Wu Wu Securities to Acquire 83.68% of Donghai Securities for 1.1519 Billion Yuan

A billion-dollar merger marks another step in the securities industry consolidation; "King of Baijiu" moves to establish a dynamic retail pricing mechanism; Leading panel manufacturer plans to repurchase shares for over RMB 1.1 billion... What notable announcements followed today's trading session?

On June 2, Soochow Securities planned to acquire 83.68% of Donghai Securities’ shares at a transaction value of RMB 11.519 billion; Kweichow Moutai established a dynamic pricing mechanism for its direct retail sales, aiming for “market-aligned and relatively stable” pricing; TCL Technology planned to repurchase its shares for RMB 1.1 billion to RMB 1.2 billion.

Here are the selected after-hours announcements:

Suzhou Securities announced that it plans to issue shares and pay cash to acquire 83.68% of Donghai Securities from 60 counterparties, including Changzhou Investment Group Co., Ltd., at a transaction value of RMB 11.519 billion. Of this amount, RMB 732 million will be paid in cash, and RMB 10.786 billion will be paid through share issuance. Upon completion of this transaction, the target company will become a controlling subsidiary of the listed company.

Kweichow Moutai announces that in 2026, pricing will be market-driven, establishing a dynamic retail price adjustment mechanism for its direct sales system based on market conditions and relative stability. For the Jiangxiang series wines, the focus will be on advancing market-oriented improvements in product offerings, pricing, distribution channels, and customer service. The company will comprehensively optimize channel layout, strengthen synergies across diversified channels, and enhance channel operational efficiency and revenue stability. Centered on enhancing consumer functional value, experience, and emotional connection, the company will systematically upgrade its quality expression, consumption experience, and brand resonance systems to build a win-win ecosystem between producers and consumers. In international marketing, Kweichow Moutai will continue advancing its “three-step” internationalization strategy, promoting the development of six key systems—brand expression, products, distribution channels, pricing, compliance, and policy—to support the synchronized global expansion of products and culture, driving high-quality growth in international business.

TCL Technology announced that it plans to use its own funds and raised capital to repurchase a portion of its issued shares through centralized bidding transactions, with a total repurchase amount of no less than RMB 1.1 billion (inclusive) and no more than RMB 1.2 billion (inclusive), at a price not exceeding RMB 6.6 per share (inclusive). The estimated number of shares to be repurchased is approximately 182 million, accounting for about 0.87% of the company’s current total share capital.

Changgao Electric New announced that it previously intended to change its company name and securities abbreviation, and has now completed the industrial and commercial registration change. Effective June 3, 2026, the company’s full name will be changed from “Changgao Electric New Technology Co., Ltd.” to “Changgao Electrical Group Co., Ltd.,” the securities abbreviation will be changed from “Changgao Electric New” to “Changgao Electrical,” the English abbreviation will be changed to CGDQ, the stock code 002452 remains unchanged, and the convertible bond abbreviation “Changgao Convertible Bond” and code 127113 also remain unchanged.

Changhua Chemical announces that the company plans to raise no more than RMB 298 million through a simplified procedure by issuing shares to specific investors, with the net proceeds after deducting related issuance expenses to be used for the construction of a high-performance polyol project and repayment of bank loans.

Lushan Technology announces that its controlling shareholder, Lushan Group Co., Ltd., and its concert parties (Kaixin Investment Management Co., Ltd.—Kaixin Lushan No. 1 Private Securities Investment Fund, Kaixin Investment Management Co., Ltd.—Kaixin Lushan No. 2 Private Securities Investment Fund, Lu Xiaojuan, Lu Yong, and Li Boying) collectively hold 216 million shares, representing 11.32% of the company’s total share capital. They plan to reduce their holdings by no more than 33.4105 million shares, or 1.75% of the company’s total share capital, through centralized bidding and block trading within three months following 15 trading days after the date of this announcement. The reduction is motivated by their own funding needs and to lower Lushan Group’s debt-to-asset ratio.

