March 23 Investment Risk Alert: Hengli Hydraulic and Sanan Optoelectronics Controllers Detained

2026-03-23 11:14:35

Does AI · Sanan Optoelectronics Chairman Being Investigated Reflect Stricter Industry Regulations?

Introduction: Caixin on March 23rd reports potential risk events in the A-shares and overseas markets as follows. Domestic economic information includes: 1) Several jewelry brands’ gold prices have fallen below 1,400 yuan/gram, dropping over 100 yuan in a week; 2) The price of polysilicon continued to decline sharply last week, with limited downstream orders expected from April to May; Key company updates include: 1) Hengli Hydraulic’s actual controller and chairman Wang Liping was detained; 2) Sanan Optoelectronics’ actual controller Lin Xiucheng was detained and under investigation; Overseas market focus includes: 1) Last Friday, the three major US stock indices all closed lower, with the Nasdaq down over 2%, leading declines in optical communication concept stocks; 2) The International Energy Agency director warned that restoring oil and natural gas transportation in the Gulf region could take up to six months.

Economic Information

Spot gold broke below $4,500, having consecutively broken six price levels since last week: $5,000, $4,900, $4,800, $4,700, $4,600, and $4,500, with a total decline of about 10.49%. Brands like Chow Sang Sang, Chow Tai Fook, Luk Fook Jewelry, and Lao Miao Gold saw their gold prices fall below 1,400 yuan/gram. On the 21st, Chow Sang Sang’s pure gold jewelry was priced at 1,389 yuan/gram, down 54 yuan from the previous day, and 151 yuan lower than March 16’s 1,540 yuan/gram. Chow Tai Fook’s gold jewelry price dropped from 1,447 yuan/gram to 1,397 yuan, a daily decrease of 50 yuan.
Recently, due to impacts from the foreign trade environment, market expectations for demand weakness have increased; meanwhile, favorable seasonal conditions and early harvests in domestic regions have led to increased new rubber supply. Without core positive support in fundamentals, market sentiment remains bearish, pressuring the natural rubber market. In April, tire manufacturers’ demand pressure may gradually emerge, compounded by further expansion of new rubber harvests domestically and abroad, likely putting overall pressure on natural rubber prices. (Zhuochuang Information)
Last week, polysilicon prices continued to fall sharply, with increasing market pessimism. Reports indicate some manufacturers may start production or increase capacity in April, coupled with downstream price cuts and shipment behaviors from leading companies, leading to further price reductions in polysilicon. Currently, panic sentiment persists, with limited downstream orders expected from April to May, and prices are expected to remain weak. Silicon wafer prices also declined again last week, mainly due to supply-demand mismatches during the raw material cost decline cycle. Prices have fallen to near cash costs, and although companies should reduce production, excess OEM capacity in March has led to fierce market competition, accelerating raw material price declines. Short-term wafer prices may remain unstable, depending on where raw material prices bottom out, which will influence wafer price trends. (Shanghai Nonferrous Metals Network)

