Sanan Optoelectronics' actual controller Lin Xiucheng detained for suspected embezzlement and misappropriation of funds

Macroeconomic Developments

PBOC: Offshore Holdings of Onshore RMB Financial Assets Reach 11.3 Trillion Yuan

The People's Bank of China (PBOC) released its 2026 RMB Internationalization Report, stating that as of the end of June 2026, the total balance of onshore RMB financial assets—including stocks, bonds, loans, and deposits—held by overseas entities stood at 11.3 trillion yuan, representing a year-on-year increase of 9.2%.

As of the end of the first quarter of 2026, the RMB reserves held by countries reporting to the IMF's Currency Composition of Official Foreign Exchange Reserves (COFER) survey amounted to USD 260.1 billion.

Shanghai Stock Exchange Releases Q3 2026 Report Schedule

According to the Shanghai Stock Exchange (SSE) website, the schedule for the release of Q3 2026 reports by SSE-listed companies has been published. Youyan New Materials will be the first to disclose its Q3 report on October 13.

Beijing to Implement Sales of Completed Homes in an Orderly Manner

The Beijing Municipal Commission of Housing and Urban-Rural Development, along with three other government departments, issued implementation opinions on improving the commercial housing sales system. Key measures include:

• Orderly implementation of presale of completed homes: Starting August 28, 2026, newly announced commercial housing projects with state-owned land use rights transfer will prioritize sales of completed homes.
• Real estate developers may sign deposit contracts with buyers after obtaining a construction permit, with deposits generally not exceeding 1% of the total house price.
• If a developer defaults and fails to deliver the home on time, the buyer has the right to terminate the deposit contract as per the agreement.

Financial Institutions

China Life Insurance to Invest in AI and Semiconductor Fund

China Life Insurance (601628) announced on September 24 that the company, along with Wuxi China Life Chengda Equity Investment Center (Limited Partnership) and other investors (all as limited partners), plans to enter into a partnership agreement with China Life Chengda (Shanghai) Health Medical Equity Investment Management Co., Ltd. (as general partner) to establish the Qingdao Chengxin Zhida Equity Investment Center (Limited Partnership) .

• The partnership's total proposed capital contribution is no more than 6 billion yuan.
• China Life plans to contribute no more than 4.5 billion yuan.
• The partnership will focus on investing in high-quality unlisted equity in the artificial intelligence and semiconductor sectors.

Market Data

A-Share Market: ChiNext Down 2.68%, Fujian Stocks Rise in Afternoon

On September 24, the three major A-share indices opened lower and continued to decline. At the close:

• Shanghai Composite Index: down 1.22%
• Shenzhen Component Index: down 2.34%
• ChiNext Index: down 2.68%

In afternoon trading, the Fujian region sector moved higher. Other notable sectors included: Strait Innovation, Reducer, Ningbo Dongli, Zhongma Transmission, Media, Inner Mongolia Xinhua, Wind Power Equipment, Port Shipping, Coal, CRO, CPO Concept, Precious Metals, and Components.

Margin Balance Declines by 1.059 Billion Yuan

As of September 23:

• Shanghai Stock Exchange margin balance: 1,340.782 billion yuan, down 15 million yuan from the previous trading day.
• Shenzhen Stock Exchange margin balance: 1,276.028 billion yuan, down 1.044 billion yuan.
• Total for both exchanges: 2,616.81 billion yuan, down 1.059 billion yuan from the previous trading day.

Hong Kong Market: Hang Seng Down 0.29%, Tech Index Down 0.41%

At the close of Hong Kong stock trading on September 24:

• Hang Seng Index: down 0.29%
• Hang Seng Tech Index: down 0.41%

Notable stock movements:

• Guanghe Technology: down over 6%
• Zhaoyi Innovation: down over 5%
• Cambridge Technology and Yangtze Optical Fiber: down over 4%

Company News

Seres: Major Shareholder Increases Stake by 4.15 Million Shares

Seres (601127) announced on September 24 that its controlling shareholder, Chongqing Xiaokang Holdings, and its concert parties increased their holdings in the company by a total of 4.1501 million shares between July 15 and September 24, 2026, through centralized竞价 trading.

• Shareholding ratio increased from 26.79% to 27.03% , crossing the 1% threshold.
• The change does not trigger a mandatory offer and will not significantly impact the company's governance structure or ongoing operations.

Yuanjie Technology: Top Shareholders Plan to Reduce Holdings by 288,500 Shares

Yuanjie Technology (688498) announced that its controlling shareholder and actual controller, ZHANG XINGANG, along with concert parties Qin Yansheng, Qin Weixing, and Zhang Xinying, plan to reduce their holdings by a total of no more than 288,500 shares (no more than 0.2317% of total share capital) due to personal capital needs.

• The reduction will be carried out through centralized bidding or block trading within three months starting 15 trading days after the announcement.
• As of June 30, these four individuals ranked as the first, second, third, and fifth largest shareholders, with holdings of 12.32% , 5.36% , 5.22% , and 3.43% , respectively.

Hengtong Optic-Electric Plans Private Placement of Up to 6.636 Billion Yuan

Hengtong Optic-Electric (600487) announced on September 24 that it plans to issue shares to specific investors to raise no more than 6.636 billion yuan. After deducting issuance expenses, the funds will be used for a new-generation optical fiber R&D and production project, as well as advanced optical materials and communication projects in Inner Mongolia.

Sanan Optoelectronics: Actual Controller Detained on Criminal Charges

Sanan Optoelectronics (600703) announced on September 24 that its actual controller, Lin Xiucheng, who was placed under custodial investigation by supervisory authorities on March 23, 2026, has now been criminally detained on suspicion of embezzlement and misappropriation of funds.

• The company stated that its production and management operations remain normal.
• Lin Xiucheng has not held any position in the company since July 10, 2017, and the matter is unrelated to the company and will not have a significant impact on its operations.
• Sanan Optoelectronics' latest stock price is 12.47 yuan per share, with a total market capitalization of 62.2 billion yuan.

LabTech: Semiconductor-Related Revenue Accounts for Only 2%

LabTech (688056) issued a stock trading anomaly and risk warning announcement on September 24, after its stock price rose by more than 30% over three consecutive trading days.

The company noted that recent market attention on the semiconductor and scientific instrument sectors, combined with the applicability of its products to the semiconductor industry, has drawn investor interest. However, the company clarified:

• In the most recent year and period, revenue from its inductively coupled plasma mass spectrometry (ICP-MS) series products and related consumables in the semiconductor field accounted for only about 2% of total revenue.
• The semiconductor industry has long customer certification cycles and high entry barriers.
• Domestic instruments still face challenges in user acceptance and brand recognition.
• The company emphasized that the progress of business development, subsequent order volumes, and profit contributions remain highly uncertain, and urged investors not to equate industry trends with the company's performance expectations.

(Source: Securities Times China)