Core Viewpoint - *ST Hengjiu (002808.SZ) announced the receipt of a termination letter from Haixi Zhejiang regarding the lease agreement for production lines due to non-payment of rent by Hengjiu Fengde [1] Group 1: Lease Agreement Details - Hengjiu Fengde failed to pay rent as per the lease agreement because some equipment required technical modifications to meet production needs [2] - Haixi Zhejiang did not deliver the leased production line to Hengjiu Fengde for use, which contributed to the non-payment of rent [2] - According to the contract, if the leased item does not meet the agreement due to Haixi Zhejiang's reasons, Hengjiu Fengde has the right to terminate the contract and Haixi Zhejiang must pay a penalty equivalent to three months of tax-inclusive rent [2] Group 2: Contractual Obligations and Penalties - If Hengjiu Fengde delays rent payment for more than 30 days, Haixi Zhejiang has the right to terminate the contract, and Hengjiu Fengde must pay a penalty equivalent to three months of tax-inclusive rent [2] - If the penalty is insufficient to cover Haixi Zhejiang's losses, Hengjiu Fengde is still liable for further compensation [2] - The company and Hengjiu Fengde will actively negotiate with Haixi Zhejiang to resolve the matter and will continue to monitor the situation closely [2]

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11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 景福集團有限公司 | | | 呈交日期: | 2025年12月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00280 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 909,308,465 | | | | 909,308,465 | | 增加 / 減少 (-) | | | | | | | | ...

Core Viewpoint - The announcement reveals a significant change in the control of Huafeng Co., Ltd. (华锋股份), with the current controlling shareholder, Tan Guoying, planning to transfer 16% of the company's shares to Chen Yun, which will result in a change of control [1][5]. Group 1: Share Transfer Details - Tan Guoying intends to transfer 34 million shares, representing 16% of the total share capital, to Chen Yun through an agreement [1]. - The first phase of the transfer involves 10.7 million shares, accounting for 5.04% of the total share capital, at a price of 15 CNY per share, totaling 161 million CNY [1]. - Following the transfer, Tan Guoying's shareholding will decrease from 20.14% to 15.11%, while Chen Yun will hold 5.04% of the shares [2]. Group 2: Background of Chen Yun - Chen Yun is described as a veteran in both capital markets and the industrial sector, having co-founded two listed companies: Helitai and Sanlipu [2][3]. - He currently holds 60% of Shengbaolai Optoelectronics Technology Co., Ltd., which focuses on the research and production of polarizers, a key material for display panels [3]. - Chen Yun's past experiences indicate a pattern of capital operation, where he has previously exited from companies after achieving share securities [3][4]. Group 3: Future Prospects and Company Strategy - Huafeng Co., Ltd. aims to leverage Chen Yun's expertise to enhance its profitability and operational sustainability through resource integration [3]. - The company is currently engaged in the research, production, and sales of electric control and drive systems for new energy vehicles, alongside its electrode foil business [5]. - The transfer of shares is seen as a strategic move to bring in a professional investor who recognizes the company's value and future development potential [5].

Core Viewpoint - Huafeng Co., Ltd. will undergo a change in its actual controller to Chen Yun, following an agreement for the transfer of shares from the current controller Tan Guoying [1][2]. Share Transfer Details - Tan Guoying will transfer a total of 34 million shares (16.00% of total shares) to Chen Yun, with an initial transfer of 10.7 million shares (5.04%) at a price of 15 CNY per share, totaling approximately 161 million CNY [1]. - A voting rights entrustment agreement was also signed, allowing Chen Yun to exercise the voting rights of the remaining 32.1 million shares (15.11%) held by Tan Guoying [1]. Company Background - Chen Yun is not new to the capital market; he is a co-founder of listed companies Helitai and Sanlipu, and currently serves as the founder and CEO of Shengbaolai Optoelectronics Technology Co., Ltd., holding 60% of its shares [2][3]. - Huafeng Co., Ltd. primarily focuses on the research, production, and sales of electric control and drive systems for new energy vehicles, as well as electrode foil [4]. Financial Performance - Huafeng Co., Ltd. has shown fluctuating financial performance, with revenue increasing from 440 million CNY to 1.031 billion CNY from 2022 to 2024, but with unstable net profits [4]. - The company reported revenues of 658 million CNY, 719 million CNY, and 1.031 billion CNY for 2022, 2023, and 2024 respectively, with net profits of -9.61 million CNY, -32.4 million CNY, and 85.48 million CNY [4]. - In the first three quarters of 2025, Huafeng Co., Ltd. achieved revenues of 862 million CNY, an increase of 18.75% year-on-year, but reported a net loss of -9.93 million CNY, a decline of 288.93% [7].

