Jiangsu Hengshang Energy Conservation Technology Co. Ltd. A

Hengshang Energy Conservation issued an announcement stating that the company's share price has severely deviated from fundamentals, and if it rises further abnormally, it may apply for a trading halt review. Since June 12, the stock has surged 208.58 percent cumulatively, triggering abnormal fluctuation indicators four consecutive times and severe abnormal fluctuation indicators twice, and hit the daily upper limit again on July 14 and 15. The company pointed out risks of overheated market sentiment and irrational speculation, with the share price severely deviating from the Shanghai Composite Index and the building decoration industry index over the same period. In addition, the company plans to acquire a 100 percent stake in Jinsheng Electronics for no more than 600 million yuan, but Jinsheng Electronics has relatively small assets and business scale, with operations concentrated in consumer-grade storage products with low gross margins, and the company has no prior experience in the relevant industry, facing significant integration risks. Hengshang Energy Conservation's net profit for 2025 was negative 35.0243 million yuan, and its first-quarter 2026 operating revenue fell 42.56 percent year-on-year.

On the evening of July 9, multiple listed companies on the Shanghai and Shenzhen stock exchanges issued important announcements. Hengshang Energy Conservation, citing a significant short-term share price surge, issued a risk warning stating there is irrational speculation and the price could fall rapidly at any time, and disclosed plans to acquire a 100% stake in Jinsheng Electronics, but the target company's business has not ventured into high-value-added areas, and the company faces substantial acquisition integration risks. Three Gorges New Materials plans to jointly invest approximately 2.6 billion yuan with its indirect controlling shareholder to build a Lingang automotive and electronic glass project, with the company's investment no less than 1.04 billion yuan. Zhengbang Technology estimates that asset losses caused by Super Typhoon Maysak may exceed 10% of the company's audited 2025 net profit. Azure Lithium Core plans to invest 290 million US dollars to build a 5 gigawatt-hour cylindrical lithium battery manufacturing project in Indonesia. ST Huawen applied to revoke its delisting risk warning but will continue to implement other risk warnings. Clou Electronics plans to issue shares to its controlling shareholder Midea Group in a private placement to raise no more than 2.5 billion yuan, to repay interest-bearing debt and supplement working capital. ST Yinjiang, along with its controlling shareholder, has been placed on file for investigation by the China Securities Regulatory Commission for suspected illegal information disclosure. Datang Power plans to raise no more than 8 billion yuan through a private placement for multiple power plant expansion and other projects. On the earnings front, GigaDevice expects its first-half net profit attributable to the parent company to be approximately 6.9 billion yuan, a year-on-year increase of about 1,099%, mainly due to rising volumes and prices of memory chip products. Foxconn Industrial Internet expects first-half net profit attributable to the parent company to be between 23.4 billion yuan and 24.4 billion yuan, a year-on-year increase of 93% to 101%, with revenue from AI servers for cloud service providers growing over 230% year-on-year. Zijin Mining expects first-half net profit attributable to the parent company to be approximately 39.1 billion yuan, a year-on-year increase of about 68%. In addition, several companies disclosed share increase or buyback plans: Qingmu Technology plans to buy back shares worth 20 million to 30 million yuan, Shenghang Co., Ltd.'s controlling shareholder plans to increase holdings by no more than 3.24% of total shares, and Bairun Co., Ltd.'s actual controller plans to increase holdings by 50 million to 100 million yuan. Aviation Technology signed a long-term supply agreement for aero-engine rotating parts worth approximately 240 million yuan, and Songjing Co., Ltd. signed a sales contract for battery cell insulation UV inkjet printing equipment worth approximately 30 million yuan.

Hengshang Energy-Saving shares hit their upper limit for the sixth consecutive trading day. The company then issued a risk warning notice, stating that the share price has fluctuated sharply in the short term, has clearly deviated from market trends, carries high speculative risk, and faces the risk of a rapid decline in the future. Earlier, the company disclosed plans to acquire a 100% stake in Jinsheng Electronics through a share issue and cash payment, with the transaction price expected not to exceed 600 million yuan. The target company is in the memory business, which is a different industry from Hengshang Energy-Saving's main curtain wall business. The company said the deal will take a long time to complete and involves considerable uncertainty. The relevant audit and evaluation work has not yet been completed, and the deal still needs to be reviewed by the board of directors and shareholders' meeting and approved by regulators, with risks of being suspended, terminated, or cancelled. The 2025 financial report shows Hengshang Energy-Saving's net profit was negative 35.0243 million yuan, its first loss, and first-quarter 2026 operating revenue fell 42.56% year on year.