Core Insights - On November 17, China Shangcheng (02330) shareholders transferred stocks from Huiying Securities to Yue Shang International Securities, with a total market value of HKD 17.4886 million, representing 7.43% of the company [1] Summary by Sections Stock Transfer - The stock transfer involved a market value of HKD 17.4886 million, which is 7.43% of the company's shares [1] Placement Agreement - On October 28, China Shangcheng announced that all conditions of the placement agreement had been met, and the placement was completed on October 28, 2025 [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share to three investors, including Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong [1] - Following the placement, the newly issued shares represent approximately 16.67% of the company's expanded issued share capital [1]

Core Viewpoint - TSMC has become the only trillion-dollar company in Asia, leading to a significant increase in its weight in various indices, but fund managers face constraints due to holding rules, creating a unique investment dilemma [1][3]. Group 1: TSMC's Market Position - TSMC's stock price in Taipei has surged by 36% this year, raising its weight in the Taiwan Weighted Index to nearly 43% and reaching close to 12% in both the MSCI Emerging Markets Index and MSCI Asia Pacific (excluding Japan) Index [3]. - The rise in TSMC's weight directly impacts funds over $100 billion that benchmark against MSCI indices, as regulations limit single stock holdings to 10% of net assets, leading to significant performance lag risks [3][4]. Group 2: Fund Managers' Challenges - Fund managers are forced to underweight TSMC not due to investment beliefs but due to structural limitations, creating a real risk of underperformance [3][4]. - Some fund managers are turning to investments in companies like Hon Hai Precision and ASE Technology, which are seen as part of TSMC's value chain, or using derivatives to hedge, but these strategies have clear limitations [3][4]. Group 3: Difficulty in Finding Alternatives - Finding a substitute that can replicate TSMC's market position, growth trajectory, and stability is extremely challenging [5]. - While alternative stocks may benefit from similar AI-driven factors, they struggle to match TSMC's strong pricing power, earnings quality, or business resilience [4].

Core Insights - As of November 11, 101 stocks reached their 52-week highs, with notable performers including Aide New Energy (02623), Lee's Pharmaceutical (02266), and China Shangcheng (02330) [1] Summary by Category 52-Week Highs - Aide New Energy (02623) closed at 4.850, with a peak price of 6.200, achieving a high rate of 13.76% - Lee's Pharmaceutical (02266) closed at 0.395, with a peak price of 0.490, achieving a high rate of 10.11% - China Shangcheng (02330) closed at 0.500, with a peak price of 0.510, achieving a high rate of 9.68% [1] Additional Notable Stocks - China New Retail Supply Chain (03928) reached a high rate of 9.55% - Chongqing Machinery (02722) achieved a high rate of 9.21% - Other stocks with significant high rates include Caike New Energy (01986) at 7.47% and MOS HOUSE (01653) at 6.71% [1] 52-Week Lows - Hengda Group Holdings (03616) reached a low of 0.360, with a low rate of -15.38% - DeTai New Energy Group (00559) reached a low of 0.100, with a low rate of -14.42% - Other notable lows include Jiahe International Holdings (08513) at -9.09% and Leshushi (02698) at -7.58% [3][4]

