Investment Banking and Brokerage

SH GROWTH RTS

Hebei Cangzhou Jiao Group Increases Holdings in Cangzhou Railway Shares

VC HOLDINGS to Release FY2025 Semi-Annual Earnings on August 29, 2025 (BJT)

Huiying Holding Suggests Rights Issue to Raise Funds

Canggang Railway Announces Final Dividend Payment for 2025

VC HOLDINGS released FY2023 Q3 earnings on April 29 (BJT), actual revenue HKD 0, actual EPS HKD 0

VC HOLDINGS released FY2023 earnings on April 29, 2025 (BJT), actual revenue HKD 71.55 M, actual EPS HKD -1.2049

VC HOLDINGS released FY2023 Q4 earnings on April 29, 2025 (BJT), actual revenue HKD 0, actual EPS HKD 0

VC HOLDINGS released FY2024 Q3 earnings on April 29 (BJT), actual revenue HKD 0, actual EPS HKD 0

VC HOLDINGS released FY2024 9-month earnings on April 29 (BJT), actual revenue HKD 35.02 M, actual EPS HKD -0.2643

VC HOLDINGS released FY2024 Q4 earnings on April 29, 2025 (BJT) with actual revenue of HKD 0 and actual EPS of HKD 0

VC HOLDINGS released FY2023 9 Months earnings on April 29 (BJT), actual revenue HKD 38.64 M, actual EPS HKD -0.5624

VC HOLDINGS released FY2024 annual earnings on April 29, 2025 (BJT) with actual revenue of HKD 66.05 M and EPS of HKD -0.5196

Canggang Railway Co., Ltd. 2024 Annual Report Released

Canggang Railway Announces 2024 Performance, Revenue Approximately 259 Million Yuan, Down 25.82% Year-on-Year

DRAGON RISE GP released FY2025 Q1 earnings on November 28 (BJT), actual revenue 235,915,000, actual EPS 0.0205

DRAGON RISE GP released FY2025 Semi-Annual Earnings on November 28 After-Market (BJT), with actual revenue of 471,830,000 and EPS of 0.041

DRAGON RISE GP released FY2025 Q2 earnings on November 28 After-Market (BJT), with actual revenue of 235,915,000 and EPS of 0.0205

DRAGON RISE GP to Release FY2025 Semi-Annual Earnings on November 28, 2024 (BJT)

Cangang Railway changes auditor

< 1B

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≥ 1T

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≥ 100B

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≥ 10B

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>= 30%

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>= 10%

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CCOE

STARCOIN GROUP

ONEFORCE HLDGS

ROYAL DELUXE

STELUX HOLDINGS

TE HEALTHCARE

ASIAPAC FIN INV

WELIFE TECH

DRINDA

TIMELESS

02909

SH GROWTH RTS fell 29.23%; China International Capital Corporation rose 0.10%, with a transaction volume of HKD 324 million; Cathay Securities fell 0.88%, with a transaction volume of HKD 175 million; Guotai Junan International rose 0.35%, with a transaction volume of HKD 160 million; CITIC Securities fell 0.21%, with a market value of HKD 416.5 billion

HK Stock Movers Tracker

Hong Kong Stock Movement: SH GROWTH RTS plummets 29.23%, market sentiment is sluggish, and significant fluctuations in capital flow have drawn attention

SH GROWTH RTS fell 33.33%; Guotai Junan International rose 0.70%, with a transaction volume of HKD 420 million; China International Capital Corporation fell 3.49%, with a transaction volume of HKD 210 million; Guotai Haitong fell 3.63%, with a transaction volume of HKD 121 million; CITIC Securities fell 1.18%, with a market value of HKD 422.4 billion

Hong Kong stock movement: SH GROWTH RTS plummeted 33.33%, with no significant news but showing volatility. Where is market sentiment headed?

02169

CANGGANGRAILWAY (2169.HK) yesterday fell below the previous weak support during intraday trading, with sector sentiment weakening simultaneously. The intraday trading volume has decreased, and the proportion of tentative buying by funds has lowered, indicating a declining willingness among mainstream institutions. Affected by macroeconomic uncertainties and industry policy disruptions, the railway transportation sector has experienced increased volatility, and CANGGANGRAILWAY is showing a clear "bottoming" trend. The technical indicators continue to show short-term death cross signals, with the MACD operating below the zero axis, and the K-line still unable to break through the short-term moving average resistance. The support level has slid down to around HKD 4.3, and if it falls below this level without follow-up buying, there is a risk of further retreat towards the previous low of the HKD 4.0 area. Conservative investors should focus on waiting for market intraday signals, paying attention to industry news and changes in market sentiment, with opportunities more suitable for gradual participation on the right-side signals

Technical Forecast

CANGGANGRAILWAY

Morning Trend | CANGGANGRAILWAY weakly breaks down, sector sentiment declines, leading to increased intraday observation

