Analysis of Maiwei Co., Ltd. (300757.SZ) SpaceX Order Rumors and Controlling Shareholders' Share Sale Compliance

Based on the collected information, this report conducts a systematic analysis of the SpaceX order rumors and controlling shareholders’ share sale compliance issues of Maiwei Co., Ltd. (300757.SZ).

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• Late December 27, 2025
  : Market-wide “anonymous research notes” in the tone of securities firms emerged, claiming that Maiwei Co., Ltd. had secured a USD 500 million photovoltaic equipment order from SpaceX[1]
• January 8, 2026
  : A follow-up rumor spread, stating that SpaceX would start factory inspection visits the next week, with Maiwei Co., Ltd. as the first stop[1]

As of now, Maiwei Co., Ltd. has the aforementioned SpaceX order rumors[1]. This silent stance has sparked widespread market doubts. From the perspective of information disclosure:

1. Information Disclosure Obligation
   : If the rumors are true and the order amount is material (USD 500 million is equivalent to approximately RMB 3.5 billion, which would constitute a material contract based on the company’s 2024 revenue scale), the company is obligated to disclose it in a timely manner; if the rumors are false, the company should issue a clarification announcement to correct the record

2. Market Impact
   : The rumors directly drove a sharp increase in the company’s stock price from December 27, 2025, to January 8, 2026, with a single-day gain of 15.65% on January 8, hitting a new high in the past six months[2]

3. Protection of Minority Investors
   : Amid a bull market, unclarified rumors may lead retail investors to chase price increases under information asymmetry, taking on unnecessary investment risks[1]

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Item	Zhou Jian (Chairman)	Wang Zhenggen (General Manager)	Total
Number of Shares to Sell	2.7 million shares	2.7 million shares	5.4 million shares
Share Sale Ratio	0.97%	0.97%	1.94%
Share Sale Period	January 29 to April 28, 2026	Same as above	Same as above
Share Sale Method	Block trading or competitive bidding	Same as above	Same as above
Reason for Share Sale	Personal capital needs	Personal capital needs	—
Estimated Proceeds	Approximately RMB 550 million	Approximately RMB 550 million	Approximately RMB 1.1 billion

Calculated based on the closing price of RMB 219.84 per share on January 8, 2026[2]

• Zhou Jian’s shareholding: 61.8117 million shares, accounting for 22.2% of the total share capital[2]
• After the share sale, Zhou Jian’s shareholding ratio will drop to approximately 21.23%

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Pursuant to the “Interim Measures for the Administration of Share Reductions by Shareholders of Listed Companies” issued by the China Securities Regulatory Commission (CSRC) in May 2024 and the revised self-regulatory supervision guidelines on share sales by the Shenzhen Stock Exchange (SZSE) in 2025, the core requirements include[1][3]:

Regulatory Key Points	Specific Requirements
Pre-disclosure Requirement	Major shareholders must disclose share sale plans 15 trading days in advance
Ratio Limit	Major shareholders may sell no more than 1% of shares via competitive bidding within any consecutive 90 days
Trading Window Restriction	No share sales are allowed within 30 days before the announcement of a listed company’s periodic reports
Information Disclosure	Must fulfill information disclosure obligations truthfully, accurately, completely, and in a timely manner

Assessment Dimension	Conclusion	Rationale
Insider Information Determination	Not Constituted	The SpaceX order rumors have not been confirmed by the company, and cannot be proven to be “non-public information that has a material impact on securities prices” as defined in Article 52 of the Securities Law[1]
Transaction Compliance	Compliant	The share sale plan is a pre-disclosed planned action, not an impromptu surprise share sale[1]
Market Manipulation	No Evidence	No direct evidence indicates that the two collaborated in the share sale by releasing false information, inflating stock prices, etc.[1]
Share Sale Ratio	Compliant	The 1.94% share sale ratio is within the 1% limit for 90 days (to be implemented over 3 months)
Trading Window Avoidance	Compliant	The share sale period (January 29 to April 28) avoids the annual report disclosure window

The share sale plan of Maiwei Co., Ltd.'s controlling shareholders is , and no direct violations of share sale rules have been identified.