Core Viewpoint - Huafeng Co., Ltd. (002806) announced the progress of control change and the resumption of trading on December 1, following the signing of a share transfer agreement between Tan Guoying and Chen Yun [2][4]. Group 1: Share Transfer Agreement - Tan Guoying will transfer 34 million shares, representing 16% of the total share capital, to Chen Yun in stages [2]. - The initial transfer involves 10.7 million shares, accounting for 5.04% of the total share capital, at a price of 15 CNY per share, totaling approximately 161 million CNY [2]. - The subsequent transfer of 23.3 million shares is contingent upon the completion of the initial transfer, with a specific agreement to be signed between November 23, 2026, and January 31, 2027 [2]. Group 2: Voting Rights Delegation - A voting rights delegation agreement was also signed, where Tan Guoying will irrevocably delegate the voting rights of 32.1 million shares (15.11% of total share capital) to Chen Yun [4]. - This delegation will be effective from the completion of the initial share transfer until the completion of the subsequent share transfer [4]. - Upon the completion of these agreements, Chen Yun will become the new controlling shareholder, replacing Tan Guoying as the actual controller of Huafeng Co., Ltd. [4]. Group 3: Background of Key Individuals - Tan Guoying, born in December 1950, resigned as chairman in September 2020 due to age and later stepped down from the board in January 2021, becoming an honorary chairman [4]. - Chen Yun, born in September 1975, has a background in production management and engineering, and is the founder and current chairman of Shengbaolai Optoelectronics Technology [4].

Core Viewpoint - The announcement indicates that Huafeng Co., Ltd. (002806) is in the preliminary stages of a potential equity transfer agreement, which may lead to a change in the company's controlling shareholder and actual controller [1][2]. Group 1: Equity Transfer Agreement - On November 22, the controlling shareholder and chairman, Tan Guoying, signed a letter of intent for equity transfer with Chen Yun, who intends to acquire the shares held by Tan, potentially gaining control of the company [1]. - The signed agreement is currently at the planning and intention stage, with uncertainties regarding the completion of the transaction, including the need for comprehensive due diligence [2]. Group 2: Company Operations - Huafeng Co., Ltd. specializes in the research, production, and sales of electric control and drive systems for new energy vehicles, as well as electrode foil [7]. - The company has developed a mature technology system for electric control and drive systems, which plays a crucial role in the performance, economy, safety, stability, and comfort of new energy vehicles [7]. Group 3: Financial Information - As of the announcement date, Huafeng's stock price is reported at 13.22 yuan per share, with a total market capitalization of 2.809 billion yuan [8].

Group 1 - The core point of the article is that Huafeng Co., Ltd. (002806) is planning a change in control, with the controlling shareholder and actual controller, Tan Guoying, signing a share transfer intention agreement with Chen Yun, who intends to acquire the shares held by Tan [2][4] - The share transfer intention agreement is currently in the planning and intention stage, and there is uncertainty regarding the completion of the transaction, which requires comprehensive due diligence [4] - The company's stock will be suspended from trading starting November 24, with an expected suspension period of no more than two trading days [5] Group 2 - Huafeng Co., Ltd. primarily engages in the research, production, sales, and technical services of electric control and drive systems for new energy vehicles, while also maintaining the research and production of electrode foils [7] - The company has developed a mature technology system for electric control and drive systems in new energy commercial vehicles, providing reliable solutions and technical support to manufacturers in the industry [8] - As of the latest announcement, Huafeng Co., Ltd.'s stock price is reported at 13.22 yuan per share, with a total market value of 2.809 billion yuan [9]

Core Viewpoint - Guangdong Huafeng New Energy Technology Co., Ltd. is planning a change in control, leading to a temporary suspension of its stock trading starting November 24, 2025 [1] Group 1: Company Overview - Huafeng Co., Ltd. primarily engages in the research, production, sales, and technical services of electric control and drive systems for new energy vehicles, as well as the research, production, and sales of electrode foils [4] - The current chairman, controlling shareholder, and actual controller is Tan Guoying, a 75-year-old female senior engineer with a background in various leadership roles [3] Group 2: Financial Performance - In the first half of 2025, Huafeng Co., Ltd. achieved total operating revenue of 586 million yuan, a year-on-year increase of 25.89% [5] - The net profit attributable to shareholders was -7.3964 million yuan, a year-on-year decline of 416.6%, primarily due to decreased sales prices and profit margins in both electrode foil and new energy vehicle sectors [5] Group 3: Shareholder Activity - On September 20, 2025, shareholder and general manager Lin Cheng announced plans to reduce his holdings by up to 203.06 million shares, representing 0.96% of the total share capital, within three months starting from October 21, 2025 [5] - On October 29, 2025, Lin Cheng sold 566,000 shares at an average trading price of 13.85 yuan per share [7] - Prior to the suspension, Huafeng Co., Ltd.'s stock price was 13.22 yuan per share, with a total market capitalization of 2.809 billion yuan [8]