Gold Mantis announces that its subsidiary, Gold Mantis (Vietnam) Construction Company Limited, has received a Letter of Award from Olympia Limited Liability Company. According to the Letter of Award, Gold Mantis (Vietnam) has been appointed as the construction contractor for four projects: “VOCO Hotel Interior Decoration Works,” “VOCO Hotel Electrical Conduit, Cable, and Tray Installation Works,” “Crowne Plaza Hotel Interior Decoration Works,” and “Crowne Plaza Hotel Electrical Conduit, Cable, and Tray Installation Works.” The total awarded amount amounts to VND 989,355,510,180, equivalent to approximately RMB 253.275 million.

China Telecom announces that its controlled subsidiary, China Quantum Technology Co., Ltd., plans to jointly establish the "China Telecom Quantum Industry Venture Investment Fund (Limited Partnership)" with related parties China Telecom Quantum (Beijing) Enterprise Management Partnership (Limited Partnership), China Telecom Group Investment Co., Ltd., and other parties. China Telecom Quantum Management and Telecom Investment are both subsidiaries of the company’s controlling shareholder, China Telecom Group Corporation. The quantum fund will make venture and equity investments in early-stage and growth-stage enterprises engaged in quantum information technology and other strategic emerging industries in China, as well as other investment opportunities deemed beneficial to the fund by the general partner. Principally, the majority of the fund’s total size shall be invested in venture capital projects related to quantum information technology and other associated fields.

Luoping Zinc Electricity announced that its wholly owned subsidiary, Pu Ding Xiangrong Mining Co., Ltd., received a "Field Handling Measures Decision Notice" from the Pu Ding County Emergency Management Bureau. Xiangrong Mining was found to have violated safety regulations by stacking tailings above the seventh-level dam crest, storing tailings exceeding the designed capacity of 540,000 cubic meters, and operating beyond the expiration date of its Safety Production Permit, and has been ordered to immediately cease operations.

Hanlan Environment announced that the company intends to acquire 100% of the partnership interests in Guangdong Nanhai High-Quality Development Equity Investment Fund (Limited Partnership) through the issuance of shares and cash payment, and to purchase an additional 7.22% stake in Yufeng Environmental Power Co., Ltd. from Zhendar Development Limited via cash payment, thereby achieving 100% control over Yufeng Environmental. Simultaneously, the company plans to raise up to RMB 1.2 billion in supplementary funding by issuing shares to no more than 35 specific investors. The total consideration for the transaction amounts to RMB 2.998 billion, with 43.21% paid in shares and 56.79% in cash. Upon completion of the transaction, the company’s controlling shareholder will change from Water Supply Group to Nanhai Holdings, while the actual controller remains the Nanhai State-owned Assets Supervision and Administration Commission. The transaction is subject to approval by the company’s shareholders’ meeting and relevant regulatory authorities.

Yingxin Development announces that its wholly-owned subsidiary Yingxin Real Estate and Yunhe Changji plan to transfer 100% of the equity in Xining Real Estate to Xipeng Construction. A share transfer agreement has been signed, with a total consideration of RMB 100 million, settled by Xipeng Construction assuming RMB 100 million in debt related to Changsha Tongguan Kiln. This transaction is expected to increase the company’s net profit by RMB 470 million, and Xining Real Estate will no longer be included in the consolidated financial statements.

Jinggu ST has issued an announcement regarding abnormal fluctuations in stock trading, noting that the stock price has significantly deviated from its fundamentals, with signs of excessive market sentiment and irrational speculation, posing a risk of a sharp short-term decline. Following internal verification, all rumors regarding the company engaging in capital operations with relevant market institutions are false. The company has had no contact, discussions, or agreements of any kind with any party. The company’s equity structure and core business remain stable, with no plans for asset injections or changes in control as suggested by the rumors. Additionally, there remains some uncertainty regarding whether the share transfer will ultimately be completed. The company has no material information that should have been disclosed but has not been, and there are no ongoing plans or arrangements regarding any such matters.

