Core Viewpoint - The recent stock transfer of Ningde Times (300750) from Goldman Sachs (Asia) Securities to Citibank, valued at HKD 2.905 billion, indicates a significant shift in shareholder strategy amidst the unlocking of nearly 50% of its H-share IPO locked shares, which may exert pressure on the stock price [1] Group 1: Stock Transfer and Market Impact - On November 21, Ningde Times' shareholder transferred shares worth HKD 2.905 billion from Goldman Sachs (Asia) Securities to Citibank, representing 3.86% of the company [1] - Nearly 50% of Ningde Times' H-share IPO locked shares were unlocked on November 20, with approximately 77.5 million shares facing potential sell-off [1] - Morgan Stanley noted that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the current H-share price is 107% higher than the IPO price, and the H-share is trading at a 23% premium to the A-share, which is rare for dual-listed shares, suggesting potential pressure on the stock price due to the unlocking [1] Group 2: Shareholder Actions - Shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at RMB 376.12 per share, which would allow Huang Shilin to cash out approximately RMB 17.163 billion [1] - Huang Shilin is a co-founder of Ningde Times and previously served as the vice chairman and deputy general manager, currently holding a 10.21% stake, making him the third-largest shareholder [1]

Core Viewpoint - CATL's stock price has dropped over 4% due to the unlocking of nearly 50% of its H-share IPO locked shares, leading to potential selling pressure [1] Group 1: Stock Performance - As of the report, CATL's stock price fell by 4.02%, trading at 463.6 HKD with a transaction volume of 2.109 billion HKD [1] - The current H-share price is at a 23% premium compared to its A-share price, which is unusual for dual-listed shares [1] Group 2: Share Unlocking and Potential Selling - Approximately 77.5 million shares are facing potential selling pressure after the unlocking that began on November 20 [1] - Morgan Stanley indicated that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the overall market sentiment may still be affected [1] Group 3: Major Shareholder Activity - Major shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary transfer price is set at 376.12 CNY per share, which would allow Huang Shilin to cash out approximately 17.163 billion CNY [1] - Huang Shilin is a co-founder of CATL and currently holds 10.21% of the company's shares, making him the third-largest shareholder [1]

Core Viewpoint - CATL's stock has dropped over 4%, currently trading at 463.6 HKD, with a trading volume of 2.109 billion HKD, amid concerns over the unlocking of nearly 50% of its H-share IPO locked shares [1] Group 1: Stock Performance - CATL's stock price has decreased by 4.02% as of the latest report [1] - The current trading price represents a 107% premium over the IPO price, and a 23% premium compared to its A-share price, which is unusual for dual-listed shares [1] Group 2: Share Unlocking and Potential Selling Pressure - Approximately 77.5 million shares are facing potential sell-off due to the unlocking of H-share IPO locked shares starting November 20 [1] - Morgan Stanley indicated that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the unlocking will still exert pressure on the stock price [1] Group 3: Major Shareholder Activity - Major shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at 376.12 HKD per share, which would allow Huang Shilin to cash out approximately 17.163 billion HKD [1] - Huang Shilin is a co-founder of CATL and currently holds 10.21% of the company's shares, making him the third-largest shareholder [1]

Group 1 - The core viewpoint is that 28 companies listed in Hong Kong will face a share lock-up expiration starting this Wednesday until the end of the year, with a total value of $24.9 billion based on Tuesday's closing price [1] - The share unlock coincides with rising global risk aversion and weakening market momentum, adding pressure to the Hong Kong stock market [1] - Despite a year-to-date increase of 29% in the Hang Seng Index, it is experiencing its largest weekly decline in a month, influenced by uncertainties in Federal Reserve policies [1][2] Group 2 - The expiration of lock-up periods is identified as a clear risk factor for the Hong Kong stock market before the end of the year, with investors likely to take profits after significant gains this year [3] - The IPO market in Hong Kong is experiencing its most active year in four years, with total fundraising expected to exceed $40 billion by 2025 [4] - The recent wave of IPOs has directly increased the scale of share unlocks at year-end, with the average increase of 95% for the 28 companies since their listing [5] Group 3 - Companies listed in both A-shares and H-shares that maintain a premium on H-shares are expected to face greater downward pressure, as noted by a strategist from China Everbright Securities [6] - The valuation advantage of H-shares relative to A-shares may lead shareholders to prioritize reducing their positions in Hong Kong stocks, exacerbating the downward pressure on H-shares [7] - The structural pressure from the share unlock highlights the differentiated impact of the unlock wave on various types of listed companies, necessitating investor attention to individual stock structures and valuation disparities [7]