Company Warnings

Hengli Hydraulic: Actual controller and chairman Wang Liping detained.
Sanan Optoelectronics: Actual controller Lin Xiucheng detained and under investigation.
Jiyou Co., Ltd.: Stock to be delisted with risk warning starting March 24; stock abbreviation changed to “*ST Jiyou”.
Mingde Biological: Stock may be subject to delisting risk warning.
Weishi Electronics: Controlling shareholder Watanabe Yōichi plans to reduce holdings by no more than 3%.
Prince New Materials: Controlling shareholder plans to reduce holdings by no more than 3%.
Deli Shares: Shareholder Jinjiang Group plans to reduce holdings by no more than 3%.
Montai High-tech: Shareholder plans to reduce holdings by up to 3.00%.
Jinming Precision Machinery: Shareholder plans to reduce holdings by up to 3%.
Disen Co.: Controlling shareholder Ma Ge plans to reduce holdings by no more than 1%.
Nenghui Technology: Shareholder plans to reduce holdings by up to 1.56%.
Haixin Food: Controlling shareholder and concerted actors plan to reduce holdings by up to 1%.
Dali Kaipu: Vice General Manager Qi Yongyi plans to reduce holdings by no more than 0.31%.
Deshi Co.: Shareholder Yan Shiming plans to reduce holdings by no more than 0.0810%.
Longci Technology: Plans to reduce holdings of repurchased shares by no more than 1.8053 million shares.
Zhongkuang Resources: Controlling shareholder and some actual controllers plan to reduce holdings by up to 0.9988%.
Donghe New Materials: Bi Yiming plans to reduce holdings by no more than 1.99%.
Shanhe Intelligent: Shareholder He Qinghua plans to reduce holdings by no more than 1%.
Yingfang Software: Shareholders Zhou Hua and Chen Yongquan plan to reduce holdings by up to 2.19%.
Xinjinlu: Actual controller and chairman Liu Jiangdong plans to reduce holdings by no more than 2%.
Hengyu Environmental Protection: Employee stock ownership platform Yin Sheng Investment plans to reduce holdings by no more than 1%.
Xin Natural Gas: Shareholder Yin Xianfeng plans to reduce holdings by no more than 0.99%.
Quzhou Dongfeng: Shareholder plans to reduce holdings by no more than 0.81%.
Dongli Xinke: Shareholder Kailong High-Tech plans to sell some of its holdings at an appropriate time.
China Unicom: HSBC downgraded the company’s rating to “Reduce,” with a target price of 4.20 yuan.
Guangwei Refractory Materials: Acrylonitrile inventory can meet 3–4 months; price increases may bring cost pressure.
Huacan Optoelectronics: Net profit loss of 438 million yuan in 2025.
Electric Power Investment Hydropower: Net profit in 2025 expected to decrease by 34.07%.
Jianke Institute: Loss of 92.1349 million yuan in 2025, turning from profit to loss year-on-year.
CIMC Environmental: Net profit in 2025 expected to decrease by 62.91%.
Shandong Haohua: Loss of 1.388 billion yuan in 2025, with continued decline in soda ash prices.
Zhejiang Liming: Net profit in 2025 down 41.61%, proposing a 10-for-2.8 dividend.
Shede Spirits: Net profit in 2025 down 35.51%, proposing a 10-for-3.1 dividend.
Pengyao Environmental: Controlling shareholder Wang Hongchun prosecuted for insider trading.
*ST Aowei: Under investigation by CSRC for suspected information disclosure violations.
*ST Mubang: Fined 7 million yuan by Jiangxi CSRC for false records in periodic reports and non-public issuance documents.

Overseas Warnings

Last Friday, the three major US stock indices all declined, with the Dow down 0.96%, marking four consecutive weeks of decline—the longest since February 2023; Nasdaq down 2.01%, also four weeks down; S&P 500 down 1.51%, four-week decline, longest since March 2025. Semiconductors fell over 33%, with Applied Optoelectronics down over 14%, Coherent down over 9%, Lumentum down over 8%. Storage stocks also declined: SanDisk down over 8%, Western Digital down over 7%, Seagate down over 5%, Micron down over 4%.

The Livermore China concept stock index fell 2.49%. Kingsoft Cloud down over 9%, XPeng Motors down over 8%, NIO down over 7%, GDS Holdings down over 7%, Hesai Photonics down over 6%, Bilibili down over 4%.

Last Friday (March 20), gold futures fell 3.43% to $4,498.31 per ounce, down 10.37% for the week; COMEX gold futures down 2.16% to $4,505.70 per ounce, down 11.07%. Silver spot fell 6.89% to $67.801 per ounce, down 15.85% weekly; COMEX silver futures down 4.54% to $67.98 per ounce, down 16.28%.
Last Friday, LME copper fell $217 to $11,930 per ton, down 6.65% weekly; aluminum down $37 to $3,215 per ton, down 6.54%; zinc down $4 to $3,067 per ton, down about 6.95%; lead up $9 to $1,896 per ton, down about 6.29%; nickel up $35 to $17,019 per ton, down 1.43%; tin down $261 to $43,279 per ton, down over 8.03%.
According to The New York Times, as of March 20, at least 39 refineries, natural gas fields, and other energy facilities in 9 countries have been attacked or damaged amid the US-Israel-Iran conflict, with some facilities targeted multiple times.

The IEA director warned that restoring Gulf oil and gas transportation could take up to six months.

U.S. President Trump tweeted on March 21 that if Iran does not fully open the Strait of Hormuz within 48 hours without threats, the U.S. will strike and destroy all its power plants.

Iranian media reported on March 22 that the Islamic Revolutionary Guard Corps stated that if Trump’s threat to attack Iranian power plants is carried out, Iran will take four immediate measures: fully closing the Strait of Hormuz, attacking all Israeli power plants, energy, and ICT facilities, destroying all U.S.-owned companies in the Middle East, and attacking power plants in Middle Eastern countries hosting U.S. military bases.

On March 21, local time, CCTV reporters learned that after three weeks of ongoing US-Israel-Iran conflict, a US official and an i

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