March 17 Investment Risk Alert: Two Companies Under Investigation by China Securities Regulatory Commission for Alleged Information Disclosure Violations

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Introduction: Investment warning from Cailian Press on March 17. Recently, potential risk events in the A-shares and overseas markets are as follows. Domestic economic information includes: 1) Double pressure from costs and demand, with mobile phone panel prices continuing to decline in March; 2) Several mobile phone manufacturers announced price adjustments, with some models increasing by nearly 1,000 yuan; Key company updates include: 1) Xiangyou Technology being investigated by the CSRC for suspected illegal information disclosure; 2) The actual controller and chairman of Suda Co., Li Xiyuan, being detained; Overseas market focus includes: 1) Trump hinting at attacking the oil facilities on Hark Island; 2) International oil prices plummeted on the 16th.

Economic Information

1. Domestic futures night trading closed with main contracts for caustic soda down 4.67%, fuel oil down 2.76%, para-xylene down 3.80%, PTA down 3.25%; all energy commodities declined, with low-sulfur fuel oil down 2.96%; all fats and oils declined, with rapeseed meal down 2.19%; non-metallic building materials all fell, with glass down 1.97%; agricultural and sideline products led gains, with cotton up 0.84%; most black series commodities rose, with iron ore up 0.62%.

2. CINNO Research analysis states that entering March, the Spring Festival holiday effect has faded, and the mobile phone panel market still faces severe challenges. High costs of upstream memory and bulk raw materials, combined with cautious downstream procurement sentiment, have generally pressured panel prices across various technical routes. Amid the tug-of-war between “high costs” and “weak demand,” buyers’ bargaining power has significantly increased. To secure limited orders, panel and module manufacturers continue the “price-for-volume” strategy, with overall prices expected to further decline. Specifically, in AMOLED, rigid AMOLED panels will continue to see price declines in March influenced by major manufacturers’ pricing strategies; flexible AMOLED panels face even more severe challenges, affected by the cyclical rise in storage prices, leading to significant reductions in procurement by end brands, causing panel factories to operate below full capacity. To fill capacity gaps and maintain customer share, panel factories continue to offer concessions in project negotiations, intensifying price competition. Flexible AMOLED panel prices are expected to continue downward in March, with CINNO Research predicting further price drops in the second half of the year, possibly exceeding 20%.

3. On-site visits to mobile retail channels in Wuhan, Shenzhen, and other cities reveal that some mobile phone brands have already raised prices. The increase ranges from 300 to 500 yuan over factory prices, and after the removal of “store subsidies,” some models’ prices have increased by nearly 1,000 yuan. Previously, many mobile phone manufacturers publicly stated that memory price increases have put pressure on related businesses. OPPO, vivo, and other brands announced mid-March price hikes for certain models. Driven by explosive demand growth and “cliff-like” capacity shortages, storage chip prices have continued to rise since September 2025.

Company Warnings

1. Xiangyou Technology: Under investigation by the CSRC for suspected illegal information disclosure.

2. ST Keli Da: The company and Chairman Gu Yiming are under investigation by the CSRC for suspected illegal information disclosure.

3. Suda Co.: Actual controller and Chairman Li Xiyuan detained.

4. Tonghui Information: Controlling shareholder and actual controller Dai Fuhui and Secretary Wang Wei detained on criminal charges.

5. Zhaoyan New Drug: Shareholders plan to reduce holdings by up to 4.1%.

6. Keyuan Pharmaceutical: Shareholder Jinan Dingyou plans to reduce holdings by no more than 3.00%.

7. Laimu Co.: Controlling shareholder Fang Peijiao plans to reduce holdings by up to 3.00%.

8. Huiyu Pharmaceutical: Shareholder Wang Xiaopeng plans to reduce holdings by no more than 3%.

9. Aolile Education: Shareholder Chang Jia Investment plans to reduce holdings by no more than 3%.

10. Zongshen Power: Shareholder Tibet Guolong Trading Services Co., Ltd. plans to reduce holdings by no more than 3%.

11. Changqing Technology: Shareholders Guorun No. 9 and Changzhou Coral plan to reduce holdings by up to 3.00%.

12. Jintuo Co.: Qinxie Partnership, Panjin Partnership, and Zhuban Partnership plan to reduce holdings by a total of no more than 1.72%.