Core Viewpoint - CATL's stock price has declined nearly 4% amid news of a significant share reduction by a major shareholder, raising concerns about potential selling pressure and market sentiment [1] Group 1: Shareholder Actions - CATL's co-founder and third-largest shareholder, Huang Shilin, plans to reduce his stake by transferring 45.6324 million shares, representing 1% of the total share capital [1] - The estimated market value of this share reduction is approximately 18.44 billion yuan based on the closing price of 404.12 yuan on the announcement day [1] - Even at a minimum transfer price of 70% of the market value, the shares would still be worth over 10 billion yuan [1] Group 2: Market Analysis - JPMorgan has advised caution regarding the actual constraints of CATL's recent 200GWh energy storage battery order from Haibosi [1] - Starting from November 20, nearly 50% of the H-share IPO locked shares will be unlocked, with about 77.5 million shares facing potential selling pressure [1] - Despite these concerns, CATL is expected to be included in the Hang Seng Tech Index, which may trigger passive fund inflows [1] Group 3: Price Target Adjustments - JPMorgan has lowered its price target for CATL from 600 HKD to 575 HKD, while the A-share target price is set at 480 yuan [1]

Core Viewpoint - Hanghua Co., Ltd. is experiencing significant performance decline, with major shareholders continuously reducing their stakes, indicating a lack of confidence in the company's future prospects [1] Financial Performance - In Q3 2025, Hanghua's operating revenue was 336 million yuan, a year-on-year increase of 0.80%; however, net profit was 29.43 million yuan, a year-on-year decrease of 28.80% [1] - For the first three quarters of 2025, total operating revenue was 907 million yuan, a year-on-year decline of 1.62%, and net profit attributable to shareholders was 75.94 million yuan, down 25.00% year-on-year [1] Shareholder Actions - Despite the significant decline in performance, shareholders are determined to reduce their stakes, with a large number of shares set to be unlocked in the future, which may exert downward pressure on the stock price [1] - On November 21, 2025, 10,916,677 shares will be unlocked, accounting for 2.6% of the total share capital, originating from a six-month lock-up period for inquiry transfer stocks [1] - On February 5, 2026, an additional 12,603,855 shares will be unlocked, representing 3% of the total share capital, also from a six-month lock-up period for inquiry transfer stocks [1] - The second-largest shareholder, T&K TOKA, has already reduced its stake by 6% through inquiry transfer, and in the next three months, 5.6% of shares will be unlocked for circulation [1]

Core Viewpoint - Jiangsu Hongxin (02625) has experienced a significant decline of over 16%, with a drop of more than 50% from its monthly high [1] Group 1: Stock Performance - As of the report, Jiangsu Hongxin's stock price fell by 16.12%, trading at HKD 3.59, with a transaction volume of HKD 33.6499 million [1] Group 2: Unlocking of Shares - On October 1, Jiangsu Hongxin faced its first unlocking period since its listing, with 15.444 million shares unlocked, accounting for 7.21% of the total issued shares [1] Group 3: Financial Performance - For the first half of the year, Jiangsu Hongxin reported a revenue of RMB 771 million, reflecting a year-on-year increase of 16.22% [1] - The company's profit attributable to shareholders was RMB 12.499 million, showing a year-on-year decrease of 30.57% [1] - The basic earnings per share stood at RMB 0.07 [1]

