Analysis of the Impact of Restricted Stock Unlocking for Zhongwu High-Tech (000657): Limited Impact from 0.87% Small-Scale Unlocking

I have collected sufficient data, and now I will provide you with a detailed analysis report on the small-scale restricted stock unlocking of Zhongwu High-Tech:

---

Item	Data
Unlocking Date	January 21, 2026
Unlocking Shareholder	Hunan Woxi Mining Investment Co., Ltd.
Number of Unlocked Shares	19.8447 million shares
Proportion of Total Share Capital	0.87%
Market Value of Unlocked Shares	RMB 799 million
Type of Restricted Shares	Issuance of Shares to Purchase Assets (Acquisition of Equity in Shizhuyuan Company)

The restricted shares to be unlocked this time originate from Zhongwu High-Tech’s major asset restructuring project in 2024. The company acquired 100% equity interest in Hunan Shizhuyuan Nonferrous Metals Co., Ltd. by issuing shares and paying cash, with a transaction consideration of RMB 5.195 billion. Among them, Hunan Woxi Mining Investment Co., Ltd. held 2.64% equity interest in Shizhuyuan Company, and received share consideration of approximately RMB 137 million, corresponding to 19,844,749 shares. [0][3]

According to the acquisition report, the lock-up period arrangements for the new shares obtained by Woxi Mining are as follows:

1. Basic Lock-Up Period
   : The shares cannot be transferred within
   12 months from the completion date of the issuance of new shares in this transaction
2. Performance Commitment Lock-Up
   : 58.33% of the shares (corresponding to 11,574,495 shares) cannot be transferred until the performance commitment period expires and it is confirmed that all profit compensation obligations and impairment test compensation obligations have been fulfilled. [0]

The performance commitment period is

. The scope of committed assets is the assets of Shizhuyuan Company evaluated based on future earnings expectations, mainly including mining rights and patent technology asset groups. China Minmetals Tungsten Group Co., Ltd. and Hunan Woxi Mining Investment Co., Ltd. jointly undertake the performance compensation obligations as the performance commitment parties. [3]

Time Period	Price Change
Past 1 Month	+38.79%
Past 3 Months	+127.70%
Past 6 Months	+178.40%
Past 1 Year	+297.59%
Past 5 Years	+670.12%

: RMB 37.89 (Closing Price on January 20, 2026) [0][2]

Indicator	Value	Signal Interpretation
KDJ	K:84.9, D:84.4, J:85.8	Overbought Zone Warning
RSI	Overbought Risk	Short-Term Adjustment Pressure
MACD	No Crossover Signal	Bullish Bias
Beta Coefficient	0.34	Low Volatility Stock
Support Level	RMB 32.00	Technical Support Level
Resistance Level	RMB 38.96	Short-Term Resistance Level

: The current stock price is in a phase with no clear trend direction, and there is a risk of short-term pullback due to overbought conditions. [2]

Indicator	Value	Evaluation
Price-to-Earnings Ratio (P/E)	54.68x	Relatively High
Price-to-Book Ratio (P/B)	8.75x	High
ROE	17.29%	Good
Net Profit Margin	9.14%	Above Average
Current Ratio	1.67	Good Solvency
Debt Risk	Low Risk	Financially Healthy

: [0][2]

1. Huge Unrealized Gains
   : Calculated based on the current stock price of RMB 37.89, compared with the issuance price of RMB 6.92, the unrealized gain is approximately
   447%
   , giving shareholders strong motivation to cash out

2. Stock Price at a Relatively High Level
   : The current price is close to the short-term resistance level of RMB 38.96, and there is technical adjustment pressure

3. Nature of Minor Non-Controlling Shareholder
   : As a financial investor (non-controlling shareholder), Woxi Mining has relatively few restrictions on share reduction

1. Performance Commitment Restrictions
   : 58.33% of the shares are still under the performance commitment lock-up period and cannot be reduced

2. Limited Proportion of Reducible Shares
   : The actual tradable shares this time account for approximately 0.87% of total share capital (about 19.84 million shares), which will have a limited impact on the stock price

3. Small Shareholding Ratio
   : Woxi Mining’s shareholding ratio is only about 2.64%, and only part of its shares are unlocked this time

