Analysis on Consecutive Limit-Ups of Jianghua Micro (603078): Shanghai SASAC Takeover and Risk Warning

January 23, 2026 | 4th consecutive trading day with a limit-up

---

This analysis is based on the market event of Jianghua Micro (603078) hitting a limit-up on January 23, 2026. The stock has hit a limit-up for 4 consecutive trading days, with the share price reaching a record high of 31.36 yuan, and today’s trading volume reached 91.56 million shares, which is more than 9 times the average daily trading volume. The core catalyst for the limit-up is the major positive news of Shanghai state-owned assets takeover announced on January 19 - Shanghai Fuxun Technology acquired 23.96% of the company’s equity for 1.848 billion yuan, and the actual controller will change from Zibo Municipal Bureau of Finance to Shanghai Municipal State-owned Assets Supervision and Administration Commission (Shanghai SASAC) [1][2][3]. Coupled with multiple factors such as continuous capacity expansion, intensified domestic substitution trend in the industry, and continuous inflow of main capital, the stock price has been driven to rise strongly. However, current technical indicators have entered a severe overbought zone (KDJ K-value 99.5, D-value 97.9), and the price-to-earnings ratio (P/E) is as high as 132.66x, so the risk of short-term correction cannot be ignored. Investors need to closely monitor the trend and volume changes tomorrow.

---

According to the company’s announcement on January 19, 2026, the controlling shareholder Zibo Xingheng Tusong plans to transfer 92.3823 million shares (accounting for 23.96% of the total share capital) held by it to Shanghai Fuxun Technology Co., Ltd. via a negotiated transfer at a price of 20 yuan per share, with a total transfer amount of 1.848 billion yuan [1][2][3]. After the completion of this equity transfer, the company’s governance structure will undergo fundamental changes:

• Change of Controlling Shareholder
  : From Zibo Xingheng Tusong to Shanghai Fuxun Technology
• Change of Actual Controller
  : From Zibo Municipal Bureau of Finance to Shanghai Municipal State-owned Assets Supervision and Administration Commission (Shanghai SASAC), realizing a transition from local state-owned assets to Shanghai state-owned assets [1][2][3]
• Lock-Up Period Commitment
  : The new controlling shareholder promises not to transfer the shares within 5 years (60-month lock-up period), demonstrating its determination for long-term holding [1][4]

The market generally believes that the takeover by Shanghai state-owned assets will bring stronger policy support, richer industrial resource docking capabilities, and more stable credit endorsement to the company. As an investment platform under Shanghai SASAC, the takeover by Shanghai Fuxun Technology means that Jianghua Micro is officially included in Shanghai’s strategic emerging industry layout, and the company’s wet electronic chemicals business is highly aligned with Shanghai’s strategy of building an integrated circuit industry cluster.

The company has taken frequent actions in capacity layout, laying a solid foundation for future performance growth:

• Zhenjiang Jianghua Micro Phase II Project
  : Some production lines with an annual capacity of 100,000 tons have entered the trial production stage [2], which will significantly improve the company’s production capacity of wet electronic chemicals after being put into operation
• 37,000 Tons/Year Ultra-High Purity Wet Electronic Chemicals Project
  : The environmental impact assessment has been approved [2], which will add high-end G4-G5 grade capacity after being put into operation, significantly strengthening the company’s domestic substitution capability in the high-end wet electronic chemicals field

As the first listed professional wet electronic chemicals enterprise in China, Jianghua Micro mainly engages in ultra-high purity reagents and photoresist supporting reagents. Its products cover G2-G5 grades, achieving full coverage of SEMI standards, and are mainly used in three hot fields: semiconductor chips, flat panel displays, and new energy [5][6]. Capacity expansion will help the company better meet the urgent demand for high-end wet electronic chemicals in the domestic semiconductor industry chain.

Since 2026, the electronic chemicals sector has continued to be favored by capital, forming an obvious sector linkage effect. As a leading enterprise in China’s wet electronic chemicals field, Jianghua Micro directly benefits from the general trend of domestic substitution in the semiconductor industry. Institutional investors have increased their allocation to the electronic chemicals sector, providing sufficient liquidity support for Jianghua Micro’s price increase.