Zaisheng Technology announces that the company has become aware of certain market participants fabricating false information without factual verification, misleading the capital market. The company has secured all relevant evidence and will, if necessary, report the matter to regulatory authorities and public security organs, pursuing legal liability against the responsible parties. All official information from the company shall be based solely on announcements published on designated information disclosure platforms. Investors are kindly urged to carefully evaluate market information, remain vigilant against false rumors, and exercise prudence in assessing investment risks.

Zhongjing Electronics announces that the stock's closing price has risen by more than 20% cumulatively over two consecutive trading days, which, according to relevant regulations of the Shenzhen Stock Exchange Trading Rules, constitutes abnormal price fluctuation. The company notes that recent market attention toward the PCB industry has increased, with many competitors adjusting their strategies and intensifying resource allocation in response to industry growth; competition in the sector is expected to intensify in the future. The company hereby strongly reminds all investors that short-term market trends are influenced by a variety of complex factors, and urges investors to maintain rational investment decisions and remain mindful of risks.

Chenghe Technology announces that its wholly owned subsidiary, Guangdong Chenghe Electronic Materials Co., Ltd., plans to invest in the construction of a project for high-frequency, high-speed electronic materials and advanced additives in Dongguan, Guangdong Province. The total investment for the project will not exceed RMB 1.3 billion (including land transfer fees, buildings, structures, ancillary facilities, and equipment investments), with funding sources including, but not limited to, raised capital,自有 funds, and bank loans. The project plans to produce 2,500 tons of PPO resin, 2,500 tons of high-frequency, high-speed flame retardants, and 20,000 tons of advanced synthetic hydrotalcite, with a total land area of 141,000 square meters.

Qianli Technology announces that automobile production in May amounted to 8,921 units, a 36.14% year-over-year increase; automobile sales in May reached 8,210 units, a 2.1% year-over-year increase.

Datang Power announces that on June 2, 2026, the company’s stock price rose by 9.68%, deviating from the broader market index by 9.25% and from the industry index by 10.41%. From May 27 to June 2, 2026, the cumulative closing price increase over five consecutive trading days was 28.21%, deviating from the broader market index by 29.91% and from the industry index by 22.35%. Investors are hereby reminded to be aware of trading risks in the secondary market. As of the end of the first quarter of 2026, the company’s installed capacity breakdown was as follows: coal-fired power at 56.80%, gas turbine at 11.05%, hydroelectric at 10.73%, wind power at 13.05%, and photovoltaic at 8.37%. Revenue from new energy generation accounted for approximately 9.23%, a relatively small proportion. To date, the company remains primarily focused on thermal power generation and has no operational integrated power projects.

New Light Technology has released an announcement regarding its investor relations activity record. Based on current industry development trends and product iterations, the company expects the proportion of its silicon photonics solutions to continue increasing. This year, the share of silicon photonics products has already seen a significant increase compared to last year, and silicon photonics products have become the company’s mainstream offerings. The company has established partnerships with leading foundry manufacturers and has proactively planned for future capacity needs to ensure the supply of silicon photonics products.

*ST Qingyue announces that its stock price experienced an aggregate deviation of 30% in closing prices over two consecutive trading days (June 1, 2026, and June 2, 2026), constituting abnormal price fluctuation. On May 8, 2026, the company received a Notice of Administrative Penalty from the China Securities Regulatory Commission, indicating potential mandatory delisting for serious violations. The company’s A-shares have been subject to delisting risk warnings since May 12, 2026.

ZTE Corporation announced that, as of May 31, 2026, the company repurchased 19,259,118 A-shares through the Shenzhen Stock Exchange trading system via centralized bidding, representing 0.40% of the company’s total share capital. The highest transaction price was RMB 34.98 per share, and the lowest transaction price was RMB 34.44 per share. The total amount paid was RMB 670,055,180.30 (excluding transaction fees). This share repurchase complies with applicable laws and regulations and the terms of the company’s share repurchase plan.

