Zhi Tong Cai Jing·2025-09-26 06:12Core Viewpoint - Changfei Fiber Optics (601869) and its cable segment (06869) have seen a decline of over 7%, with intraday lows reaching HKD 50.75, representing a drop of more than 20% from the monthly high of HKD 65 [1] Group 1: Stock Performance - As of the report, the stock is down 7.26%, trading at HKD 51.1, with a transaction volume of HKD 1.12 billion [1] - Draka Comteq B.V. sold 37.5953 million shares of Changfei Fiber Optics through block trading, accounting for 5% of the total share capital, reducing its H-share holdings to zero [1] Group 2: Shareholder Activity - Draka Comteq B.V., one of the founders of Changfei Fiber Optics, had a holding ratio of 23.73% as of the end of March this year, and has been continuously reducing its H-share holdings since April [1] - The estimated total cash raised from the share reduction exceeds HKD 5.1 billion based on the average selling price disclosed by the Hong Kong Stock Exchange [1] Group 3: Market Analysis - Morgan Stanley indicated that the favorable fundamentals of the optical module industry are widely recognized and reflected in stock prices, suggesting investors take profits during high market sentiment [1] - Despite the positive outlook for AI infrastructure demand, Morgan Stanley believes the current level of market enthusiasm is unsustainable [1] - The report highlights that while there are bright spots in Changfei Fiber Optics' high-end fiber business, a performance turnaround still requires validation [1]