China PCB stocks rally, Kaida Heavy Industry surges over 600% on Beijing debut
On September 23, China's A-share markets closed mixed, with the Shanghai Composite down 0.39% and the STAR Composite up 0.29%. PCB concept stocks rallied, led by Daya Shengxiang's fourth consecutive limit-up and Aohong Electronics' seventh gain in nine days, following a 10% price hike for copper-clad laminates by Jiangxi Hongruixing Technology. Newly listed Kaida Heavy Industry surged over 600% on its Beijing Stock Exchange debut. Real estate stocks rose on strong Shanghai second-hand home sales data.
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China's STAR Composite Index Rises as PCB Stocks Surge; Analysts See Sustained Rebound
On September 23, China's A-share market saw a mixed session with the Shanghai Composite Index falling 0.39% to 3936.52 points, while the STAR Composite Index (科创综指) rose 0.29% and the Beijing Stock Exchange 50 Index gained 2.60%. Total turnover across Shanghai, Shenzhen, and Beijing reached 1.7831 trillion yuan. PCB (printed circuit board) concept stocks remained active, with Aohong Electronics hitting its seventh limit-up in nine days, Daya Shengxiang achieving a fourth consecutive limit-up, and three other PCB-related stocks also hitting daily limits. Daya Shengxiang issued an abnormal volatility notice clarifying its ultra-thin PCB fiberboard is not an electronic component and contributes minimal revenue. Analysts from Zhejiang Securities forecast that PCB price increases will gradually reflect from Q3 2026. The pharmaceutical and biotech sector also showed strength, with CRO stocks rising on optimism about innovation drug out-licensing and AI-driven drug discovery. Looking ahead, analysts from Dongfang Securities expect the market to maintain a consolidation pattern near holidays, while Huabao Securities noted that pre-holiday cash-holding behavior may limit near-term upside. Guojin Securities recommended focusing on metals (gold, copper, aluminum), energy chain stocks benefiting from lower oil prices, and tech supply-chain segments such as optical modules, electronic fabric, MLCC, and memory.
Read sourceChina stocks fall, PCB stocks rise as market volume shrinks 370 billion yuan
Chinese stock markets ended lower on September 23, with the ChiNext Index closing down 0.6% after opening higher. Total trading volume on the Shanghai and Shenzhen exchanges shrank by over 370 billion yuan to 1.76 trillion yuan, with more than 3,500 stocks declining. PCB-related stocks bucked the trend, led by Aohong Electronics' 7th gain in 9 days, following a price hike announcement for copper-clad laminates by Jiangxi Hongruixing Technology. CRO stocks rose on strength from Yizhou Shenzhou, while quantum computing concepts gained. Real estate stocks showed divergence, with some names hitting daily limits while others like Vanke pulled back. Media and film stocks fell sharply. Analysts at Guojin Securities highlighted three beneficiary segments in the PCB supply chain: ultrafast laser drilling, laminating presses, and exposure equipment, driven by AI server expansion and technology upgrades. The market is seen at a directional choice point, with tech heavyweights needed to lead a recovery.
Read sourceChina A-Share Market Slides; PCB, Glass Substrate Stocks Surge on Industry News
Chinese A-share markets declined on September 23, with the Shanghai Composite Index falling 0.39%, the Shenzhen Component Index down 0.64%, and the ChiNext Index losing 0.6%. Despite the broad market weakness, several sectors rallied on positive catalysts. Glass substrate concept stocks surged after BOE Technology Chairman Chen Yanshun announced at the 2026 BOE Global Innovation Partner Conference that the company plans over 80 billion yuan in R&D spending and 800 billion yuan in procurement over five years, with investment decisions on two glass-based production lines expected within a year. PCB-related stocks rose following a 10% price hike announcement for copper-clad laminates by Jiangxi Hongruixing Technology, following earlier price increases for electronic fabrics by China Jushi. Analysts expect the cost pass-through mechanism from raw materials to downstream PCB makers to be fully established, with Q3 2026 seen as a potential inflection point for industry profitability. Shanghai's secondary housing market showed strength, with September 19 recording the highest single-day transaction volume since H2 2026. CRO stocks gained on data showing China's innovative drug out-licensing deals exceeded $120 billion year-to-date, up 36% year-on-year, boosting R&D service demand. Coal, film, and gaming stocks declined.
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China's PCB Sector Rallies; New Stock KaiDa Heavy Industry Surges Over 600% on Debut
Chinese A-share markets showed mixed performance on September 23, with major indices slightly down while the tech-heavy STAR index edged up. The PCB (printed circuit board) concept sector continued its rally, with Daya Shengxiang (000910) hitting its fourth consecutive daily limit-up. In the IPO market, newly-listed KaiDa Heavy Industry, priced at 4.26 yuan per share (the year's cheapest new stock), surged over 600% on its Beijing Stock Exchange debut. The stock opened at 29 yuan, up 580.75%, and extended gains past 600%. However, two stocks listed on September 22—Zhongsu Co. and Century Digital—saw sharp pullbacks after their first-day surges of 683% and 742% respectively, with Zhongsu falling 18% and Century Digital hitting the 30% down limit. The PCB rally was supported by a price hike announcement from Jiangxi Hongruixing Technology, which raised覆铜板 (copper-clad laminate) prices by 10%, following a similar move by China Jushi on electronic yarn. Daya Shengxiang clarified in a stock exchange filing that its ultra-thin PCB fiberboard is not an electronic component and does not form part of PCBs. Separately, the real estate sector rose on strong Shanghai二手房 (second-hand home) transaction data, with September 19 recording the highest single-day volume since the second half of 2026. BOE Technology announced over 80 billion yuan in R&D spending over five years and plans to finalize investment in glass-based perovskite and glass-based packaging production lines within a year.