Huaxi Nonferrous Metals announced that the company’s A-share stock price experienced cumulative price deviations exceeding 20% over three consecutive trading days. According to relevant provisions of the Shanghai Stock Exchange Trading Rules, this constitutes an abnormal fluctuation in stock trading. The company has noted recent media reports titled “Computing Metal, Prices Surge” regarding the tin industry; however, there are no undisclosed material facts that could have or have already significantly impacted the company. The company is aware of the heightened market interest in tin and urges all investors to be mindful of trading risks in the secondary market. In addition, the company has not identified any other media reports, market rumors, or uncertainties related to hot concepts that could significantly affect the company’s stock price.

Lanke High-Tech announced that the company plans to acquire 51% of China Air Separation Engineering Co., Ltd. from China Pudong Mechanical Industry Co., Ltd. through a cash payment, at a transaction price of RMB 131 million. The 100% equity value of the target company, assessed using the income approach, is RMB 258 million, representing a valuation increase of 96.50%. This transaction constitutes a related-party transaction but does not constitute a restructuring or listing. The counterparty has committed that China Air Separation’s non-GAAP net profits for 2026, 2027, and 2028 will each be no less than RMB 17.05 million, RMB 12.92 million, and RMB 18.63 million, respectively. The funding will be sourced from the company’s own funds and bank loans.

Jinfang Energy announces that the stock's closing price has increased by more than 20% cumulatively over two consecutive trading days (June 1 and June 2, 2026). According to relevant provisions of the Shenzhen Stock Exchange Trading Rules, this constitutes an abnormal fluctuation in stock trading. Over 90% of the company’s primary revenue comes from heating services; the cold storage energy storage business is still in development and has minimal impact on the company’s revenue and profits. The company is not involved in liquid cooling or power supply businesses. The company has developed a smart energy system, which is used solely for internal operational management and does not provide external services or directly generate economic benefits. The company’s cold storage energy storage business has expanded to data centers and intelligent computing centers, but these energy applications account for less than 3% of total revenue.

Huoyuan Electronics announced that the company’s stock experienced cumulative price increases exceeding 20% over three consecutive trading days on May 29, June 1, and June 2, 2026, constituting abnormal fluctuations. Following self-inspection and confirmation with the controlling shareholder, there are no material matters that should have been disclosed but were not. The company notes that the market has shown significant interest in its MLCC business; as of the end of 2025, revenue from self-produced MLCCs accounted for approximately 17% of total main business revenue. Applications in the computing infrastructure sector are still in the cultivation phase, with negligible revenue contribution and limited impact on performance. Additionally, the company’s net profit attributable to shareholders in the first quarter of 2026 amounted to RMB 0.40 billion, a year-over-year decline of 62.82%, and its price-to-earnings ratio of 100.24x exceeds the industry average of 72.97x.

*ST Energy Conservation Announcement: On June 2, 2026, the company received a Notice of Investigation from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure regulations. Pursuant to the Securities Law of the People’s Republic of China, the Administrative Punishment Law of the People’s Republic of China, and other relevant laws and regulations, the CSRC has decided to initiate an investigation against the company.

Dong'an Power announced that in May 2026, engine production amounted to 31,030 units, a year-over-year decrease of 8.83%, and sales reached 22,038 units, a year-over-year decrease of 25.44%. For the year-to-date, cumulative engine production totaled 168,000 units, down 9.69% year-over-year, and cumulative sales reached 161,100 units, down 9.79% year-over-year. Transmission production was 5,271 units, a year-over-year decrease of 78.84%, and sales totaled 10,705 units, down 45.00% year-over-year. Year-to-date cumulative transmission production was 46,694 units, down 46.88% year-over-year, and cumulative sales reached 50,142 units, down 31.96% year-over-year.

Shenglan Co., Ltd. announces that it has recently received a notification of winning the bid for a project from a certain customer, confirming that the company has been selected as the winning bidder for the customer’s Infra2.0 Rack-Mounted High-Speed Cable Components – CableBox project. The company has not yet signed a formal contract with the customer, and the timing of contract signing and specific terms remain uncertain.