Market Overview - The A-share market opened higher on November 20, with the ChiNext index rising nearly 2% at one point, while the Shanghai Composite Index showed slight gains and the Shenzhen Component and ChiNext indices turned negative [1] - The Shanghai Composite Index was at 3950.10, up 3.36 points or 0.09%, while the Shenzhen Component was at 13069.86, down 10.22 points or 0.08% [2] Brokerage Stocks - Brokerage stocks collectively opened strong, with Shouhua Securities rising over 4%, and China Galaxy and CITIC Securities also showing significant gains [2] - China International Capital Corporation (CICC) plans to merge with Dongxing Securities and Xinda Securities, which may have contributed to the positive sentiment in the brokerage sector [2] Solid-State Battery Concept - The solid-state battery concept saw a surge, with companies like Guanghua Technology, Nord Shares, and Binhai Energy hitting the daily limit, while Shengxin Lithium Energy, Tianhua New Energy, and others also experienced gains [6] - Research reports indicate that solid-state batteries are entering the pilot production phase, benefiting equipment manufacturers, with some already shipping related equipment and validating process routes with downstream clients [8] Lithium Mining Stocks - Lithium mining stocks collectively surged, with Dazhong Mining and Jinyuan Shares both hitting the daily limit, while Shengxin Lithium Energy, Guocheng Mining, and others also saw gains [8] Organic Silicon Concept - The organic silicon sector continued to show strength, with companies like Chenguang New Materials achieving three consecutive daily limits, and others like Yuanxiang New Materials and Hongbai New Materials also rising [8] - A recent seminar indicated that the overall operating rate of the organic silicon industry will be reduced by 30%, with plans to implement this in early December, and a price target for organic silicon DMC set at 13,500 yuan per ton or higher [8] CPO Concept - The CPO concept was active, with Zhongfu Circuit rising over 13%, and other companies like Juguang Technology and Zhongji Xuchuang also experiencing gains [9] - China Aviation Optical-Electrical Technology Co. confirmed its capability in providing CPO-related products and solutions, indicating a strategic focus on meeting customer needs [9] Central Plaza Stock Movement - Central Plaza (600280) experienced significant volatility, with a "Tian Di Ban" pattern observed during trading, following two consecutive daily limits [10][11] - The company announced that its stock price had deviated significantly over three trading days, prompting a review, but confirmed no undisclosed major issues [13]

Core Viewpoint - The A-share market shows mixed performance with significant movements in brokerage stocks and solid-state battery concepts, indicating potential investment opportunities in these sectors [2][3][4]. Brokerage Sector - Brokerage stocks opened strong, with notable gains such as a more than 4% increase in Shichuang Securities, amid news of CICC's plan to merge with Dongxing Securities and Xinda Securities [2][3]. Solid-State Battery Concept - The solid-state battery sector experienced a surge, with companies like Guanghua Technology and Nord Shares hitting the daily limit. The industry is reportedly on the verge of industrialization, benefiting equipment manufacturers [3]. Lithium Mining Sector - Lithium mining stocks collectively rose, with companies like Dazhong Mining and Jinyuan Shares reaching the daily limit. Other firms such as Shengxin Lithium Energy and Ganfeng Lithium also saw gains [4]. Organic Silicon Sector - The organic silicon sector maintained its strength, with companies like Chenguang New Materials achieving significant stock performance. A recent conference indicated a planned 30% reduction in overall operating rates for the industry starting in December [5]. CPO Concept - The CPO concept saw active trading, with companies like Zhongfu Circuit rising over 13%. Zhonghang Optoelectronics confirmed its capability to provide CPO-related products, enhancing its market position [6]. Central Plaza Stock Movement - Central Plaza (600280) experienced a "Tian Di Ban" phenomenon, following a two-day consecutive rise. The company announced that there were no undisclosed significant matters affecting its stock [7]. Aquaculture Sector - The aquaculture index strengthened, with Zhongshui Fisheries achieving a five-day consecutive rise. The company confirmed no undisclosed significant matters affecting its stock [8][9].