Core Viewpoint - Changfei Fiber Optics has experienced a significant decline in stock price, dropping over 6% recently, attributed to the sale of shares by its largest shareholder, Draka Comteq B.V., which has now fully exited its position in the company [1] Company Summary - Changfei Fiber Optics' stock price fell by 5.14% to HKD 54.45, with a trading volume of HKD 355 million [1] - Draka Comteq B.V. sold 37.5953 million H-shares, representing 5% of the total share capital, completing its exit from the company [1] - As of the end of March this year, both Draka Comteq B.V. and China Huaxin Post and Telecommunication Technology Co., Ltd. were the largest shareholders, each holding 23.73% of the company [1] Industry Summary - The company has noted a rising market interest in fiber optic products related to data centers, particularly hollow-core fibers [1] - Currently, fiber optic products related to data centers account for a small proportion of the total global demand for fiber optic cables [1] - Hollow-core fiber, as a cutting-edge product, is still in the early stages of application, lacking scale sales and stable pricing and profit levels [1] - The hollow-core fiber business has not yet had a significant impact on the company's financial data [1]

Group 1 - Longfly Fiber's largest shareholder, DrakaComteq B.V., completely divested its holdings, selling 37.5953 million H-shares on September 19, 2025, and no longer holds any shares in the company [2] - As of March 31, 2025, both DrakaComteq B.V. and China Huaxin Post and Telecommunications Technology Co., Ltd. are the largest shareholders of Longfly Fiber, each holding 180 million shares, representing 23.73% of the total shares [2] - From the beginning of the second quarter of 2025 until now, DrakaComteq B.V. has sold all of its 180 million shares, during which Longfly Fiber's A-shares rose by 259.2% and H-shares increased by 297.42% [2] Group 2 - Longfly Fiber's stock price surged over four times from HKD 11.93 per share at the beginning of the year to HKD 61.6 per share on September 19, 2025, while the A-share price increased by over three times during the same period [3] - In 2024, Longfly Fiber faced revenue pressure, reporting operating income of CNY 12.197 billion, a year-on-year decrease of 8.65%, and a net profit attributable to shareholders of CNY 676 million, down 47.91% year-on-year [3] - In the first half of 2025, the company achieved operating income of CNY 6.384 billion, a year-on-year increase of 19.38%, while the net profit attributable to shareholders was CNY 296 million, down 21.71% year-on-year [3] Group 3 - The market has shown increasing interest in optical fiber and cable products related to computing data centers, particularly hollow-core fibers; however, Longfly Fiber stated that these products currently represent a small proportion of global demand for optical fibers and cables [4] - The application of hollow-core fibers is still in its early stages, lacking scale sales and stable pricing and profit levels, with no significant impact on the company's financial data yet [4] - In July 2025, China Mobile launched its first commercial hollow-core fiber, with Longfly Fiber being the sole bidder at an actual bid price of approximately CNY 36,000 per core kilometer [4]

Group 1 - The core point of the article highlights a significant drop in the stock price of Changfei Fiber Optics (06869), which fell over 11% in early trading and is currently down 4.71% at HKD 58.7, with a trading volume of HKD 732 million [1] - Shareholder DrakaComteq B.V. reduced its stake in the company by selling 37.5953 million H-shares on September 4, representing 5.00% of the total share capital, decreasing its holding from 10.00% to 5.00% [1] - On September 19, DrakaComteq B.V. further sold another 5% of H-shares, resulting in no remaining holdings in the company [1] Group 2 - The company noted increased market interest in fiber optic products related to data centers, particularly hollow-core fibers, which currently represent a small portion of global fiber optic demand [1] - Hollow-core fibers are considered cutting-edge products, but their application is still in the early stages, lacking scale sales, stable pricing, and profit levels [1] - The hollow-core fiber business has not yet had a significant impact on the company's financial data, and investors are advised to be cautious and make rational investment decisions [1]