CANGGANGRAILWAY (2169.HK) continued to consolidate at low levels last Friday, with the stock price fluctuating within the technical support range of HKD 0.75 to HKD 0.71. Overall market enthusiasm is low, and capital flow is becoming cautious and conservative. The infrastructure and railway transportation sectors have recently shown a clear lack of new positive news or policy stimuli, with funds focusing more on leading stocks and reduced participation in small-cap stocks. Technically, the MACD has continued to decline after a high-level death cross, creating a strong bearish atmosphere in the short term, with multiple moving averages still in a bearish arrangement, putting pressure on the stock price. The price has repeatedly tested the lower support, and some familiar with the wave patterns are attempting to seize the opportunity for a phase bottoming, but the trading volume has not seen effective expansion, failing to support a strong rebound. If the lower support is broken with increased volume, it may trigger a new round of inertia decline. Currently, the fundamentals lack new catalysts and can only rely on sudden industry or policy events to create short-term speculation points. The intraday volatility is limited, and attention should be paid to the advancement of macro infrastructure and related industry chain movements. The focus should be on a defensive strategy, with right-side trading suitable for layout after the trading volume warms up

Early Morning Trend | CANGGANGRAILWAY reduces volume and grinds the bottom, is the intraday fluctuation brewing a trend change?

00821

VC HOLDINGS announced the results of the rights issue, receiving valid acceptances and applications for a total of 48,784,900 shares, equivalent to 9.86% of the total offering. The total amount raised is HKD 21.95 million. The remaining 445 million unsubscribed shares will be placed according to the agreement

AASTOCKS

VC HOLDINGS

VC HOLDINGS's rights issue received 9.86% subscription, raising HKD 21.95 million

VC HOLDINGS announced that its rights issue became unconditional on October 13, 2025, with valid acceptances received of approximately 9.86%. As of October 10, 2025, a total of 29 valid acceptances and applications were received, involving 48.7849 million rights issue shares, with total proceeds of approximately HKD 21.9532 million. There are still 446 million rights issue shares unsubscribed, approximately 90.14%

Zhitong

VC HOLDINGS: The rights issue was effectively accepted at approximately 9.86%

VC HOLDINGS announced the establishment of a joint venture with independent third parties, Shenzhen GaoGe and Shenzhen FengLinHui, to provide training, professional consulting services, and high-end conference business in the field of RWA (Real World Assets). The registered capital of the joint venture is 1 million RMB, of which the company holds 34%

VC HOLDINGS partners with third-party portfolio management to expand RWA consulting services

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06127

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002703

01057

600635

01635

According to the data on October 3, 2025, DZUG, Zhong Chuang Xin Hang, and JOINN had the largest increases in shareholding ratios in the Hong Kong Stock Connect, increasing by 3.98%, 1.40%, and 1.08% respectively. Meanwhile, HAO TIAN INTL, Zhejiang Shibao, and Beijing Jingcheng Machinery Electric Company saw the largest decreases, with reductions of -1.58%, -1.39%, and -1.38% respectively. In the last 5 trading days, CANGGANGRAILWAY's shareholding ratio increased by 29.86%, while Yihua Tong decreased by -2.56%

JOINN

HAO TIAN INTL

Zhejiang Shibao

ZHEJIANG SHIBAO

DZUG

Zhitong Hong Kong Stock Connect Proportion Change Statistics | October 6

According to the latest information from the Hong Kong Stock Exchange, on September 26, Hebei Cangzhou Jiaokong Group Co., Ltd. increased its holdings in CANGGANGRAILWAY by approximately 422 million shares, with an average price of HKD 0.8147 per share, totaling approximately HKD 344 million. After the increase, the latest number of shares held is 1.151 billion, with a latest holding ratio of 28.78%

Hebei Cangzhou Transportation Control Group increased its holdings in CANGGANGRAILWAY by approximately 422 million shares, with an average price of about HKD 0.81 per share

VC HOLDINGS announced that Zhang Li will be appointed as Executive Director and Chairman of the Board starting from October 2, 2025. Fu Yaowen will no longer serve as Chairman of the Board but will continue as Executive Director. At the same time, Zhang Li will also serve as Chairman of the Executive Committee, and Fu Yaowen will continue as a member of the Executive Committee. In addition, Zhang Li will succeed Fu Yaowen as the company's authorized representative

VC HOLDINGS: Zhang Li has been appointed as an executive director

02603

According to the data as of September 30, 2025, the shareholding ratios of CANGGANGRAILWAY, JIHONG CO, and Hang Seng China Enterprises in the Hong Kong Stock Connect increased by 9.46%, 3.43%, and 1.60%, respectively. Meanwhile, the shareholding ratios of Zhongchuang Zhiling, Fosun Pharma, and Changfei Optical Fiber Cable decreased by 1.40%, 1.37%, and 1.18%, respectively. In the last 5 trading days, the shareholding ratios of CANGGANGRAILWAY, Dazhong Gongyong, and Shangaog Holdings increased the most, by 30.54%, 24.11%, and 5.12%, respectively

