Uni-Trend warns VNA product lacks testing capability for reported application scenarios after hitting daily limit

Key Developments

1. Xingyun Technology: Subsidiary Signs RMB 872 Million Smart Computing Resource Lease Contract

Xingyun Technology announced that its wholly-owned subsidiary, Changsha Xiangshu Cloud Technology Co., Ltd., has signed a Smart Computing Resource Lease Service Contract with a VE client. Under the agreement, Xiangshu Cloud will provide computing power services over a five-year term, with a total contract value (including tax) of RMB 872 million.

Given the long performance period, revenue will be recognized in installments. There is a risk that either party may lose the ability to perform due to changes in business conditions or financial deterioration. The company has completed procurement of the corresponding servers, which are currently under acceptance inspection. Delivery to the VE client is expected to be completed by September 30, 2026. If the contract is successfully executed, it is expected to have a certain positive impact on the company's future operating performance.

2. Huatong Shares: Deputy General Manager Zhu Wenwen Subject to Compulsory Measures by Public Security Bureau

Huatong Shares announced that on September 23, 2026, the company learned that Deputy General Manager Zhu Wenwen had been subjected to compulsory measures by the Jiaojiang Branch of the Taizhou Public Security Bureau on September 22. The case is currently under investigation. The company has not received any notice from the public security authorities, and the matter has not had a material adverse impact on daily operations.

3. Yibo Technology: Plans to Invest Up to RMB 800 Million in Phase II of Zhuhai PCB Plant, Focusing on Mid-to-High-End PCB Mass Production

Yibo Technology announced that its wholly-owned subsidiary, Zhuhai Yibo Electronics, plans to invest in a new Phase II PCB plant project. The investment will primarily cover production machinery and equipment. Based on current capacity planning, the total additional investment is approved at no more than RMB 800 million. Phase II will focus on mid-to-high-end PCB products for mass production, serving clients in high-value-added sectors. Together, Phase I and Phase II will cover the majority of target clients' needs from R&D to large-scale PCB production.

4. Sidike: Plans to Invest RMB 1.652 Billion in Expansion Project for 103,000 Tons of High-End Functional BOPET Base Film

Sidike announced that its board of directors has approved a proposal for its wholly-owned subsidiary, Jiangsu Xingyuantai New Material Technology Co., Ltd., to invest in and construct an expansion project for the annual production of 103,000 tons of high-end functional BOPET base film. The total estimated investment is RMB 1.652 billion, funded by the company's own and self-raised capital. The project will be located in Sihong, Jiangsu. It will mass-produce multiple series of high-end functional BOPET base materials, including MLCC release film base film and polarizer protective film base film. These products are primarily used in downstream sectors such as microelectronics MLCC manufacturing, specialized optical devices, precision PCB circuits, smart terminal protection, automotive and building energy-saving window films, and industrial precision protection.

5. Hangyang Shares: Plans to Invest RMB 50 Million in Xinghuan JvNeng, Gaining Substantive Access to Controlled Nuclear Fusion Sector

Hangyang Shares announced that it plans to invest in Shanghai Xinghuan JvNeng Technology Co., Ltd. ("Xinghuan JvNeng") together with Zhejiang Hangqi Turbine Power Technology Group Co., Ltd. and other investors. The company will invest RMB 50 million for a 0.66% equity stake in Xinghuan JvNeng. Through this investment, the company can substantively participate in the controlled nuclear fusion sector, gain in-depth exposure to existing controlled nuclear fusion technology pathways, and conduct targeted, experimental R&D on key nodes that are common and relevant to the company's business. This will help the company explore new markets and investment opportunities in the nuclear fusion field.

Risk Warnings for Volatile Stocks

• Youlide: The company's Vector Network Analyzer (VNA) has a maximum frequency coverage of 9 GHz and currently does not possess the testing capabilities required for the application scenarios described in media reports.

Share Buybacks & Stake Changes

1. Jingjia Micro: Plans to repurchase shares worth between RMB 130 million and RMB 260 million.
2. Biyi Shares: Controlling shareholder plans to reduce stake by no more than 3%.
3. Debang Technology: Actual controller and persons acting in concert plan to collectively reduce stake by no more than 3%.
4. VeriSilicon: Executive Vice President Wang Zhiwei plans to reduce his shareholding by no more than 31,000 shares.

Major Contract Signings

1. Sanxing Electric: Subsidiary signs contract for U.S. data center energy storage oil-immersed transformer project, valued at approximately RMB 885 million.
2. Tongji Technology: Wholly-owned subsidiary jointly wins bid for a commercial housing project worth RMB 810 million.
3. Jianghe Group: Wholly-owned subsidiary wins bid for a curtain wall project in the UAE valued at AED 174 million.
4. Jinshi Yayao: Subsidiary signs a RMB 30 million R&D contract for mask coating equipment.

This article is reprinted from Tencent Self-Selected Stocks. Editor: Chen Siyu (Zhito Finance).