Mini Program: Quick News Update on A-Share Pre-Market Highlights
Important News
1. The National Development and Reform Commission issues measures for foreign investment.
The National Development and Reform Commission has issued the Management Measures for Overseas Investment. It stipulates that the filing management scope covers non-sensitive overseas investments directly conducted by investors, namely non-sensitive overseas investments involving direct investment of assets, equity, or provision of financing and guarantees by investors. For investors who are centrally managed enterprises, the filing authority is the National Development and Reform Commission; for local enterprises with Chinese investment of US$300 million or more, the filing authority is the National Development and Reform Commission; for local enterprises with Chinese investment below US$300 million, the filing authority is the provincial-level government development and reform department where the investor is registered; for other organizations, the provisions applicable to enterprises shall be referred to; for individual residents, the filing authority is the provincial-level government development and reform department where the investor’s household registration or usual place of residence is located. For overseas investments within the scope of filing management, investors must obtain an overseas investment filing notice prior to implementing the investment.
2. This year, 12 companies on the STAR Market have had their IPO reviews terminated, with the fastest withdrawal occurring in just 86 days.
According to the official website of the Shanghai Stock Exchange, another科创板 IPO has been terminated today—Zhongke Innovation, which was accepted on June 29 of this year, with Dongwu Securities as its sponsor. Thus far this year, 12 companies have had their科创板 IPO applications terminated: Zhongke Innovation, Saikexi, Huihe Medical, Huandong Technology, Taosheng Technology, Rongxin Huikē, Weilai Materials, Xinxin Semiconductor, Xinmi Technology, Yijia Additive, Qincheng Micro, and Yadian Technology. Of these 12 terminated applications, seven were accepted in 2025. Huihe Medical, co-sponsored by Dongwu Securities and Guotai Haitong Securities, had the shortest interval between acceptance and withdrawal—at just 86 days. The longest interval was 597 days, for Xinxin Semiconductor, co-sponsored by Guotai Haitong Securities and Huayuan Securities.
3. Yichun City Ecological Environment Bureau issues a notice proposing approval of the environmental impact assessment report for the Jianxiawo lithium mine mining project.
In accordance with the relevant regulations on the approval procedures for environmental impact assessments of construction projects, after review, our bureau intends to issue an approval opinion on the Environmental Impact Report for the Lithium Mine Mining Project at Zhentouli, Yifeng County, and Jianxiawo, Fengxin County, Jiangxi Province, undertaken by Yichun Times New Energy Mining Co., Ltd. To ensure the seriousness and fairness of this review process, we are now publicly displaying the basic information of the Environmental Impact Report. The public comment period will be from October 22, 2026, to October 28, 2026 (5 working days). (Yichun Municipal Ecological Environment Bureau)
4. Yuyuan Tiantian: The two leading companies, DeepSeek and MiniMax, have successfully completed their registration procedures and have finalized open-source release and overseas licensing.
Yu Yuan Tan Tian published an article stating that on October 16, the Ministry of Commerce and the Ministry of Science and Technology opened a public consultation on revising the "Catalog of Technologies Prohibited or Restricted for Export from China" (hereinafter referred to as the "Catalog"). The revision includes 23 artificial intelligence-related technologies, such as large models, intelligent agents, computing clusters, and information processing. After the Catalog was released, some questioned: China has emphasized technological openness—why suddenly impose export restrictions on AI? Is this a signal of policy reversal? It is understood that since the policy was announced, two leading companies, DeepSeek and MiniMax, have successfully completed registration procedures and finalized open-source releases and overseas licensing. In its related responses, the Ministry of Commerce provided significantly more detailed explanations regarding "what is not regulated" than regarding "what is regulated." This also indicates that the core purpose of the Catalog is to define boundaries rather than simply restrict the export of AI technologies. (Yu Yuan Tan Tian)
Individual stock news
1. Tianfu Communications: The production ramp-up timeline for CPO/NPO has not shown significant changes recently; the recently announced import/export policies do not impact the company’s business.
Tianfu Communications (300394.SZ) released an investor relations activity record announcement, stating that the company has established a solid foundation for its FAU, ELS, and other products supporting the CPO technology roadmap in terms of performance, yield, and delivery reliability, and will continue to scale up production based on customer demand. Related products for NPO are currently in the sampling phase. The production ramp-up pace for CPO/NPO has not shown significant changes recently. The supply situation for critical bottleneck components for active optical devices has improved compared to the first half of the year; however, there is a certain lead time from component receipt to finished product shipment. The positive impact of this supply improvement on the company’s operating performance is expected to gradually materialize in the third and fourth quarters. Demand for passive optical components continues to grow rapidly, and the company is actively expanding production capacity to increase overall output. Next year, the company’s passive component capacity expansion will cover both pluggable optical modules and CPO/NPO directions, both of which are supported by strong demand. The company will coordinate resource allocation to ensure growth in existing businesses while actively supporting the adoption and scaling of new technologies. The recently announced import/export policies do not impose restrictions on optical components and do not affect the company’s operations. The company operates a mass production facility in Thailand, capable of meeting customers’ needs for global multi-site expansion.