Core Viewpoint - Changfei Fiber Optics experienced a significant drop in stock price following major shareholder DrakaComteq B.V.'s reduction of its stake in the company, raising concerns about market confidence and future performance [1] Group 1: Stock Performance - Changfei Fiber Optics' stock fell over 11% in early trading, and as of the report, it was down 4.71% at HKD 58.7, with a trading volume of HKD 732 million [1] Group 2: Shareholder Activity - DrakaComteq B.V. reduced its holdings by 37.5953 million H-shares on September 4, decreasing its ownership from 10.00% to 5.00% of the total share capital [1] - On September 19, DrakaComteq B.V. further sold an additional 5% of H-shares, resulting in no remaining holdings in the company [1] Group 3: Market Insights - The company noted increased market interest in fiber optic products related to data centers, particularly hollow-core fibers, which currently represent a small portion of global demand [1] - Hollow-core fiber technology is still in its early application stage, lacking scale sales, stable pricing, and profit levels, indicating that future business development depends on the maturity of the industry chain [1] - The hollow-core fiber business has not yet had a significant impact on the company's financial data [1]

Core Viewpoint - Draka Comteq B.V. has completely divested its holdings in Changfei Fiber Optic, selling 37.5953 million H-shares, which accounts for 5.00% of the company's total share capital, indicating a significant reduction in shareholder commitment [1][3]. Summary by Sections Shareholder Reduction - Draka Comteq B.V. sold a total of approximately 180 million H-shares from April 17 to September 19, representing 23.73% of the company's total share capital [3][4]. - The latest sale on September 19 marked the complete exit of Draka Comteq B.V. from its H-share holdings in Changfei Fiber Optic [3][4]. Stock Performance - Changfei Fiber Optic's A-shares have increased over 300% and H-shares over 400% since the beginning of the year, reflecting strong market performance [1][7]. - The stock reached a historical high on September 19, with three consecutive trading days of price increases [7]. Financial Performance - For the first half of 2025, Changfei Fiber Optic reported total revenue of approximately 6.384 billion yuan, a year-on-year increase of about 19.38%, while net profit attributable to shareholders decreased by approximately 21.71% to about 296 million yuan [9]. - The company noted that the global fiber optic cable industry faces challenges such as insufficient demand in the telecom market and declining average prices, which may impact future performance [9][10]. Business Outlook - The company highlighted the growing interest in fiber optic products related to data centers, particularly hollow-core fibers, although these products currently represent a small portion of total demand and have not yet significantly impacted financial results [10]. - Changfei Fiber Optic emphasized the need for ongoing technological advancements to maintain competitive advantages in the evolving market [11].

Core Viewpoint - Draka Comteq B.V. has completely divested its stake in Yangtze Optical Fibre and Cable Joint Stock Limited Company, which did not negatively impact the company's stock prices, as both A-shares and H-shares experienced significant increases following the announcement [2][5]. Group 1: Shareholder Activity - Draka Comteq B.V. sold 37.5953 million H-shares on September 19, 2025, reducing its ownership from 5.00% to 0.00% [5]. - Prior to the divestment, Draka Comteq B.V. and China Huaxin Post and Telecommunications Technology Co., Ltd. were co-largest shareholders, each holding 180 million shares, representing 23.73% of the total shares [5]. - The share price of Yangtze Optical Fibre increased by 259.2% for A-shares and 297.42% for H-shares during the period of Draka Comteq B.V.'s divestment [5]. Group 2: Stock Performance - On September 19, 2025, the A-share price closed at 120.62 CNY per share, while the H-share price closed at 61.60 HKD per share, with a market capitalization of 688 billion CNY [2][3]. - The A-share price experienced a limit-up increase of 10% on the same day, while H-shares rose by 8.55% [2][3]. Group 3: Industry Insights - There is growing market interest in hollow-core fiber products related to data centers, which are seen as having significant potential due to their low latency and low loss characteristics [6][7]. - Currently, the market share of fiber optic products related to data centers is relatively small, and hollow-core fiber applications are still in the early stages of development [7]. - Microsoft announced plans to deploy 15,000 kilometers of hollow-core fiber for data centers and AI model connections within the next 24 months [8].