---

Statistical Period	Price Change	Remarks
1-Day	+10.00%	Limit-up
5-Day	+46.41%	Consecutive limit-ups
1-Month	+73.45%	Significant short-term increase
Year-to-Date	+71.27%	Sector leader
1-Year	+94.18%	Nearly doubled

From the price range perspective, the current share price of 31.36 yuan has broken through the 52-week high, hitting a record high, with the 52-week trading range being 14.54 yuan to 31.36 yuan.

Indicator	Value	Signal Interpretation
20-Day Moving Average	21.12 yuan	Share price is significantly higher than the moving average, strong bullish pattern
50-Day Moving Average	19.17 yuan	Share price is more than 60% higher than the moving average
200-Day Moving Average	18.97 yuan	Share price is much higher than the moving average, showing typical bull market characteristics
KDJ Indicator	K:99.5, D:97.9, J:102.8	Severely overbought zone; historically, such situations are often accompanied by corrections
Beta Coefficient	-0.35	Negatively correlated with the market, with certain anti-drop characteristics
Trading Volume	91.56 million shares	9 times the average daily volume, obvious capital favor

From a technical analysis perspective, the current share price has significantly deviated from all moving average systems, and the excessive short-term increase means that correction risks are accumulating. The J-value of the KDJ indicator has reached 102.8, entering an extremely overbought zone [0]. Although the limit-up was sealed today, we need to be highly vigilant against the pressure of concentrated profit-taking by investors the next day.

Price Type	Price	Explanation
Resistance Level	31.36 yuan	Today’s limit-up price (record high)
Next Target Level	32.32 yuan	Short-term resistance level indicated by technical analysis
Support Level	23.79 yuan	First support level for correction indicated by technical analysis

---

From the perspective of capital flow, there is obvious net buying of super large orders after the resumption of trading, and continuous inflow of main capital has driven the stock price to hit a limit-up [5]. The electronic chemicals sector as a whole shows a capital inflow trend, and multiple stocks in the concept sector have risen in linkage, forming a good sector effect. Today’s trading volume reached 91.56 million shares, which is about 9 times the average daily volume, fully indicating that market attention is extremely high and investor participation enthusiasm is soaring.

Assessment Dimension	Status
Market Heat	High (4 consecutive limit-ups, hit record high)
Herding Intensity	Strong (sector linkage, capital favor)
Caution Level	Need vigilance (technical indicators overbought, high valuation)

The current market sentiment shows a typical “euphoric” state, but rational risk awareness is emerging among some investors. A large number of profit-making shares accumulated from consecutive limit-ups may cash in their gains at any time, which is the biggest short-term uncertainty.

---

Indicator	Value	Industry Comparison
Price-to-Earnings Ratio (P/E)	132.66x	Significantly higher than the industry average, with risk of valuation bubble
Price-to-Book Ratio (P/B)	6.24x	Moderately high
Return on Equity (ROE)	4.75%	Low, reflecting room for improvement in profitability
Net Profit Margin	7.67%	Average level
Current Ratio	4.50	Healthy financial status, sufficient liquidity
Debt Risk	Low	Financial analysis shows low debt risk

From a valuation perspective, the P/E ratio of 132.66x is significantly high. Even considering the premium factor of the Shanghai state-owned assets takeover, the current valuation level has already overdrawn the performance growth expectations for a long period in the future. Investors need to remain vigilant against valuation risks.

• First Three Quarters of 2025
  : Operating revenue of 910 million yuan, a year-on-year increase of 10.92%; net profit attributable to parent company of 78.78 million yuan, a year-on-year decrease of 8.66% [6]
• Q3 2025
  : EPS of 0.08 yuan, operating revenue of 329 million yuan
• Cash Flow Improvement
  : The third quarterly report of 2025 shows that the net cash flow from operating activities increased by 159.21% year-on-year [5]

The company’s financial stance is classified as “aggressive”, with a low depreciation/capital expenditure ratio, which means that the upward space of reported earnings may be limited [0].

