Hong Kong stock Chifeng Gold plummeted more than 20% during intraday trading, 000020, intraday "limit down to limit up" move!

On March 23, the three major A-share indices all opened lower. In the market, concepts such as gold, CPO, and storage chips adjusted; coal, oil, and gas sectors rose slightly.

Shenzhen Huafa A (000020) hit the daily limit down, performing a “天地板” (limit-down with no trading). Previously, this stock had five consecutive limit-ups.

In Hong Kong stocks, the Hang Seng Index and Hang Seng Tech Index both fell over 2%. China Aluminum dropped more than 6%, Lao Puo Gold nearly 5%, Pop Mart and SMIC fell close to 4%, Alibaba, Xiaomi Group, and others declined over 2%.

The Japanese and Korean stock markets opened sharply lower. As of the time of writing, the Nikkei 225 index fell below 51,000 points, down nearly 5% intraday.

The Korea Composite Index dropped over 6%. After the KOSPI 200 futures fell 5%, the Korea Exchange triggered the KOSPI index circuit breaker, pausing algorithmic trading for 5 minutes.

In precious metals, spot gold fell below $4,430 per ounce, down 1.4% intraday. Silver declined nearly 1%.

Hong Kong Chifeng Gold drops over 20%

Hong Kong gold stocks opened lower, with Chifeng Gold dropping over 20%. A-shares of Chifeng Gold hit the daily limit down, while Lingbao Gold, Shandong Gold, Zhaojin Mining, and others also declined.

Chifeng Gold announced on the morning of March 23 that on March 22, the company’s controlling shareholder and actual controller, Li Jinyang, along with his concerted action partner Zhejiang Hanfeng Venture Capital Partnership (Limited Partnership), signed a share transfer agreement with Zijin Mining Group Co., Ltd.'s wholly owned subsidiary Zijin Gold (Group) Co., Ltd. (“Zijin Gold”). Li Jinyang and his concerted action partner plan to transfer all 242 million unrestricted circulating shares they hold to Zijin Gold; on March 22, after approval by the company’s board, the company signed a strategic investment agreement with Zijin Gold, issuing 311 million H-shares at HKD 30.19 per share.

The announcement states that the company’s controlling shareholder will change from Li Jinyang to Zijin Gold, and the actual controller will change from Li Jinyang to Shanghang County Finance Bureau. The company applied for the stock to resume trading, which will happen at market open on March 23.

Humanoid robot concept strengthens

The humanoid robot concept defied the trend and strengthened, with Zhongda Lide hitting the daily limit, and stocks like Shoukai Co., Jingxing Paper, Changsheng Bearings, Aobi Zhongguang, and Wolong Electric Drive also rising.

On the news front, the Shanghai Stock Exchange accepted the IPO application of Yushu Technology Co., Ltd. on the STAR Market, with an estimated fundraising of 4.202 billion yuan.

Coal sector surged early, with Liaoning Energy hitting the daily limit up; Shanxi Coking Coal, Shaanxi Black Cat, Yunnan Coal Energy, Pingmei Shares, and Shanxi Coking also rose. News reports indicate that coking coal futures increased over 9%.

Photovoltaic equipment sector rose early, with Chint Power and Shouhang New Energy reaching new highs during the session; Huamin Shares, Oupu Tai, Orient Sunshade, Guosheng Technology, and Shuangliang Energy-saving also gained.

According to media reports, Tesla plans to purchase production equipment worth about $2.9 billion from multiple Chinese photovoltaic equipment companies for solar panel and battery manufacturing. Public reports show that Tesla has previously visited several solar-related companies in China.

Brokerage research reports indicate that Tesla’s 100 GW capacity will drive subsequent multiple rounds of equipment procurement. Overseas equipment orders have higher gross margins than domestic ones, boosting profitability for related companies. The expansion of space photovoltaic scenarios will open demand for new technologies like heterojunction and perovskite devices. Once export approval processes are smooth, the pace of domestic photovoltaic equipment going abroad will accelerate, and the industry will enter a period of large overseas orders being implemented intensively.

Proofreader: Su Huanwen