JIHONG CO

Zhitong Hong Kong Stock Connect Proportion Abnormality Statistics | October 2

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According to data as of September 30, 2025, the shareholding ratios of CANGGANGRAILWAY, JIHONG CO, and Hang Seng China Enterprises in the Hong Kong Stock Connect increased by 9.46%, 3.43%, and 1.60%, respectively. Meanwhile, the shareholding ratios of Zhongchuang Zhiling, Fosun Pharma, and Changfei Optical Fiber Cable decreased by 1.40%, 1.37%, and 1.18%, respectively. In the last 5 trading days, the largest increases in shareholding ratios were seen in CANGGANGRAILWAY, Dazhong Gongyong, and Shangkang Holdings, with increases of 30.54%, 24.11%, and 5.12%, respectively

Zhitong Hong Kong Stock Connect Proportion Change Statistics | October 1

CANGGANGRAILWAY opened over 5% higher, and as of the time of writing, it rose 5.68% to HKD 0.93, with a trading volume of HKD 3.5768 million. According to news, based on documents disclosed by the Hong Kong Stock Exchange on September 29, Hebei Cangzhou Traffic Control Group Co., Ltd. increased its holdings in CANGGANGRAILWAY by 302 million shares at an average price of HKD 0.8197 per share on September 24, valued at approximately HKD 247 million. After the increase, Hebei Cangzhou Traffic Control Group Co., Ltd.'s latest shareholding is 302 million shares, with the good warehouse ratio rising from 0.00% to 7.55%. Previously, CANGGANGRAILWAY announced its mid-term results for 2025, with revenue of RMB 132 million, a year-on-year decrease of 0.3%; the profit attributable to equity shareholders was RMB 30.878 million, a year-on-year increase of 17.2%; basic earnings per share were 0.80 cents. The announcement stated that the increase in profit during the period was mainly due to other income generated from fair value gains on listed shares measured at fair value through profit or loss, as well as a decrease in the company's financial costs and operating expenses, reflecting the successful implementation of the company's strategic measures

Understanding the Market | CANGGANGRAILWAY opened over 5% higher as Hebei Cangzhou Transportation Control Group Co., Ltd. increased its holdings by 302 million shares

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According to the data on September 29, 2025, the Hong Kong Stock Connect shareholding ratios of CANGGANGRAILWAY, GOLDWIND, and Zhongchuang Xinhang increased by 10.72%, 1.17%, and 1.02%, respectively. Meanwhile, the shareholding ratios of Shandong Molong, Jinli Permanent Magnet, and Yihuatong decreased by -1.69%, -1.65%, and -0.89%, respectively. In the last 5 trading days, the shareholding ratios of Dazhong Gongyong, CANGGANGRAILWAY, and Shangaogong Holdings increased the most, at 26.45%, 21.07%, and 12.67%, respectively

Goldwind

GOLDWIND

Zhitong Hong Kong Stock Connect Proportion Change Statistics | September 30

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03969

On September 25th, Alibaba, Tencent Holdings, and Semiconductor Manufacturing International Corporation had net inflows of HKD 4.604 billion, HKD 1.111 billion, and HKD 950 million, ranking the top three. Xiaomi Group, XPeng, and China Unicom had net outflows of -HKD 798 million, -HKD 415 million, and -HKD 357 million, respectively. Jiangsu Ninghu Expressway, CHINA CRSC, and CANGGANGRAILWAY had the highest net inflow ratios, at 67.76%, 63.11%, and 62.57%, respectively. China International Marine Containers, China Liansu, and China Unicom had the highest net outflow ratios, at -54.37%, -52.97%, and -47.75%, respectively

CRSC

CHINA CRSC

Statistics on Capital Flow of Zhitong Hong Kong Stock Connect (T+2) | September 30

SH GROWTH RTS(02909.HK)

Valuation analysis

Institutional View & Shareholder

Analyst Ratings

Hong Kong Stock Movement: SH GROWTH RTS plummets 29.23%, market sentiment is sluggish, and significant fluctuations in capital flow have drawn attention

Hong Kong stock movement: SH GROWTH RTS plummeted 33.33%, with no significant news but showing volatility. Where is market sentiment headed?

Morning Trend | CANGGANGRAILWAY weakly breaks down, sector sentiment declines, leading to increased intraday observation

Early Morning Trend | CANGGANGRAILWAY reduces volume and grinds the bottom, is the intraday fluctuation brewing a trend change?

VC HOLDINGS's rights issue received 9.86% subscription, raising HKD 21.95 million