Investment Rating - The report suggests a positive investment outlook for the SiC industry, indicating significant growth potential due to the anticipated adoption of SiC in advanced packaging technologies by major companies like NVIDIA and TSMC [6]. Core Insights - The report emphasizes the critical need for improved thermal management solutions in AI computing chips, particularly in the context of CoWoS packaging, which is currently facing challenges due to rising power demands [3][40]. - SiC is identified as a promising alternative material for CoWoS interposers, offering superior thermal conductivity and structural integrity compared to traditional silicon and glass materials [4][86]. - The potential for the Chinese mainland SiC industry to benefit significantly from the shift towards SiC interposers is highlighted, given its advantages in investment scale, production costs, and downstream support [5][6]. Summary by Sections 1. NVIDIA and TSMC's Consideration of SiC - NVIDIA plans to adopt 12-inch SiC substrates in its next-generation GPU packaging by 2027, indicating a strategic shift towards advanced materials for better performance [2][9]. 2. Need for CoWoS Thermal Management - The report discusses the increasing power requirements of AI chips, with NVIDIA's H100 GPU exceeding 700W, necessitating enhanced cooling solutions to manage heat effectively [15][22]. 3. SiC as a Preferred Interposer Material - SiC's thermal conductivity is 2-3 times that of silicon, making it an ideal candidate for interposers in CoWoS packaging, which is crucial for high-performance computing applications [4][86]. 4. Benefits for China's SiC Industry - If CoWoS adopts SiC interposers, the demand could exceed 230,000 12-inch SiC substrates by 2030, presenting a substantial opportunity for the Chinese SiC supply chain [5][6]. 5. Overview of SiC Substrate and Equipment Companies - Key beneficiaries of the SiC market growth include companies like Jingcheng Machinery, Jing Sheng Co., Tianyue Advanced, and others, which are positioned to capitalize on the anticipated demand for SiC substrates and related equipment [6]. 6. Investment Recommendations - The report recommends investing in companies involved in SiC substrate production and equipment manufacturing, as they are expected to benefit from the industry's transition towards SiC technology [6].

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 FF301 第 1 頁 共 10 頁 v 1.1.1 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: 中國上城集團有限公司 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) | 02330 | 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 | | 300,000,0 ...

中国上城发布公告，配售协议所载的所有条件已获达成，而配售事项已于2025年10月28日完成。合共 7547.43万股配售股份已成功由配售代理根据配售协议的条款及条件按每股配售股份0.180港元的配售价 配售予叁位承配人，陈晖先生为一位投资者；刘晓玲女士为一位投资者；及李艳勇先生为一位投资者， 占公司紧接配售事项后经配发及发行配售股份扩大的公司已发行股本约16.67%。 香港联交所最新资料显示，10月28日，中国上城(02330)股东将股票存入元库证券，存仓市值1849.12万 港元，占比16.67%。 ...

Core Insights - On October 28, China Shangcheng (02330) shareholders deposited stocks into Yuan Ku Securities, with a market value of HKD 18.49 million, accounting for 16.67% [1] - China Shangcheng announced that all conditions of the placement agreement have been met, and the placement has been completed as of October 28, 2025 [1] - A total of 75.47 million shares were successfully placed by the placement agent at a price of HKD 0.180 per share to three investors, including Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong, representing approximately 16.67% of the company's expanded issued share capital post-placement [1]

Core Viewpoint - China Shangcheng (02330) has successfully completed a placement of 75.4743 million shares at a price of HKD 0.180 per share, raising approximately HKD 13.52 million for general operational expenses [1] Group 1: Placement Details - The placement agreement conditions have been fully met, and the placement was completed on October 28, 2025 [1] - A total of 75.4743 million shares were successfully placed to three investors, representing approximately 16.67% of the company's enlarged issued share capital post-placement [1] Group 2: Financial Implications - The net proceeds from the placement, after deducting placement commissions and other expenses, amount to approximately HKD 13.52 million [1] - The company intends to use the proceeds for general operational funding, including employee costs, professional fees, rent, and general administrative and operational expenses [1]

Group 1 - The company, China Shangcheng (02330), has completed a placement agreement on October 28, 2025, with all conditions met [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share, representing approximately 16.67% of the company's enlarged issued share capital post-placement [1] - The net proceeds from the placement, after deducting commissions and other expenses, amount to approximately HKD 13.52 million, which will be used for general working capital, including employee costs, professional fees, rent, and general administrative and operational expenses [1]

Core Viewpoint - China Shangcheng (02330.HK) has successfully completed a placement of 75.4743 million shares at a price of HKD 0.180 per share, raising approximately HKD 13.52 million for general operational funding [1] Group 1 - The placement agreement conditions have been fully met, and the placement was completed on October 28, 2025 [1] - A total of 75.4743 million shares were successfully placed, representing about 16.67% of the company's enlarged issued share capital post-placement [1] - The net proceeds from the placement amount to approximately HKD 13.52 million, which will be used for the group's general operational expenses, including employee costs, professional fees, rent, and other administrative and operational expenditures [1]