Properties (00059) has been ordered to liquidate by the Bermuda court on November 14, 2025, with appointed provisional liquidators from EY Bermuda Limited and EY Cayman Ltd. [1] Company Summary - The Bermuda court has issued a liquidation order for Tianyu Properties, indicating significant financial distress [1] - Provisional liquidators Michael Penrose, Su Jieyi, Liu Yunwen, and Joel Edwards have been appointed to oversee the liquidation process under the Bermuda Companies Act [1] - The company's shares remain suspended from trading, reflecting ongoing challenges in its operations [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準 確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告之全部或 任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 天譽置業 (控股) 有限公司 SKYFAME REALTY (HOLDINGS) LIMITED (清盤中) (於百慕達註冊成立之有限公司) (股份代號: 00059 及債券股份代號：5310, 5311, 5367, 5379, 5567, 5602, 5626 and 5855) 百慕達法院作出的公司清盤令 於二零二五年十一月十四日，百慕達法院頒布命令公司清盤。EY Bermuda Limited 之Michael Penrose，安永企業財務服務有限公司之蘇潔儀及劉韻文及EY Cayman Ltd. 之Joel Edwards繼續作為本公司的臨時清盤人（「臨時清盤人」）行使根據1981年 百慕達公司法第175章所賦予的權利。 本公司將遵照上市規則就清盤事宜的任何最新發展，另行刊發進一步公佈。 債權人和其他本公司持份者的查詢，請聯絡聯合臨時清盤人，電郵地址為 project.phoenix@ ...

Core Points - Two stocks, "Haixia Innovation" and "Pingtan Development," announced a suspension of trading for verification due to abnormal price fluctuations [1][2] - Pingtan Development's stock price increased by 255.19% from October 17 to November 17, triggering multiple instances of abnormal trading conditions [2][4] - The company applied for a trading suspension starting November 18, with an expected duration of no more than three trading days [2] Company Summary - Pingtan Development's stock price has significantly diverged from its fundamental performance, raising concerns about sustainability [2][4] - The stock experienced six instances of abnormal trading and one instance of severe abnormal trading during the specified period [2]

Core Viewpoint - Two listed companies, Haixia Innovation and Pingtan Development, will suspend trading for verification due to significant stock price fluctuations, with Haixia Innovation's stock price increasing by 185.89% and Pingtan Development's by 255.19% over the specified period [2][4]. Group 1: Haixia Innovation - Haixia Innovation's stock price increased by 185.89% from October 27 to November 17, 2025, prompting a trading suspension for verification [2]. - The stock will be suspended from trading starting November 18, 2025, for a period not exceeding three trading days [2]. - As of November 17, 2025, the stock price reached 18.24 CNY per share, with a total market capitalization of 12.163 billion CNY [4]. Group 2: Pingtan Development - Pingtan Development's stock price rose by 255.19% from October 17 to November 17, 2025, with multiple instances of abnormal trading fluctuations [4]. - The stock will also be suspended from trading starting November 18, 2025, for a period not exceeding three trading days [4]. - As of November 17, 2025, the stock price reached 11.97 CNY per share, with a total market capitalization of 23.123 billion CNY [7]. Group 3: Financial Metrics - As of November 17, 2025, Haixia Innovation's rolling P/E ratio was 555.31, and the P/B ratio was 12.06, significantly higher than the industry averages of 24.42 for P/E and 2.96 for P/B [6]. - The company emphasizes that its main business has not undergone significant changes, and the recent stock price surge may indicate market sentiment overheating and irrational speculation risks [6].