2. Huazheng New Materials: Net profit attributable to shareholders of the parent company in the third quarter of 2026 was RMB 627 million, representing a year-over-year increase of 3044.60%.
Huazheng New Materials announced that for the third quarter of 2026, revenue reached RMB 2.65 billion, a year-over-year increase of 140.77%; net profit attributable to shareholders amounted to RMB 627 million, a year-over-year increase of 3,044.60%; non-GAAP net profit was RMB 627 million, a year-over-year increase of 4,002.89%. For the first nine months of 2026, revenue totaled RMB 5.61 billion, a year-over-year increase of 75.54%; net profit attributable to shareholders was RMB 800 million, a year-over-year increase of 1,177.71%; non-GAAP net profit was RMB 793 million, a year-over-year increase of 1,499.31%.
3. China Telecom: Net profit for the third quarter of 2026 was RMB 6.62 billion, a year-over-year decrease of 14.65%.
China Telecom announced that for the third quarter of 2026, revenue amounted to RMB 121.089 billion, a year-over-year decrease of 3.01%; net profit attributable to shareholders was RMB 6.62 billion, down 14.65% year-over-year; non-GAAP net profit was RMB 5.788 billion, down 17.04% year-over-year. For the first nine months of 2026, revenue totaled RMB 380.1 billion, a year-over-year decline of 3.59%; net profit attributable to shareholders was RMB 26.207 billion, down 14.84% year-over-year; non-GAAP net profit was RMB 23.277 billion, down 18.89% year-over-year.
4. Austek: Net profit increased by 329% year-over-year and 470% quarter-over-quarter in the third quarter.
Aosong (002913.SZ) announced that its third-quarter revenue reached RMB 2.127 billion, a 44.95% year-over-year increase; net profit amounted to RMB 372 million, up 329.24% year-over-year. For the first nine months, revenue totaled RMB 5.113 billion, up 26.83% year-over-year; net profit reached RMB 454 million, up 60.87% year-over-year.
5. Zhongwu High-Tech: Net profit increased 149% year-over-year but decreased 21% quarter-over-quarter
Zhongtung High-Tech (000657.SZ) announced that its third-quarter revenue reached RMB 7.314 billion, a 48.88% year-over-year increase; net profit attributable to shareholders of the listed company amounted to RMB 903 million, up 148.81% year-over-year. For the first nine months of the year, revenue totaled RMB 23.699 billion, up 85.57% year-over-year; net profit attributable to shareholders of the listed company reached RMB 2.979 billion, up 227.93% year-over-year. The growth in performance was primarily driven by a year-over-year increase in the average price of tungsten concentrate, coupled with the company’s full industrial chain cost advantages that expanded profit margins across upstream and downstream operations. Additionally, seizing development opportunities in the semiconductor and artificial intelligence industries, the company continued to expand production capacity, resulting in simultaneous growth in volume and pricing for its PCB micro-drill business, collectively driving performance improvement.
6. JCET Group: Net profit increased by 59.99% year-over-year and 39% quarter-over-quarter in the third quarter.
Jiangsu Changdian Technology (600584.SH) announced that its revenue for the third quarter reached RMB 11.425 billion, a year-over-year increase of 13.53%; net profit attributable to shareholders of the listed company amounted to RMB 773 million, up 59.99% year-over-year. For the first nine months, revenue totaled RMB 30.952 billion, up 7.96% year-over-year; net profit attributable to shareholders of the listed company reached RMB 1.617 billion, up 69.58% year-over-year. The performance growth was primarily driven by rapidly increasing demand in infrastructure and edge computing sectors related to artificial intelligence, a clear trend toward domestic semiconductor substitution, and sustained improvement in global semiconductor industry sentiment. The company actively seized these opportunities by expanding market outreach, accelerating capacity expansion, and experiencing continuous growth in customer orders, with production utilization rates remaining at high levels. Meanwhile, the company continues to optimize its product mix and business portfolio, increasing the proportion of high-value-added products and further enhancing profitability.
7. Xingyun Technology: Net profit increased by 655% quarter-over-quarter; server trading business achieved scaled deliveries starting in August.
Yunxing Technology (300209.SZ) announced that its third-quarter revenue reached RMB 921 million, a year-over-year increase of 5,556.94%; net profit attributable to shareholders of the listed company amounted to RMB 257 million, marking a turnaround from loss to profit compared to the same period last year. For the first nine months of the year, revenue reached RMB 1.175 billion, up 1,896.66% year-over-year; net profit attributable to shareholders of the listed company was RMB 269 million, also turning from loss to profit year-over-year. The performance improvement is primarily due to this being the first full fiscal year since the company completed its bankruptcy restructuring and its industrial investor formally took over operations, resulting in a significant transformation in its business model. The company has established a dual-main-business development strategy of “cross-border digital trade + AI computing infrastructure.” Server trading operations began large-scale delivery starting in August 2026, driving revenue from the beginning of the year to the reporting period to rise sharply from RMB 59 million in the same period last year to RMB 1.175 billion.
