Core Viewpoint - Changfei Fiber (601869.SH) saw its stock price rise over 6% to 97 yuan, reaching a historical high due to the Ministry of Commerce's ruling on anti-dumping measures against U.S. imports of specific optical fibers [1] Group 1: Regulatory Changes - The Ministry of Commerce announced a ruling regarding the anti-circumvention investigation of imported wavelength-shifting single-mode optical fibers from the U.S. [1] - The ruling determined that U.S. fiber manufacturers and exporters altered trade practices to export related wavelength-shifting single-mode optical fibers (G.654.C fibers) to China, undermining existing anti-dumping measures [1] - The Ministry proposed adjustments to the tax scope to the State Council Tariff Commission, which decided to apply the current anti-dumping tax rates on non-dispersive wavelength-shifting single-mode optical fibers from the U.S. starting September 4, 2025 [1] Group 2: Anti-Dumping Tax Rates - The anti-dumping tax rates for various companies are as follows: Corning Incorporated at 37.9%, OFS Fitel, LLC at 33.3%, Draka Communications Americas, Inc. at 78.2%, and other U.S. companies at 78.2% [1]

Group 1 - The Ministry of Commerce announced the implementation of anti-circumvention measures on imports of specific single-mode optical fibers originating from the United States, effective from September 4, 2025 [1] - The current anti-dumping tax rate applicable to non-dispersion shifted single-mode optical fibers from the U.S. will also apply to the newly specified related cutoff wavelength single-mode optical fibers [1] - Importers or their agents must declare the specific product code 90011000.01 when importing the related cutoff wavelength single-mode optical fibers, as per the announcement [1]

Group 1 - The General Administration of Customs announced that the Ministry of Commerce has issued Announcement No. 48 of 2025, which will implement anti-circumvention measures on imports of certain single-mode optical fibers originating from the United States starting from September 4, 2025 [1] - The current anti-dumping tax rate applicable to non-dispersion shifted single-mode optical fibers from the United States will also apply to the relevant cutoff wavelength single-mode optical fibers [1] - Importers or their agents must declare the relevant cutoff wavelength single-mode optical fibers under the specified commodity code 90011000, with the specific code 90011000.01 for declaration purposes [1]

Core Viewpoint - The Ministry of Commerce of China has initiated anti-circumvention measures against imported optical fiber products originating from the United States, marking the first such investigation in China [1]. Summary by Relevant Sections - **Investigation Background** - On March 4, 2025, the Ministry of Commerce launched an anti-circumvention investigation into single-mode optical fibers with specific cutoff wavelength displacement from the U.S. following a request from domestic companies [1]. - **Investigation Process** - The investigation was conducted in accordance with laws and regulations, ensuring transparency and the protection of the rights of all stakeholders involved [1]. - **Findings and Measures** - Evidence indicated that U.S. exporters were circumventing China's anti-dumping measures on non-dispersive single-mode optical fiber products by exporting related products [1]. - As a result of the investigation, the Ministry of Commerce announced the implementation of anti-circumvention measures effective September 4, 2025 [1].

Core Viewpoint - The Ministry of Commerce of China has initiated anti-circumvention measures against imported optical fiber products originating from the United States, marking the first such investigation in China [3]. Group 1 - On March 4, 2025, the Ministry of Commerce launched an anti-circumvention investigation into single-mode optical fibers with specific cutoff wavelength displacement, following a request from domestic companies [3]. - The investigation was conducted transparently and legally, ensuring the rights of all stakeholders were protected [3]. - Evidence indicated that U.S. exporters were circumventing China's anti-dumping measures on non-dispersive single-mode optical fiber products by exporting related products to China [3]. Group 2 - As a result of the investigation, the Ministry of Commerce announced that anti-circumvention measures would be implemented starting September 4, 2025 [3].

Core Viewpoint - The Ministry of Commerce of China has announced a ruling on the anti-circumvention investigation regarding the import of certain single-mode optical fibers originating from the United States, indicating that U.S. exporters have circumvented existing anti-dumping measures by altering trade practices [3][4]. Summary by Relevant Sections Investigation Background - On March 4, 2025, the Ministry of Commerce initiated an anti-circumvention investigation into the import of related cutoff wavelength single-mode optical fibers from the U.S. at the request of domestic companies, marking China's first anti-circumvention investigation [4][6]. Findings and Ruling - The investigation revealed that U.S. exporters were exporting related cutoff wavelength single-mode optical fibers to China in a manner that lacked sufficient commercial rationale, thereby undermining the effectiveness of existing anti-dumping measures on non-dispersive single-mode optical fibers [3][4]. - As a result, the Ministry of Commerce proposed adjustments to the tax scope to the State Council Tariff Commission, which decided to apply the current anti-dumping tax rates on non-dispersive single-mode optical fibers to the related cutoff wavelength single-mode optical fibers starting from September 4, 2025 [3]. Anti-Dumping Tax Rates - The anti-dumping tax rates for various companies are as follows: Corning Incorporated at 37.9%, OFS Fitel, LLC at 33.3%, Draka Communications Americas, Inc. at 78.2%, and other U.S. companies at 78.2% [3]. - The implementation period for the anti-circumvention measures will be from September 4, 2025, to April 21, 2028, coinciding with the expiration of the anti-dumping measures on non-dispersive single-mode optical fibers [3].