---

Risk Type	Details	Risk Level
Overvaluation	P/E ratio of 132x, significantly higher than industry average	High
Short-Term Overrise	KDJ severely overbought, RSI in overbought zone, high technical correction risk	High
Excessive Increase	46% increase in 5 days, 73% increase in 1 month, pressure from profit-taking	High
Chasing High Risk	Current price of 31.36 yuan is much higher than the transfer price of 20 yuan, with a 55% premium	Medium-High

• Integration Uncertainty
  : The integration effect after the Shanghai state-owned assets takeover needs time to be verified, and the release of synergies may take a long period
• New Shareholder Background
  : Shanghai Fuxun Technology was established on January 13, 2026 (only a few days after its establishment), and its subsequent operating capacity as the acquirer remains to be seen
• Sector Rotation
  : The technology sector fell 0.18% today, and the sector as a whole is weak, which may have an impact on individual stocks

• Policy Support
  : The takeover by Shanghai state-owned assets brings stronger policy support and resource synergy
• Capacity Expansion
  : Zhenjiang Phase II and 37,000 tons/year ultra-high purity projects are being implemented one after another, providing support for performance growth
• Domestic Substitution
  : Wet electronic chemicals directly benefit from the domestic substitution trend in the semiconductor industry, and the industry prosperity continues to rise
• Long-Term Confidence
  : The 5-year lock-up period commitment shows the new controlling shareholder’s determination for long-term holding
• Anti-Drop Characteristics
  : Beta coefficient is -0.35, negatively correlated with the market, with certain defensive properties during market adjustments

---

Scenario	Probability	Trigger Condition	Trend Forecast
Continue to Hit Limit-Up	30%	Sustained capital favor, maintained sector momentum	Challenge the 32-35 yuan range
High-Range Volatility	45%	Sufficient capital turnover after limit-up is opened	Consolidate in the 28-32 yuan range
Correction	25%	Concentrated release of short-term profit-taking pressure	Pull back to the 23-25 yuan support level

Facing strong correction pressure. The KDJ indicator is in an extremely overbought zone. Although the limit-up was sealed today, we need to be vigilant against concentrated profit-taking. The trend tomorrow is critical; if volume expands but price stagnates, the probability of a short-term peak is high.

If it can effectively break through and stand firm above the 31.36 yuan resistance level, it is expected to challenge the 32-35 yuan record high; if a correction occurs, 23.79 yuan is the first important support level.

The trend depends on the actual actions after the Shanghai state-owned assets takeover and the progress of capacity release. If Shanghai SASAC promotes in-depth integration of the company with Shanghai’s integrated circuit industry, the long-term upward logic may continue.

Investors need to focus on the following signals:

1. Tomorrow’s Trend
   : Whether it continues to hit a limit-up or fluctuates after the limit-up is opened
2. Trading Volume Changes
   : Whether it can maintain high volume
3. Capital Flow
   : Whether main capital continues to flow in
4. Sector Linkage
   : Overall performance of the electronic chemicals sector

---

The core driving factor for Jianghua Micro (603078) to hit 4 consecutive limit-ups and reach a record high share price is the major positive news of the Shanghai state-owned assets takeover - Shanghai SASAC acquired 23.96% of the company’s equity for 1.848 billion yuan via Shanghai Fuxun Technology, realizing a transition from local state-owned assets to Shanghai state-owned assets, and the 5-year lock-up period commitment demonstrates long-term confidence [1][2][3]. Capacity expansion projects are advancing continuously; the Zhenjiang Phase II project with an annual capacity of 100,000 tons has entered trial production, and the environmental impact assessment for the 37,000 tons/year ultra-high purity project has been approved, laying a foundation for future performance growth.

However, the current valuation is significantly high (P/E ratio 132.66x), and technical indicators have entered a severely overbought zone (KDJ K-value 99.5, D-value 97.9), so short-term correction risks cannot be ignored [0]. From a risk-reward ratio perspective, chasing high at the current price carries great risks; investors should remain rational and consider entering after a correction. For investors who already hold shares, they can set a stop-profit and stop-loss level at 23-24 yuan to protect profits.

This analysis reveals risk factors such as overvaluation and short-term overrise. Investors should make independent decisions based on their own risk tolerance and prudently evaluate whether the current price reflects reasonable value.