8. Zhongji Xuchuang: Production capacity utilization is sufficient, and the supply chain is stable.
Zhongji Xuchuang stated on the interactive platform that its production and operations are proceeding normally, with a stable supply chain, sufficient production capacity utilization, and the ability to reliably obtain and fulfill orders on time and to quality standards.
9. Was the CFO of CATL attacked? A source responds: The report is untrue; the CFO did not attend this roadshow.
On the 22nd, news spread online that Ningde Times' secretary to the board was assaulted during a roadshow hosted by a fund company. However, a source with knowledge of the matter stated that the report is untrue and that the secretary did not attend the roadshow. (Yicai)
10. Jibit: Plans to distribute a cash dividend of RMB 60 per 10 shares, totaling an estimated cash dividend of RMB 431 million.
Gebit (603444.SH) announced that it plans to distribute a cash dividend of RMB 60 per 10 shares (inclusive of tax). Based on a total of 71,756,301 shares, calculated by subtracting treasury shares from the total share capital as of October 22, 2026, the company intends to distribute a total cash dividend of RMB 431 million. This profit distribution will not include any capital reserve conversion into shares or any other form of profit distribution. The total expected cash dividends for the first three quarters of 2026 amount to RMB 1.148 billion, representing 72.44% of the consolidated net profit attributable to shareholders for the period from January to September.
11. Joyoung Co., Ltd.: Net profit for the third quarter was RMB 216,300, a year-over-year decrease of 74.69%.
Jiuyang Co., Ltd. (002242.SZ) announced that its third-quarter revenue was RMB 1.563 billion, a year-over-year decrease of 2.21%; net profit was RMB 216,300, a year-over-year decline of 74.69%. For the first nine months, revenue amounted to RMB 5.052 billion, down 9.55% year-over-year; net profit was RMB 71.9895 million, down 41.75% year-over-year.
12. Honghe Technology: Net profit for the third quarter increased by 608% year-over-year and 52% quarter-over-quarter.
Honghe Technology (603256.SH) announced that its third-quarter revenue amounted to RMB 927 million, representing a 206.82% year-over-year increase; net profit attributable to shareholders of the listed company was RMB 364 million, up 607.73% year-over-year. For the first nine months of the year, revenue reached RMB 1.975 billion, up 131.65% year-over-year; net profit attributable to shareholders of the listed company was RMB 743 million, up 435.63% year-over-year. The performance improvement was primarily driven by higher selling prices for electronic fabric, an increased proportion of sales of specialty electronic fabric, resulting in higher revenue and profits, as well as increased cash inflows from sales of goods.
13. Kailaiying: Net profit for the third quarter was RMB 332 million, an 81.49% year-over-year increase.
Kaile Ying (002821.SZ) announced that for the first nine months, it achieved revenue of RMB 5.395 billion, a 16.52% year-over-year increase; net profit attributable to shareholders of the listed company amounted to RMB 852 million, up 6.49% year-over-year. In the third quarter, revenue reached RMB 1.788 billion, a 24.04% year-over-year increase; net profit attributable to shareholders of the listed company was RMB 332 million, up 81.49% year-over-year. The slower growth in net profit compared to revenue was primarily due to the impact of exchange rate fluctuations.
14. Zhen'an Technology: Planning to acquire no less than 51% equity interest in Shenzhen Weijing, expected to constitute a significant asset restructuring.
Zhen'an Technology (300767.SZ) announced that the company plans to acquire, through cash payment, no less than 51% of the equity interests in Shenzhen Sanwei Mechanical & Electrical Equipment Co., Ltd. held jointly by Tang Haoran and Yi Bo. Upon completion of the transaction, the target company will become a controlled subsidiary of the company. The company has signed a Letter of Intent with the counterparties. This transaction is expected to constitute a significant asset restructuring, does not involve the issuance of shares, is not a related-party transaction, and will not result in a change of control of the company. The target company primarily engages in the research, development, production, and sales of heat dissipation products, tooling fixtures, and precision components, serving industries such as communications, new energy, and data centers. This transaction is still in the planning stage and remains subject to uncertainty.
15. Zijin Mining: Zijin Gold has completed the acquisition of Chifeng Gold, holding a 25.85% stake.
Zijin Mining announced that its wholly owned subsidiary, Zijin Gold, agreed to acquire A-shares of Chifeng Gold and subscribe to its private placement of H-shares. On October 22, 2026, the transfer of 242 million A-shares of Chifeng Gold was completed, and the issuance and settlement of 311 million newly issued H-shares were finalized. As of the announcement date, the company, through its wholly owned subsidiary, holds a total of 572 million shares of Chifeng Gold, representing 25.85% of its current total outstanding shares. Zijin Gold has become the controlling shareholder of Chifeng Gold, and the company has obtained control over Chifeng Gold.