300344, plummeted over 70%! Two major sectors are rising against the market trend.

Take a look at this morning’s market performance.

Today (March 31), China A-shares saw an overall decline in the morning session, with the ChiNext Index showing a notably larger drop. Driven by positive news, the household appliances sector and the food and beverage sector both moved higher in the morning.

On individual stocks, today’s A-share market had one stock enter the delisting orderly period: Lichang Tui (300344). During trading hours, its intraday decline once exceeded 73%.

Household appliances and food & beverage sectors rise against the trend

Today’s A-share market fell overall this morning, with major indexes dropping to varying degrees. As of the close of the morning session, the Shanghai Composite Index fell 0.38%, the Shenzhen Component Index fell 1.45%, and the ChiNext Index fell 2.36%.

In terms of major industry sectors and tracks, if we classify by Shenwan’s first-level industries, coal and communications led the declines, with sector losses all exceeding 3%. Power equipment, electronics, basic chemical materials, and other sectors also fell in tandem, with sector losses all exceeding 2%.

The household appliances sector rose against the trend, with the sector up more than 2%. The sector leader, Midea Group, surged 6.05%.

Midea Group last night issued an announcement regarding a share repurchase plan via centralized bidding. The plan shows that the company intends to repurchase shares with an amount of no more than 13 billion yuan and no less than 6.5 billion yuan. The funds required for this repurchase will come from the company’s own funds and/or special loans for share repurchases. The repurchase price will not exceed 100 yuan per share. The shares repurchased will be used to implement an equity incentive plan and/or an employee stock ownership plan.

The food and beverage sector surged strongly, with the sector leader, Kweichow Moutai, up more than 2%.

Kweichow Moutai last night issued an announcement stating that, after review and decision, starting from March 31, 2026, the sales contract price of Feitian 53%vol 500ml Kweichow Moutai Liquor (2026) will be adjusted from 1169 yuan per bottle to 1269 yuan per bottle, and the retail price in its self-operated system will be adjusted from 1499 yuan per bottle to 1539 yuan per bottle. Kweichow Moutai said that this price adjustment will have a certain impact on the company’s operating performance. Investors are advised to make rational investments and pay attention to risks.

In addition, sectors including banking and media also moved higher.

Lichang Tui enters the delisting orderly period; plunged over 73% intraday

Today, one A-share stock entered the delisting orderly period: Lichang Tui (300344). In the morning, the stock’s intraday decline once exceeded 73%.

According to the materials, based on the above decision to terminate the listing, on February 14, 2026, the company received an “Administrative Penalty Decision” issued by the Anhui Regulatory Bureau of the China Securities Regulatory Commission. According to the facts stated in this “Administrative Penalty Decision,” from 2021 to 2023, the company’s annual report information disclosure involved false records; the combined amount of operating revenue with false records for 2021 and for two consecutive years of 2022 and 2023 reached more than 500 million yuan, and it exceeded 50% of the total operating revenue amounts for the two years disclosed. The company met the stock delisting circumstances stipulated in the first item of Article 10.5.1 and the sixth and seventh items in paragraph 1 of Article 10.5.2 of the Shenzhen Stock Exchange’s “Rules Governing the Listing of Stocks on the ChiNext Market (2025 Revised).”

On March 23, 2026, Lichang Tui received from the SZSE the decision “Regarding the Delisting of the Stocks of Lichang Shuke Co., Ltd.” The SZSE decided to terminate the listing and trading of the company’s shares.

Hong Kong stocks trade in a low-range consolidation; Jushuitan rises more than 20% intraday

Today’s Hong Kong stock market saw overall low-range consolidation in the morning session. After the Hang Seng Index opened higher, it turned lower during trading. Among Hang Seng Index constituent stocks, Hanshen Pharmaceutical led the gain, rising more than 8% intraday.

In recent performance announcements, Hanshen Pharmaceutical reported that the group’s revenue for FY2025 was approximately RMB 15.028 billion, up about 22.6% year over year; sales revenue from innovative drugs and cooperative products was about RMB 12.354 billion, up about 30.4% year over year, and its share of total revenue increased to about 82.2%; R&D expenses were about RMB 3.358 billion, up about 24.3% year over year, and accounted for about 22.3% of revenue; profit during the year was about RMB 5.555 billion, up about 27.1% year over year; and basic earnings per share were about RMB 0.93, up about 26.4% year over year. Hanshen Pharmaceutical said that during the reporting period, the increase in revenue, profit during the year, and basic earnings per share was mainly attributable to the increase in sales revenue of innovative drugs and cooperative products.

Among other Hang Seng Index constituent stocks, gainers during trading included China Resources Vientiane Life, Bank of Communications Hong Kong, and Biolife of WuXi, among others.

Among Hong Kong Stock Connect eligible stocks, Jushuitan surged, rising more than 20% intraday, and later the gains narrowed somewhat.

The performance announcement released by Jushuitan last night showed that the group’s audited consolidated revenue for FY2025 was approximately RMB 1.1425 billion, an increase of about 25.6% over the prior year. This was mainly because both the total number of SaaS customers and the total SaaS product transaction volume increased.

During the reporting period, the group’s business revenue in Southeast Asia increased by about 119.0% over the previous year, mainly due to the group’s subsidiaries in Thailand achieving solid business performance.

The announcement stated that the group’s revenue comes from commissions received for providing SaaS services to e-commerce companies, marketing services provided by sales personnel for products of other companies, and the sale of products, including a series of supporting e-commerce equipment. During the reporting period, revenue generated from providing SaaS services was about 96.8% of the group’s total revenue, up by 0.4 percentage points from about 96.4% in the prior year.

Proofread by: Zhu Tianting