In-Depth Analysis Report on Market Manipulation Suspicions Surrounding Maiwei Co., Ltd. (300751)

Based on comprehensive information from multiple sources, Maiwei Co., Ltd. has been involved in two major market events:

:

• Origin Time
  : On the evening of December 27, 2025, rumors began to circulate intensively on investor communities such as Eastmoney and Snowball
• Core Content
  : Claiming that Maiwei Co., Ltd. has secured a SpaceX order for HJT equipment worth approximately USD 500 million, corresponding to an annual heterojunction production capacity of about 7GW
• Subsequent Development
  : On January 8, 2026, another rumor emerged stating “SpaceX will start factory inspection trips next week, with Maiwei Co., Ltd. as the first stop”

:

• Announcement Time
  : On the evening of January 7, 2026
• Disposal Entities
  : Controlling shareholder Zhou Jian and related person Wang Zhenggen
• Disposal Quantity
  : A total of no more than 5.4 million shares, accounting for approximately 1.94% of the total share capital
• Cash Proceeds
  : Approximately RMB 1.1 billion

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Date	Event	Stock Price Performance	Trading Volume
2025-12-27	SpaceX rumors began to circulate	-	-
2025-12-28	Rumors intensified	20% daily limit increase	Significant volume surge
2026-01-07	Share disposal announcement released	Closed lower	-
2026-01-08	Trading day after the disposal announcement	Surged 15.65%, approaching the daily limit	RMB 4.792 billion

From December 22, 2025, to January 12, 2026, the stock price of Maiwei Co., Ltd. rose from RMB 155.58 to RMB 233.73, with a

[0].

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: The time when the rumors were released (evening of December 27, 2025) was only about two weeks apart from the share disposal plan announcement time (evening of January 7, 2026), and the entry timing of market funds is highly correlated with the share disposal plan[1].

According to a report from media outlet “Gantanhang”, the company has never issued an official clarification or verification regarding the major market rumors, maintaining a silent stance. The report stated: “As a leading space photovoltaic equipment company in the eyes of investors, Maiwei Co., Ltd. should give investors a clear stance—Is it true or false?”[1]

: After the share disposal announcement, a major negative news, was released, the stock price instead surged 15.65% on the following day, hitting an intraday high of RMB 219.84 per share, approaching the daily limit[2]. This phenomenon of “price rising despite negative news” is difficult to explain under normal market logic.

• The rumors first appeared in investor communities in the form of research posts in a “brokerage tone”,
  released through non-official channels
  [1]
• When the media contacted the relevant company, the latter clearly stated that “it has not received any notification from SpaceX”[1]
• The subsequent factory inspection rumor was commented as “extremely unprofessionally fabricated, far inferior to the level of the author of polysilicon rumors”[1]

The actual controllers planned to cash out approximately RMB 1.1 billion when the stock price was in a historical high range, and the share disposal time window was chosen after the rumors intensified, during the most euphoric phase of market sentiment[2].

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Evaluation Dimension	Risk Level	Explanation
Timeliness of Information Disclosure	High Risk	Failed to promptly clarify major rumors
Timing Correlation	High Risk	High correlation between rumors and share disposal plan
Abnormality of Market Reaction	High Risk	Stock price surged after release of negative news
Credibility of Rumors	Low Risk	Lack of official confirmation, suspicious source

: Based on existing information, the Maiwei Co., Ltd. incident shows obvious characteristics of market manipulation suspicions:

1. Potential Information Manipulation
   : Unverified major order rumors were intensively spread on social media, driving a short-term surge in the stock price
2. Potential Insider Trading for Share Disposal
   : The timing of the actual controllers’ share disposal highly coincides with the peak of market sentiment
3. Potential Collusion in Stock Hype
   : Maintained silence during the intensification of major rumors, suspected of colluding in market hype to cash out at high prices

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1. Information Verification
   : Investors should maintain a prudent attitude towards unofficially confirmed market rumors, avoiding chasing rising prices and selling on dips
2. Compliance Attention
   : It is recommended to pay attention to whether regulators will launch investigations or inquiries into this incident in the future
3. Risk Control
   : Considering the stock’s huge short-term increase (over 114% in the past 3 months[0]), investors should pay attention to the risk of a pullback from high levels

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[0] Jinling AI - Real-Time Quotes and Market Data of Maiwei Co., Ltd.
[1] Gantanhang Technology - “Maiwei Co., Ltd., Did You Really Secure a SpaceX Order?” (https://m.sohu.com/a/974957356_121323879)
[2] Public Securities Journal - “Stock Price Surged 15.65% in a Day, Maiwei Co., Ltd.‘s Actual Controllers’ Disposal Plan Failed to Halt the Uptrend” (https://www.163.com/dy/article/KIPH2RVB0519BOCB.html)