On September 30th, there was a concentrated adjustment in the A-share computing power chip sector during trading hours. As of midday, Xinyuan Shares (688521. SH) fell by more than 10%; Shengke Communication-U (688702. SH), Suoyuan Technology-U (688801. SH), Muxi Shares-U (688802. SH), Lanqi Technology (688008. SH), and others all saw declines of over 4%; Moore Threads (688795. SH) fell by more than 3%, and Cambricon (688256) declined by 2.97%. Many stocks within the sector weakened simultaneously.
In terms of overseas markets, in the early hours of September 30th Beijing time, U.S. chip stocks bucked the trend and rose. The Philadelphia Semiconductor Index closed up 1.32%, Micron Technology gained more than 4%, ARM rose by over 3%, and Broadcom increased by 1.58%.
In the domestic market, recently there has been a surge in announcements of share reductions within the computing power industry chain sector, which has become an important factor suppressing market sentiment in this area. According to incomplete statistics, just within the few trading days from September 20th to September 29th, several companies in this industry chain, including Jiangbolong, Xinyuan Shares, Lanqi Technology, Yuanjie Technology, Gailun Electronics, Zhongke Feice, and Debang Technology, disclosed their shareholders' plans or progress of share reductions, covering various sub-sectors such as chip design, manufacturing, testing, and packaging.
Specifically, on the evening of September 29th, Jiangbolong, a leading company in storage chips, announced that its vice general manager, Zhu Yu, due to personal financial needs, reduced his holdings of the company's shares by 598,400 shares from September 22nd to September 29th, 2026, through centralized bidding transactions. This reduction accounted for 0.1393% of the company's current total A-share capital, with an average reduction price of 339.63 yuan per share, and the total amount reduced was approximately 203 million yuan.
On the 24th, Coreway Semiconductor Co., Ltd. issued a announcement stating that its senior management plans to reduce their holdings of the company's total share capital by up to 0.0059%. This reduction is relatively small in scale. It is worth noting that in terms of industrial capital, since the beginning of this year, the National Integrated Circuit Fund (Phase I of the large fund) has made two reductions in its holdings of Coreway Semiconductor. The most recent reduction occurred on August 31st, when 494,700 shares were sold through centralized bidding, resulting in a reduction of 0.0941% of the total shares. After this reduction, they no longer hold more than 5% of the company's shares.
On the same day, Lanqi Technology announced that its shareholders WLT Partners and L.P intended to reduce their holdings by no more than 2.33 million shares, accounting for 0.19% of the total share capital, due to the need for funds from the exercise of their equity incentives as limited partners. The reduction in holdings by Yuanjie Technology is even more significant. The announcement stated that the company's controlling shareholder and actual controller, ZHANG XINGANG, along with their concerted actors Qin Yansheng, Qin Weixing, and Zhang Xinying, planned to reduce their holdings by a total of no more than 288,500 shares, accounting for 0.2317% of the total share capital. Based on the closing price of 1,700.03 yuan per share on the day of the announcement, the potential reduction in holdings amounts to approximately 490 million yuan. It is worth noting that these individuals are respectively the company's first, second, third, and fifth largest shareholders, and this represents the first reduction in holdings by the actual controller since the company went public.
In addition, Gailun Electronics' Golden Autumn Investment and its concerted actors plan to reduce their holdings by no more than 2%, the concerted actors of Zhongke Feice's actual controller plan to reduce their holdings by no more than 0.28%, and the concerted actors of Debang Technology's controlling shareholder and actual controller plan to reduce their holdings by no more than 3%. The coverage of share reductions within this sector continues to expand.
At the same time, this month, computing power chip companies such as Moore Threads and Muxi Shares have gradually seen the lifting of restrictions on their restricted shares, resulting in an increase in tradable chips. The lifting of restrictions itself does not directly change the fundamental situation of the companies, but in the context where performance has not yet been fully realized, it can easily amplify stock price fluctuations.
Market analysis suggests that in the short term, the computing power chip sector is significantly affected by sentiment and capital conditions. Coupled with the lighter trading activity before holidays, it may be difficult to avoid fluctuations and adjustments. In the medium to long term, however, the logic behind the growing demand for domestic computing power remains unchanged. Nevertheless, the performance of individual stocks will depend more on the realization of earnings, product competitiveness, and customer expansion.
According to a research report by Guosen Securities, looking at overseas markets, it is expected that starting from 2027, the actual computing power delivered in data center construction will significantly be lower than the theoretical computing power corresponding to chip shipments. AI Chips and supply chain orders are under pressure, and customers' inventory to be built is extending: Chip orders may shift from "grabbing production capacity" to "delivering according to projects," with some chips accumulating as "pending deployment inventory" on the client side, forming ongoing projects or idle assets. This inventory backlog could lead to discounts in the secondary market and reduce the (return on invested capital) for cloud vendors/construction parties ROIC.