Core Viewpoint - Jiangsu Hongxin (02625) has experienced a significant decline of over 16%, with a drop of more than 50% from its monthly high [1] Group 1: Stock Performance - As of the report, Jiangsu Hongxin's stock price is at 3.59 HKD, reflecting a decrease of 16.12% [1] - The trading volume reached 33.6499 million HKD [1] Group 2: Unlocking of Shares - On October 1, Jiangsu Hongxin faced its first unlock period since its listing, with 15.444 million shares being unlocked, accounting for 7.21% of the total issued shares [1] Group 3: Financial Performance - For the first half of the year, Jiangsu Hongxin reported a revenue of 771 million RMB, representing a year-on-year increase of 16.22% [1] - The company's profit attributable to shareholders was 12.499 million RMB, showing a year-on-year decrease of 30.57% [1] - The basic earnings per share stood at 0.07 RMB [1]

Core Viewpoint - The report outlines the verification opinions of CITIC Construction Investment Securities Co., Ltd. regarding the lifting of restrictions on the circulation of certain shares of Jiangyin Biaobang Auto Parts Co., Ltd. prior to its initial public offering, confirming compliance with relevant regulations [1][10]. Group 1: Initial Public Offering Details - Jiangyin Biaobang Auto Parts Co., Ltd. issued 22.5 million shares at a price of RMB 40.25 per share, with a total share capital of 90 million after the IPO [1]. - The company received approval from the China Securities Regulatory Commission for its initial public offering [1]. Group 2: Share Lock-up and Release - A total of 7.5 million shares, representing 8.33% of the total share capital, were subject to lock-up restrictions, which were disclosed in a public announcement [2]. - The lock-up period for certain shares was extended by 6 months due to the fulfillment of commitment conditions, resulting in a total lock-up period of 42 months [4]. Group 3: Shareholder Commitments - Seven shareholders, including Jiangyin Biaobang Network Technology Co., Ltd. and several individuals, committed not to transfer or manage their shares for 36 months post-IPO [5][6]. - The commitments include restrictions on share transfers and repurchases during the lock-up period [5][6]. Group 4: Share Capital Changes - Following the annual profit distribution and capital reserve conversion, the total share capital increased from 90 million to 117 million shares [3]. - As of the verification date, the total share capital stood at 115,540,973 shares, with 78 million shares under lock-up conditions [4][11]. Group 5: Lifting of Share Restrictions - The lifting of restrictions on 78 million shares is scheduled for August 21, 2025, which will represent 67.51% of the total share capital [10]. - The shareholders involved in the lifting of restrictions have adhered to their commitments during the lock-up period [9]. Group 6: Verification Opinions - The sponsor institution, CITIC Construction Investment, confirmed that the lifting of restrictions on the shares complies with relevant regulations and that the information disclosure is accurate and complete [11].

Core Viewpoint - Entropy Technology (301330) announced the lifting of restrictions on the circulation of 22.22 million shares, representing 9.44% of the company's total share capital, effective August 18, 2025 [1] Group 1: Shareholder Information - The lifting of restrictions involves five shareholders, with the following details on the shares: - Shenzhen Elite He Yi Investment Enterprise (Limited Partnership) will release 4,176,314 shares from a total of 8,352,629 restricted shares [1] - Shenzhen Elite Shi Jun Investment Enterprise (Limited Partnership) will release 4,232,280 shares from a total of 8,464,560 restricted shares [1] - Shenzhen Elite Qian Li Investment Consulting Enterprise (Limited Partnership) will release 528,840 shares from a total of 1,057,680 restricted shares [1] - Shenzhen Elite Li Xin Consulting Enterprise (Limited Partnership) will release 1,424,514 shares from a total of 2,849,028 restricted shares [1] - Dongguan Li Xin Investment Partnership (Limited Partnership) will release all 11,856,000 of its restricted shares [1] Group 2: Financial Performance - In the first quarter of 2025, Entropy Technology reported revenue of 414 million yuan and a net profit attributable to shareholders of 29.46 million yuan [1]