Core Viewpoint - Draka Comteq B.V., a former major shareholder of Yangtze Optical Fibre and Cable Joint Stock Limited Company, has completely divested its holdings, selling 37.5953 million H-shares, which accounted for 5% of the company's total share capital, without negatively impacting the company's stock prices [2][4]. Group 1: Shareholder Activity - Draka Comteq B.V. sold its entire stake in Yangtze Optical Fibre, which was previously held at 180 million shares, representing a 23.73% ownership [4]. - The divestment occurred in multiple transactions from April to September 2025, with the final sale on September 19, 2025 [5]. - Despite the divestment, Yangtze Optical Fibre's A-shares surged by 259.2% and H-shares by 297.42% during the divestment period [5]. Group 2: Stock Performance - On the day of the final sale, Yangtze Optical Fibre's A-shares hit a limit-up, while H-shares increased by 8.55% [2]. - As of September 19, 2025, the closing prices were 120.62 CNY per A-share and 61.6 HKD per H-share, with a total market capitalization of 68.8 billion CNY [2]. Group 3: Industry Insights - The market is increasingly focused on hollow-core fiber products, which are seen as having the potential to overcome performance limitations of solid-core fibers, particularly for next-generation T-bit transmission [7]. - Yangtze Optical Fibre has developed proprietary technology for its hollow-core fiber, which is recognized for its superior performance metrics [7]. - Currently, the demand for hollow-core fiber products remains low, and their financial impact on the company is not yet significant [7][6].

Group 1 - The core point of the article is that Changfei Optical Fiber and Cable (06869) announced a significant fluctuation in its A-share stock price, with a cumulative increase of over 20% from September 16 to September 18, 2025, indicating abnormal trading conditions [1] - On September 19, 2025, the company's A-share stock closed at the daily limit price, reflecting recent volatility in stock prices and urging investors to be cautious and rational in their investment decisions [1] - The company conducted a self-examination and confirmed that there have been no significant changes in its main business, daily operations, or operating environment compared to previous disclosures, and there are no undisclosed major matters [1] Group 2 - The company noted a rising market interest in optical fiber cable products related to data centers, particularly hollow-core fibers, which are still in the early stages of application and have not yet formed stable sales, pricing, or profit levels [1] - Currently, products related to data centers account for a small proportion of the total global demand for optical fiber cables, and the hollow-core fiber business has not yet had a significant impact on the company's financial data [1]

Group 1 - The company's A-share stock experienced a cumulative price deviation of over 20% from September 16 to September 18, 2025, indicating abnormal trading fluctuations [1] - On September 19, 2025, the company's A-share stock closed at the daily limit price, reflecting significant recent price volatility [1] - The company conducted a self-inspection and confirmed that there have been no significant changes in its main business, daily operations, or operating environment compared to previous disclosures [1] Group 2 - The market has shown increased attention to optical fiber and cable products related to data centers, particularly hollow-core fibers, which are still in the early application stage [1] - Currently, products related to data centers account for a small proportion of the total global demand for optical fibers and cables, and hollow-core fibers have not yet achieved scale sales or stable pricing and profit levels [1] - The hollow-core fiber business has not yet had a significant impact on the company's financial data [1]

Core Viewpoint - Changfei Fiber Optics (601869) stock has experienced significant volatility, with a notable increase of over 8% in early trading, reaching a historical high of 62 HKD, driven by market interest in fiber optic products related to data centers, particularly hollow core fibers [1] Company Summary - Changfei Fiber Optics has acknowledged the recent abnormal trading fluctuations and noted the heightened market attention towards fiber optic products for data centers, especially hollow core fibers [1] - The demand for fiber optic cables related to data centers currently represents a small proportion of the total global demand for fiber optic cables [1] - Hollow core fibers are considered cutting-edge products in the industry, but their application is still in the early stages, lacking scale sales and stable pricing and profit levels [1] - The hollow core fiber business has not yet had a significant impact on the company's financial data [1] Industry Summary - Aijian Securities has highlighted the strong performance advantages of hollow core fibers in the data center sector, suggesting that they are likely to benefit from long-term investments in data center infrastructure [1] - Changfei Fiber Optics possesses the necessary raw materials and manufacturing technology for hollow core fibers, with individual fiber lengths exceeding 20 kilometers and polarization mode dispersion control at an internationally leading level [1] - The company has set multiple world records in the commercial application of hollow core fibers in collaboration with the three major telecom operators [1]