Read sourceKaida Heavy Industry Surges Over 600% on Debut as A-Share Markets Open Mixed
On September 23, A-share major indices opened mixed. Kaida Heavy Industry, the year's lowest-priced new stock at 4.26 yuan per share, debuted on the Beijing Stock Exchange, surging over 600% to 31.67 yuan. The company is a national high-tech and 'Little Giant' enterprise specializing in metal rolling key components. PCB concept stocks remained active, with Daya Shengxiang hitting a four-day limit-up streak, after Jiangxi Hongruixing Technology announced a 10% price hike for copper-clad laminates, following China Jushi's earlier price increases for electronic fabrics. Daya Shengxiang clarified its ultra-thin PCB fiberboard is not an electronic component. The real estate sector rallied, with Huayuan Holdings and China Enterprise hitting limit-up, and Vanke A nearly limit-up, as Shanghai's secondary housing transaction volume hit a post-2026 half-year daily high. Glass substrate concept stocks rose after BOE's chairman announced over 80 billion yuan in R&D spending over five years and plans for glass-based perovskite and packaging production lines. Auto and yellow wine sectors also saw gains.
Read sourceChina Stocks Mixed; New IPO Soars Over 600%, PCB Concept Stocks Rally, Property Sector Rises
On September 23, A-share major indices were mixed in early trading, with the Shanghai Composite, Shenzhen Component, and ChiNext Index slightly down while the Sci-Tech Innovation Composite edged up. Two newly listed stocks from the previous day, Zhongsu Co. and Century Digital, saw sharp declines after opening, following Zhongsu's warning about high valuation and volatility risk. A new IPO, Kaida Heavy Industry, surged over 600% on its Beijing Stock Exchange debut, becoming the year's cheapest new stock at 4.26 yuan per share. PCB concept stocks remained active, with Daya Shengxiang hitting its fourth consecutive daily limit-up, though the company clarified its products are not PCB components. The property sector also rallied on news that Shanghai's second-hand home sales on September 19 hit a daily record high since the second half of 2026, with September cumulative sales up 28% year-on-year. Separately, BOE announced at its global innovation conference that it will invest over 80 billion yuan in R&D and over 800 billion yuan in procurement over the next five years, with plans to finalize investment in two production lines for glass-based perovskite devices and glass-based packaging substrates within the next year.
Read sourceChina stocks dip on shrinking volume; PCB, glass substrate concepts rally
Chinese stock markets experienced a slight decline in early trading on September 23, with the Shenzhen Component Index and ChiNext Index opening higher but closing lower. The combined half-day turnover of Shanghai and Shenzhen markets reached 1.16 trillion yuan, a decrease of 269.2 billion yuan from the previous trading day. Over 3,500 stocks fell. The PCB (Printed Circuit Board) sector strengthened, with Daya Shengxiang hitting its fourth consecutive daily limit-up, following a 10% price increase announcement for copper-clad laminates by Jiangxi Hongruixing Technology Co., Ltd. on September 22, continuing a raw material price hike trend. The glass substrate concept also rose, driven by BOE Chairman Chen Yanshun's announcement at the 2026 BOE Global Innovation Partner Conference that the company will invest over 80 billion yuan in R&D and over 800 billion yuan in procurement over the next five years, with plans to finalize investment in two mass production lines for glass-based perovskite devices and glass-based packaging carrier boards within the next year. Real estate stocks were active but showed a notable pullback, with Shanghai二手房 (second-hand housing) transactions reaching a single-day record high for the second half of 2026 on September 19. CXO and innovative drug stocks rose, supported by data showing total out-licensing deals for innovative drugs exceeded $120 billion this year, up 36% year-on-year. Market analysts suggest the cost transmission mechanism from upstream raw materials to downstream PCB manufacturers has been fully established, with the third quarter of 2026 expected to be a substantive inflection point for profit improvement across the entire industry chain.
Read sourceChina PCB Stocks Rally, New Stock Surges Over 600% on Market Debut
On September 23, A-share major indices were mixed, with the Shanghai Composite, Shenzhen Component, and ChiNext all slightly down, while the Sci-Tech Composite edged up. The PCB concept remained active, with Daya Shengxiang (000910) hitting its fourth consecutive daily limit-up. Newly listed Kaida Heavy Industry surged over 600% on its Beijing Stock Exchange debut, opening at 29 yuan per share, up 580.75% from its issue price of 4.26 yuan, making it the cheapest new stock of the year. The company is a national high-tech and 'Little Giant' enterprise specializing in metal rolling key components. The real estate sector also rallied, with World Union (002285) hitting the daily limit and My Home (000560) rising for three consecutive days, supported by Shanghai's二手房 transaction data showing a single-day record high on September 19. The glass substrate concept was active, with Woguo Optoelectronics hitting the limit up, following BOE's announcement of significant future R&D and procurement investments. Meanwhile, two stocks listed the previous day, Zhongsu Co. and Century Digital, saw sharp declines after their initial surges, with Zhongsu warning of high valuation and rapid price fluctuation risks.
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