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Although compliant from a legal perspective, this share sale incident has obvious market ethical disputes:

• The timing of the rumor release and share sale announcement is highly closely aligned: Rumor (December 27) → Share Sale Announcement (January 7) → Stock Price Surge (January 8)[1][2]
• The market has questioned whether there is suspicion of using market sentiment to coordinate the share sale

• As chairman, controlling shareholder Zhou Jian could not have been unaware of the SpaceX order rumors, yet he chose to remain silent while announcing the share sale plan[1]
• Minority investors may become “bag holders” by chasing price increases under incomplete information

• The core spirit of the 2024 CSRC’s new share sale regulations is “strictly standardize major shareholders’ share sales, strengthen information disclosure and accountability”[1]
• The SZSE’s share sale guidelines emphasize that “share sales should be standardized, rational, and orderly, with full attention to the interests of listed companies and minority shareholders”[1]
• Although this share sale is not illegal, it is in tension with the regulatory authorities’ “investor-centric” philosophy

• Maiwei Co., Ltd.'s main business is HJT photovoltaic equipment and semiconductor packaging equipment. If SpaceX were indeed a customer, it would involve export control reviews[1]
• The export of HJT equipment in China must comply with laws and regulations such as the Export Control Law and the Regulations on Export Control of Dual-Use Items[1]
• The authenticity and feasibility of the transaction are questionable

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Indicator	Value	Evaluation
ROE (Return on Equity)	-6.12%	Loss-making Status
Net Profit Margin	-16.21%	Operating Pressure
Gross Profit Margin	Approximately 20% (continuous decline in recent years)	Intensified Competition
Cash Flow	Negative Free Cash Flow	Operating Pressure

• Since June 2025, the monthly K-line has closed positive consecutively, with a cumulative increase of up to 214%[2]
• The current stock price corresponds to P/E ratios of 62.34x, 57.17x, and 51.84x for 2025-2027 respectively[4]
• Market capitalization has exceeded RMB 59.4 billion[2]

• Huaxin Securities predicts that net profit attributable to parent shareholders will be RMB 923 million, RMB 1.007 billion, and RMB 1.110 billion for 2025-2027 respectively[4]
• Selecting pan-semiconductor equipment suppliers Weidao Nano, Zhongwei Co., Ltd., and Tuojing Technology as comparable companies, their average P/E ratios for 2025-2027 are 86.90x, 58.52x, and 42.66x respectively[4]
• The current valuation is at the mid-level of the industry, but considering the company is in a loss-making state, the P/E indicator has limited reference value

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1. Risk of SpaceX Order Authenticity
   : The rumors have not been confirmed or denied by the company to date, and investors need to be alert to the possibility that the related transaction may not materialize

2. Share Sale Pressure
   : The share sale by controlling shareholders and their concerted parties may create selling pressure on the short-term stock price

3. Risk of Valuation Correction
   : The company has seen a large price increase, and it is questionable whether the extent of fundamental improvement can support the stock price

4. Regulatory Risk
   : If it is later verified that there are acts such as using non-public information to coordinate the share sale, the company may face regulatory penalties

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: The share sale plan of Maiwei Co., Ltd.'s controlling shareholders under the current legal and regulatory framework, and is a pre-disclosed planned share sale action.

: The timing of this share sale plan is highly sensitive relative to the SpaceX order rumors. As chairman, controlling shareholder Zhou Jian ignored the market rumors but chose to conduct a large-scale share sale, which has obvious market ethical disputes and deviates from the “investor-centric” philosophy advocated by regulatory authorities.

: Given the questionable authenticity of the rumors and the upcoming share sale by controlling shareholders, it is recommended that investors remain cautious, closely follow the company’s subsequent announcements and regulatory developments, and avoid chasing price increases under information asymmetry.

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[1] Sohu, “Maiwei Co., Ltd., Did You Actually Secure SpaceX’s Order?” (https://m.sohu.com/a/974957356_121323879)

[2] NetEase, “Stock Price Surges 15.65% in a Single Day: Maiwei Co., Ltd.‘s Controlling Shareholders’ Share Sale Plan Fails to Halt the Uptrend” (https://www.163.com/dy/article/KIPH2RVB0519BOCB.html)

[3] Sina Finance, “Maiwei Co., Ltd. (300751.SZ) Controlling Shareholder Plans to Sell No More Than 1.94% of Shares” (https://finance.sina.com.cn/stock/hkstock/ggscyd/2026-01-07/doc-inhfnvii6076238.shtml)

[4] Public Securities Daily, “Stock Price Surges 15.65% in a Single Day: Maiwei Co., Ltd.‘s Controlling Shareholders’ Share Sale Plan Fails to Halt the Uptrend”

[5] Jinling AI Financial Database (Company Profile, Stock Price Data)