Core Viewpoint - The Ministry of Commerce of China has announced a decision regarding the anti-circumvention investigation of imported wavelength-shifted single-mode optical fibers originating from the United States, indicating that U.S. exporters have circumvented existing anti-dumping measures through changes in trade practices [4][6]. Summary by Sections Investigation Background - On March 4, 2025, the Ministry of Commerce initiated an anti-circumvention investigation into imported wavelength-shifted single-mode optical fibers from the U.S. at the request of domestic companies, marking China's first anti-circumvention investigation [6]. Findings and Decisions - The investigation revealed that U.S. exporters were circumventing China's anti-dumping measures on non-dispersion-shifted single-mode optical fibers by exporting related wavelength-shifted single-mode optical fibers [4][6]. - As a result, the Ministry of Commerce recommended adjustments to the tax scope to the State Council Tariff Commission, which decided to apply the existing anti-dumping tax rates on non-dispersion-shifted single-mode optical fibers to the related wavelength-shifted single-mode optical fibers starting from September 4, 2025 [4][5]. Anti-Dumping Tax Rates - The anti-dumping tax rates for various companies are as follows: Corning Incorporated at 37.9%, OFS Fitel, LLC at 33.3%, and Draka Communications Americas, Inc. at 78.2%. Other U.S. companies will also face a tax rate of 78.2% [5].

Core Viewpoint - The Ministry of Commerce of China has determined that U.S. fiber optic manufacturers and exporters are circumventing existing anti-dumping measures by altering trade practices, leading to an investigation and the imposition of anti-dumping duties on specific fiber optic products from the U.S. [1][2] Group 1 - The Ministry of Commerce announced that starting from September 4, 2025, anti-dumping duties will be applied to imports of related cutoff wavelength single-mode fiber from the U.S. [1][2] - The investigation was initiated based on a request from Yangtze Optical Fibre and Cable Joint Stock Limited Company, indicating potential evasion of anti-dumping measures on non-dispersion shifted single-mode fiber from the U.S. [1] - The anti-dumping duties will be applicable until April 21, 2028, which is the expiration date of the current anti-dumping measures on non-dispersion shifted single-mode fiber from the U.S. [2] Group 2 - Specific anti-dumping duty rates have been set for various U.S. companies: Corning Incorporated at 37.9%, OFS Fitel, LLC at 33.3%, and Draka Communications Americas, Inc. at 78.2%, with other U.S. companies also facing a rate of 78.2% [2] - The anti-dumping tax will be calculated based on the customs-determined taxable price of the imported goods, with the formula: anti-dumping tax amount = customs-determined taxable price × anti-dumping tax rate [2]

Core Viewpoint - The Ministry of Commerce of China has announced a ruling regarding the anti-circumvention investigation of cut-off shifted single-mode optical fibers imported from the United States, determining that such imports circumvent existing anti-dumping measures on non-dispersion shifted single-mode optical fibers [1][4]. Current Anti-Dumping Measures - The Ministry of Commerce imposed anti-dumping duties on non-dispersion shifted single-mode optical fibers from the U.S. starting April 22, 2011, with a five-year duration. This measure was extended in 2017 and again in 2023, with the applicable duty rates adjusted to between 33.3% and 78.2% for U.S. companies [2][3]. Product Description - Non-dispersion shifted single-mode optical fibers, also known as G.652 fibers, operate at wavelengths of 1310nm and 1550nm, with specific attenuation and dispersion characteristics. These fibers are widely used in high-speed, long-distance communications [3]. Anti-Circumvention Measures - The Ministry of Commerce has recommended adjustments to the tax scope, leading to the application of existing anti-dumping tax rates to the cut-off shifted single-mode optical fibers imported from the U.S. starting September 4, 2025 [4][5]. Tax Rates - The anti-dumping tax rates for specific U.S. companies are as follows: Corning Incorporated at 37.9%, OFS Fitel, LLC at 33.3%, and Draka Communications Americas, Inc. at 78.2%. Other U.S. companies will also face a rate of 78.2% [5]. Implementation Period - The anti-circumvention measures will be in effect from September 4, 2025, until April 21, 2028, coinciding with the expiration of the current anti-dumping measures on non-dispersion shifted single-mode optical fibers [6]. Review Process - Stakeholders may submit written applications for a review of the necessity to continue the anti-circumvention measures after a reasonable period during the implementation phase [7]. Legal Recourse - Parties dissatisfied with the anti-circumvention decision may apply for administrative reconsideration or file a lawsuit in court according to the relevant laws [8].

Group 1 - The convertible bond of Zhengfan Technology has increased by 3.44% to 138.18 CNY per share, with a trading volume of 61.9493 million CNY and a conversion premium rate of 47.66% [1] - Zhengfan Technology's convertible bond has a credit rating of "AA" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [1] - The conversion price for the bond is set at 38.54 CNY, with the conversion period starting on September 24, 2025 [1] Group 2 - Zhengfan Technology, founded in 2009, provides key process system solutions to various high-tech industries in China, including integrated circuits and biopharmaceuticals [2] - For the first quarter of 2025, Zhengfan Technology reported a revenue of 676.7 million CNY, a year-on-year increase of 14.94%, and a net profit of 34.423 million CNY, up 38.23% year-on-year [2] - The company has a highly concentrated shareholder structure, with the top ten shareholders holding 38.07% of the shares, and an average holding amount of 1.02 million CNY per shareholder [2]