Dongfang Yuhong announces that, pursuant to the agreement, Dongfang Yuhong Indonesia intends to use its own funds to invest approximately IDR 1,426,387,631,914 (equivalent to approximately RMB 542.03 million) to acquire 55% equity stakes in PT IALK through both capital increase and equity acquisition, and to acquire 55% equity in PT Adhi Cakra Utama Mulia through equity acquisition. In this transaction: Dongfang Yuhong Indonesia will invest IDR 307,000,000,000 to subscribe for 3,046,421 newly issued shares of PT IALK, thereby acquiring a 14.47% equity interest in PT IALK. Following this capital increase, Dongfang Yuhong Indonesia intends to invest IDR 859,512,631,914 to acquire 40.53% of PT IALK from the transaction counterparty and IDR 259,875,000,000 to acquire 55% of PT ACUM from the transaction counterparty. Upon completion of this transaction, Dongfang Yuhong Indonesia will hold 55% equity stakes in both PT IALK and PT ACUM.

Hongxing Development announces that its stock price experienced cumulative price deviations exceeding 20% over three consecutive trading days on May 29, June 1, and June 2, 2026. According to the relevant provisions of the Shanghai Stock Exchange Trading Rules, this constitutes abnormal price fluctuation. Following self-inspection and verification with the controlling shareholder and actual controller, the company confirms as of the date of this announcement that there are no material information that should have been disclosed but were not. The company has also found no media reports or market rumors that could significantly impact its stock price, and no other material matters that could substantially affect its share price.

Biwin Storage announces that its shareholders, Baisheng No. 2, Baitai No. 1, Desheng No. 3, and Hainan Fangtai No. 1, collectively reduced their holdings by 4,708,200 shares, representing 1.00% of the company’s total outstanding shares, through block trades and centralized bidding between May 18 and May 29, 2026. As of now, the share reduction plan has been fully executed.

Changyuan Power announced that in May 2026, the company generated 28.29 billion kWh of electricity, a 4.62% year-over-year decrease. Among this, thermal power generation decreased by 7.11% year-over-year, hydro power generation increased by 116.19% year-over-year, and new energy generation decreased by 28.25% year-over-year. For the period from January to May 2026, the company cumulatively generated 144.73 billion kWh of electricity, a 1.88% year-over-year increase. During this period, thermal power generation increased by 2.23% year-over-year, hydro power generation increased by 73.34% year-over-year, and new energy generation decreased by 24.63% year-over-year.

Ed Biotech announces that its controlling shareholder, Forward Investment (Hong Kong) Limited, is planning matters related to a change in the company’s control, which may result in a change of the company’s controlling shareholder and actual controller. As of the date of this announcement, all relevant parties are actively advancing the aforementioned matters. The company’s stock will remain suspended from trading beginning at the open on Wednesday, June 3, 2026, with an expected suspension period of no more than three trading days.

*ST Yashi announces that, following internal review, the company’s internal and external operating environment and core business have not undergone significant changes. Due to the continued weakness in the real estate and construction industries and a substantial decline in orders, the company’s Chongqing plant, Shijiazhuang plant, and Chuzhou waterproofing plant are currently suspended. Additionally, given the currently low capacity utilization rate, construction at the Guangzhou plant has also been halted. The company will make appropriate arrangements and take necessary actions regarding these suspended and halted facilities based on future developments in its business operations.

Dashi Intelligent has issued a notice regarding abnormal fluctuations: the company’s stock has significantly outperformed the industry average since May 15, 2026. The substantial short-term cumulative gain exposes the stock to risks of excessive market sentiment and irrational trading. Upon verification, the company’s recent production and operational conditions, as well as its internal and external business environment, have not changed and are not expected to undergo any significant changes. The related businesses currently discussed in the market—such as AIoT, liquid cooling, and intelligent robotics—do not currently have a material impact on the company’s operations. For instance, contract amounts for the AIoT platform and AI applications in 2025 amounted to RMB 78.4714 million, representing a small proportion of the company’s total 2025 revenue. Additionally, the company is not involved in the production or manufacturing of components related to liquid cooling or robotics.

