Core Viewpoint - The company *ST Gaohong (000851.SZ) has received a decision from the Shenzhen Stock Exchange to terminate its stock listing due to triggering mandatory delisting conditions related to trading [1] Group 1 - The termination of the company's stock listing is effective as of November 3, 2025, and will occur without entering a delisting arrangement period [1] - The company's stock will be delisted within fifteen trading days following the decision [1]

Core Viewpoint - *ST Gaohong's stock will be delisted due to its closing price being below 1 yuan for twenty consecutive trading days, marking a forced delisting scenario [1] Summary by Sections Delisting Decision - The Shenzhen Stock Exchange has decided to terminate the listing of *ST Gaohong (000851.SZ) [1] - The stock's closing price was below 1 yuan from September 1 to September 26, 2025, triggering the delisting rule [1] Timeline and Process - The stock will be delisted fifteen trading days after the delisting decision is made [1] - The company will not enter a delisting adjustment period [1] Actions Taken - *ST Gaohong has signed a stock transfer agreement with Pacific Securities, appointing them as the agency for the transfer [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電子華大科技有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00085 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月 ...

Core Insights - The establishment of the China Electronics Spring Research Institute was announced on October 28 in Shenzhen, with key officials in attendance [1] Group 1: Research Focus - The Spring Research Institute will focus on integrated circuits and advanced computing [1] - It aims to create research centers, verification centers, capability centers, and standards centers [1] Group 2: Service Capabilities - The institute will promote new technologies and product selection, verification, and testing [1] - It will develop service capabilities in patent licensing, product incubation, project research, consulting, and testing verification [1]

Group 1 - Semiconductor stocks in Hong Kong experienced a collective surge, with notable increases in share prices for several companies [1] - Hua Hong Semiconductor rose over 7%, while Shanghai Fudan and SMIC saw increases of over 6% and 4% respectively [1] - Other companies such as China Electric Power Technology and InnoCare also reported gains exceeding 3% and 2% [1] Group 2 - Hua Hong Semiconductor's latest price is 77.95, with a total market capitalization of 135.279 billion and a year-to-date increase of 260.05% [2] - Shanghai Fudan's stock price reached 42.32, with a market cap of 34.763 billion and a year-to-date increase of 181.52% [2] - SMIC's latest price is 77.15, with a market cap of 617.205 billion and a year-to-date increase of 142.61% [2]

Market Overview - A-shares experienced slight fluctuations with the Shanghai Composite Index testing the 3900-point support level, while the Shenzhen Component Index consolidated around 13000 points, and the Sci-Tech Innovation 50 index fluctuated around 1400 points, with stable market turnover [1] Oil and Gas Industry - The oil and petrochemical industry chain saw a strong performance, with oil service engineering leading the gains, and the sector index opened significantly higher, reaching a nearly 3% increase, marking a new high for the year [2] - The successful drilling of the "super project" deep well in Sichuan, which surpassed the 10,000-meter mark, set a new record for deep well exploration in the Sichuan oil and gas field [4] - The Tarim Oilfield's successful drilling of the 502-H3 well at a depth of 8380 meters marks a significant advancement in deep oil and gas extraction, with the completion of 223 ultra-deep wells during the 14th Five-Year Plan period [5] - China Oilfield Services announced a contract with Qatar Energy for a project worth approximately $4 billion (about 28.5 billion RMB), expected to positively impact the company's operating performance [5] - China National Petroleum Corporation's subsidiary signed a contract for a seawater pipeline project in Iraq worth $2.524 billion (approximately 18.03 billion RMB) [5] Real Estate Sector - Real estate stocks rose against the market trend, with the sector index initially surging nearly 2%, and several companies, including Yingxin Development and Zhuhai Mian Group, hitting the daily limit [6] - The real estate market showed signs of stabilization, with a narrowing decline in housing prices reported by the National Bureau of Statistics for September [8] - Yingxin Development announced plans to acquire a controlling stake in Changxing Semiconductor, indicating a strategic shift towards technology and enhancing competitiveness [8] - Zhuhai Mian Group plans to transfer its 100% stake in Zhuhai Gree Real Estate Co., Ltd., accelerating its focus on the duty-free business and consumer sectors [9]

Group 1 - Shanghai Fudan (01385.HK) increased by 5.09% [1] - China Electric Power Technology (00085.HK) rose by 2.56% [1] - InnoCare Pharma (02577.HK) saw a gain of 2.78% [1]

Core Points - The company *ST Gaohong (000851) received a notice from the Shenzhen Stock Exchange on October 8, 2025, indicating the intention to terminate its stock listing due to the stock closing price being below 1 yuan for twenty consecutive trading days from September 1 to September 26, 2025 [2] Group 1 - The company was placed under risk warnings starting from May 2024 due to an internal control audit report that was either unable to express an opinion or issued a negative opinion, and it reported negative net profits for three consecutive fiscal years from 2021 to 2023 [5] - On April 30, 2025, the company received a delisting risk warning due to an audit report for the 2024 fiscal year that was unable to express an opinion [5] - The company was found to have falsified its annual reports and engaged in fraudulent issuance, leading to an administrative penalty notice from the China Securities Regulatory Commission in August 2025 [5][6] Group 2 - The company inflated its reported revenue from 2015 to 2023 by amounts ranging from 6.94 billion yuan to 56.34 billion yuan, which constituted a significant percentage of the disclosed revenue for each year [6] - The inflated profit figures for the same period ranged from 67.36 million yuan to 2.19 billion yuan, representing a substantial portion of the total reported profits [6] - The company’s non-public stock issuance in 2021, which raised a total of 1.25 billion yuan, was identified as fraudulent due to the reliance on the previously inflated revenue and profit figures [6]

Core Points - *ST Gaohong (000851.SZ) received a notice from Shenzhen Stock Exchange regarding the termination of its stock listing due to continuous closing prices below 1 yuan for twenty trading days [1] - The relevant rule cited is Article 9.2.1 of the "Stock Listing Rules (2025 Revision)" which outlines conditions for stock delisting [1] Summary by Category - **Company Announcement** - The company announced it received a "Notice of Delisting" from the Shenzhen Stock Exchange on September 30, 2025 [1] - The notice indicates that from September 1 to September 26, 2025, the company's stock closing prices were consistently below 1 yuan [1] - **Regulatory Context** - The delisting is based on the stipulations of the Shenzhen Stock Exchange's listing rules, specifically the conditions for termination of listing [1] - The company is facing potential delisting due to failing to meet the minimum price requirement over a specified period [1]

致：香港交易及結算所有限公司 公司名稱: 中國電子華大科技有限公司 呈交日期: 2025年10月2日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00085 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月底 ...