13. Nannan Energy: Shareholder Green Energy Mixed Reform Fund plans to reduce holdings by no more than 2%.

14. Saiwei Microelectronics: Three actual controllers plan to reduce holdings by a total of no more than 0.46%.

15. Yihe Da: Shareholder plans to reduce holdings by no more than 2.73%.

16. 263: Controlling shareholder Li Xiaolong plans to reduce over 27.5074 million shares, accounting for 2% of the total share capital.

17. Xinghuan Technology: Second largest shareholder Linzhi Lichuang plans to reduce holdings by no more than 1%.

18. Zhejiang Medicine: Shareholder Guotou Gaoke plans to reduce holdings by no more than 1%.

19. Electric Power Research Institute: Controlling shareholder Hu Chun plans to reduce holdings by no more than 1%.

20. Huada Technology: Director Liu Danqun plans to reduce holdings by no more than 1.31%.

21. Xidian New Energy: Shareholder Yangtze Morning Dao plans to reduce holdings by no more than 1.54%.

22. Youfa Group: Director Zhang Degang plans to reduce holdings by no more than 0.21%.

23. Shangwei Co.: Net profit in 2025 is expected to loss 47.2932 million yuan.

24. Donghua Technology: Received second-instance judgment requiring payment of 63.4783 million yuan for engineering fees and related interest.

25. Xinnuowei: Expected loss of 241 million yuan in 2025, turning from profit to loss year-on-year.

26. Red Tianhua with two consecutive limit-ups: Currently, the company’s methanol products have not been exported.

27. Lanjiao Technology: Termination of sales contract for 3,000 tons of battery-grade lithium carbonate.

28. *ST Wanfang: The company’s stock may be delisted due to market value falling below 500 million yuan.

29. Wanhua Chemical: Net profit of 12.5 billion yuan in 2025, down 3.88% year-on-year; Q4 net profit of 3.37 billion yuan, with analysts’ consensus forecast at 3.646 billion yuan.

30. Beijite: Net profit in 2025 is expected to decrease by 38.96% year-on-year.

Overseas Warnings

1. As of the close on the 16th, NYMEX April crude oil futures fell $5.21 to $93.50 per barrel, down 5.28%; May Brent crude futures fell $2.93 to $100.21 per barrel, down 2.84%.

2. U.S. President Trump stated, “The pipelines on Hark Island in Iran will eventually have issues”—hinting at possible U.S. military attacks on Iran’s key oil export hub. Earlier, Iran’s armed forces spokesperson warned that if the U.S. commits any aggression or attack on Hark Island and its oil facilities, Iran’s response will be decisive and forceful—any country initiating attacks on Hark Island’s facilities will face strong retaliations from Iran.

3. Antonio Gabriel, global economist at Bank of America Securities, warned that investors may underestimate the potential turmoil caused by a U.S.-Israel-Iran war on the global economy. Although markets generally see the impact as short-lived, the duration and scope of the conflict remain highly uncertain. Gabriel’s report on Monday noted that a quick end to the conflict is possible, but the possibility of a prolonged war into the second quarter or beyond cannot be ruled out. “Markets seem to view this as a brief shock, but we believe investors may be underestimating its potential risks.”

4. JPMorgan Private Bank recently stated that if oil prices do not fall back, the recent sell-off in the S&P 500 could intensify. Kriti Gupta and senior economist Joe Seydl warned that if oil remains above $90 per barrel for an extended period, the S&P 500 could see a 10%-15% correction, with spillover effects on international and emerging markets. “As oil prices rise to $120 or higher, the sell-off in the S&P 500 will intensify. The domino effect could exacerbate stock declines over time,” they wrote.

5. HSBC reports that due to the Iran war and the closure of the Strait of Hormuz causing supply shortages, European natural gas prices in 2026 will be 40% higher than previous forecasts and remain high through 2027. The London-based bank forecasts the Dutch natural gas futures price to average $14 per million British thermal units in 2026 and $10 in 2027. Since the attack last month, this critical waterway has effectively been closed. The report states that disruptions to LNG supply will force European countries to pay higher premiums.

6. UAE state oil giant ADNOC has been forced to implement widespread shutdowns, with daily oil production dropping by more than half.

7. IEA Director Fatih Birol stated that the IEA has more reserves available and can release additional supplies if necessary.