Guangzhou Port announced that in May 2026, Guangzhou Port Co., Ltd. is expected to handle 2.423 million TEUs of container throughput, a 0.7% year-over-year increase; and 51.652 million metric tons of total cargo throughput, a 1.6% year-over-year increase. From January to May 2026, the company is expected to handle 11.487 million TEUs of container throughput, a 3.6% year-over-year increase; and 242.503 million metric tons of total cargo throughput, a 2.3% year-over-year increase.

Yutong Bus announced that its production in May amounted to 3,570 units, a 3.96% year-over-year increase; sales in May reached 3,480 units, up 13.99% year-over-year.

Hunan Warner Pharmaceutical Co., Ltd., a wholly-owned subsidiary of HuaNa Pharmaceutical, has received the Notice of Approval for the Marketing Application of Sodium Fluorescein (Chemical Active Pharmaceutical Ingredient) issued by the National Medical Products Administration (NMPA), and the information has been published on the NMPA Center for Drug Evaluation’s “Raw Material, Excipient, and Packaging Material Registration Information” platform. The timing of production and sales for this product is subject to uncertainty due to factors such as the progress of GMP compliance inspections and changes in market conditions. Given that pharmaceutical sales are subject to various uncertainties, including national policies and market conditions, investors are advised to exercise caution in their decision-making and to be aware of investment risks.

COSCO Shipping Energy announced that on June 2, 2026, its indirectly wholly-owned subsidiary, Yuanhai Company, entered into a contract with Jiangnan Shipyard for the construction of four 175,000 cubic meter LNG carriers, with a total investment of RMB 6.445 billion. This transaction has been approved by the Company’s Eighth Board Meeting of 2026. As of the date of this announcement, including this transaction, the Company has completed five asset acquisition transactions within the past 12 months, with an aggregate amount not exceeding 50% of the Company’s audited net assets. This transaction does not require submission to the Company’s shareholders’ meeting for approval.

Liton Electronics has issued an announcement regarding the holding of its 2025 annual and first quarter 2026 earnings briefing. The company's current customers are not involved in token-based billing or token revenue-sharing arrangements; however, the company does not rule out the possibility of engaging in token-based billing or revenue-sharing in the future.

Minmetals Development announces that the company’s board of directors has elected Mr. Li Zhicong as chairman of the company, with his term to run from the date of board approval until the expiration of the term of the tenth board of directors. During the interim period while the general manager position is vacant, Mr. Li Zhicong will assume the duties of general manager. The company’s legal representative has been changed to Mr. Li Zhicong.

Debang Lighting announced that the company plans to acquire 60.9171 million shares of Jiali Shares for a consideration of RMB 654 million in cash, and subscribe to 100 million newly issued shares of Jiali Shares for a consideration of RMB 800 million. Upon completion of the transaction, the company will hold 67.48% of Jiali Shares’ equity. The company has already received approval from the National Equities Exchange and Quotations (NEEQ) regarding this private placement and share transfer, and is actively advancing subsequent steps including payment of consideration and share transfer registration.

On June 2, Central South Communications announced that its wholly owned subsidiary, Hunan Xinhua Bookstore Co., Ltd., signed a Government Procurement Contract Agreement with the Hunan Provincial Department of Education, with a total contract value of RMB 967 million. Through this procurement agreement, the company continues as the supplier of free textbooks for compulsory education, designated teaching and learning resources, thematic educational readers, and local curriculum materials for Hunan Province in 2026, ensuring the stability of its core business revenue and positively impacting its production and operations for the year 2026.

Keda Intelligence announced that on June 2, the company signed a framework contract for equipment procurement with Huaxi Energy for the reconstruction of the 4×160MW fuel-fired power plant in Al-Daura, Baghdad, Iraq, with an estimated total value of approximately $130 million. If successfully implemented, this contract will promote the overseas expansion of the company’s digital energy business and enhance its performance; however, the project’s progress and contract execution are subject to uncertainty due to the political and economic environment in the Middle East and Huaxi Energy’s current operational status. Both parties are required to sign the formal contract within three months.