4. Low Volatility Characteristic
   : The Beta coefficient is only 0.34, indicating good stock price stability

5. Obligations During Performance Commitment Period
   : If the performance commitment is not fulfilled, Woxi Mining needs to assume compensation responsibilities, and may maintain stock price stability in the short term

Assessment Dimension	Impact Level	Explanation
Unlocking Ratio	Low	Only 0.87% of total share capital
Share Reduction Pressure	Low	Some shares are restricted by performance commitments
Market Absorption Capacity	Medium	Active recent trading volume (100 million shares daily average)
Sentiment Impact	Medium	Psychological pressure from minor non-controlling shareholder unlocking

:

• A
  minor pullback
  may occur to digest the unlocking pressure
• Expected pullback range: 3%-8%
• Support level: RMB 32.00

:

• If the performance commitment is well fulfilled, the stock price is expected to resume its upward trend
• Resistance level: RMB 38.96

:

• As a tungsten industry integration platform under China Minmetals, the company has strong fundamental support
• The tungsten industry is recovering, and the valuation center is expected to move upward

Looking at the history of restricted stock unlocking, Zhongwu High-Tech has carried out multiple asset acquisitions and supporting financings in the past, with mixed stock price performance after minor non-controlling shareholder unlocking. Considering the small unlocking ratio this time and the company’s large recent price increase,

. [1][2]

1. Short-Term Adjustment Risk
   : KDJ and RSI indicators are in the overbought zone, and there is a technical need for a pullback
2. Performance Commitment Risk
   : If the 2024-2026 performance commitment is not fulfilled, impairment test compensation may be triggered
3. Tungsten Price Fluctuation Risk
   : The company’s performance is highly correlated with tungsten prices, so attention should be paid to commodity price trends
4. Systematic Risk
   : The overall performance of the broader market and non-ferrous metals sector affects the company’s stock price

Investor Type	Recommended Strategy
Holders	Can continue to hold, as share reduction pressure is limited; appropriately reduce holdings to lock in profits when approaching the resistance level
Wait-and-See Investors	Wait for the stock price to stabilize after the unlocking before entering, pay attention to the RMB 32.00 support level
Short-Term Investors	Consider buying on dips around the RMB 32.00 support level, with quick in and out operations

The impact of this 0.87% (approximately 19.84 million shares) small-scale restricted stock unlocking of Zhongwu High-Tech on the stock price is relatively limited, mainly based on the following judgments:

1. Small Unlocking Ratio
   : Only 0.87% of total share capital, with limited impact on the tradable share structure
2. Restrictions on Partial Shares
   : 58.33% of the shares are still under the performance commitment lock-up period, so the actual reducible ratio is even lower
3. Nature of Shareholder
   : Woxi Mining is a financial investor with a small shareholding ratio, so the scale of share reduction is controllable
4. Good Market Liquidity
   : The average daily trading volume is about 100 million shares, and the market absorption capacity is strong
5. Robust Fundamentals
   : The company has a sound financial situation, with an ROE of 17.29% and low debt risk

: This restricted stock unlocking , but attention should be paid to the risk of short-term technical pullback. It is recommended that investors pay attention to the stock price performance and trading volume changes after the unlocking, and choose the right time to operate.

---

[0] Zhongwu High-Tech Acquisition Report and Financial Data (PDF Files)

• http://static.cninfo.com.cn/finalpage/2024-12-27/1222155410.PDF
• http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESZ_STOCK/2024/2024-12/2024-12-27/10673999.PDF

[1] Zhongwu High-Tech Restricted Stock Unlocking Schedule - Sohu Securities

• https://q.stock.sohu.com/cn/000657/xsjj.shtml

[2] Jinling AI Real-Time Market Data and Technical Analysis

[3] Zhongwu High-Tech’s Special Verification Report on the Fulfillment of 2024 Performance Commitments

• https://file.finance.qq.com/finance/hs/pdf/2025/04/25/1223272177.PDF

[4] Sina Finance - Shanghai and Shenzhen Stock Market Trading Reminders (January 20)

• https://finance.sina.com.cn/roll/2026-01-20/doc-inhhxeic6258533.shtml