130 billion bull stock, bearish! Straight down plunge, major news from the Strait of Hormuz! Chips, heavyweight! Ten major news stories affecting the market for a week

1. People’s Bank of China Governor Pan Gongsheng: Using Multiple Tools to Maintain Ample Liquidity

On March 22, at the China Development Forum 2026 Annual Meeting, Pan Gongsheng, Governor of the People’s Bank of China, stated that the central bank will continue to implement a moderately relaxed monetary policy. Currently, China’s social financing conditions are loose, and the total financial volume is growing reasonably. We will balance short-term and long-term needs, support real economic growth while maintaining the health of the financial system, and coordinate internal and external balance by using various monetary policy tools such as reserve requirement ratios, policy interest rates, and open market operations to keep liquidity ample.

2. Financial Law Coming! Five Departments Release Key Measures

On March 20, the Ministry of Justice, People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange published the “Draft of the People’s Republic of China Financial Law” on their official websites, seeking public comments. The draft consists of 11 chapters and 95 articles, focusing on improving the basic legal system for finance, strengthening coordination of laws and regulations across financial sectors, clarifying legal requirements for fundamental, principled, and directional issues related to financial development, and providing a solid legal guarantee for building a strong financial nation.

The opinions emphasize that the state will strengthen risk monitoring in financial markets, establish and improve rapid response mechanisms for financial market risks, and respond prudently to major risks such as abnormal market fluctuations, panic, and liquidity shortages. The financial regulatory departments and other relevant agencies should enhance expectation management and policy coordination, conduct impact assessments of major financial policies, coordinate major information releases, and lawfully handle false or misleading information.

3. YuShu Technology IPO Accepted by Shanghai Stock Exchange

On March 20, YuShu Technology’s Sci-Tech Innovation Board IPO application was accepted by the Shanghai Stock Exchange, officially aiming to become the first “humanoid robot” stock in A-shares. According to the prospectus draft, YuShu Technology plans to raise 4.202 billion yuan, which will be invested in projects including intelligent robot model R&D, robot body R&D, new intelligent robot product development, and the construction of an intelligent robot manufacturing base. In 2025, YuShu Technology is expected to achieve revenue of 1.708 billion yuan, a year-on-year increase of 335.36%, and a net profit of 600 million yuan after non-recurring gains and losses, up 674.29%.

4. Ministry of Commerce Releases 16 Measures to Promote Travel Service Exports and Expand Inbound Consumption

On March 20, the Ministry of Commerce issued the “Policy Measures to Promote Travel Service Exports and Expand Inbound Consumption.” The measures include 16 specific policies across seven areas: expanding inbound tourism consumption, facilitating inbound business activities, activating inbound sports events, prospering inbound entertainment consumption, expanding inbound health tourism, developing inbound education and training, and improving support measures.

From the perspective of stimulating new service consumption demands, the policies propose enriching inbound tourism products, improving international exhibition services, supporting international sports events, optimizing foreign-related performance approval management, and encouraging Chinese language education. From the perspective of integrating consumption resources, the measures suggest launching “sports + tourism” packages, expanding “performance + cultural tourism” integrated scenarios, supporting the creation of “International Performance Consumption Zones,” and building international medical tourism brands.

5. Trump’s Ultimatum: Open the Strait of Hormuz Within 48 Hours; Cryptocurrency Market Plunges

The military strikes by the US and Israel against Iran entered their 22nd day on the 21st. On the same day, US President Trump issued a threat to Iran, stating that if Iran does not open the Strait of Hormuz within 48 hours, the US will strike and destroy all its power plants. Trump posted on social media: “If Iran fails to fully open the Strait of Hormuz without threats within 48 hours from now, the US will strike and destroy Iran’s various power plants, starting with the largest one!”

In the early hours of March 22, Iran’s Hatham Anbia Central Command emphasized that, based on Iran’s previous warnings, if Iran’s fuel and energy infrastructure are attacked by enemies, all energy infrastructure, IT systems, and seawater desalination facilities in the region operated by the US and its allies will become targets.

According to the latest reports, Iran’s representative to the International Maritime Organization stated that Iran allows non-“enemy” ships to pass through the Strait of Hormuz but requires coordination and arrangements with Iran on security issues.

On the 22nd, the cryptocurrency market experienced a sharp plunge, with Bitcoin dropping over 3% and falling below $68,300; Ethereum fell nearly 5%, approaching $2,050. CoinGlass data shows that over 100,000 traders were liquidated within 24 hours.

6. Major Chip News: Elon Musk Announces Latest Development

On March 22, Tesla CEO Elon Musk announced on social media that SpaceX and Tesla will livestream around 8 PM Central Time on X platform to officially unveil the self-built chip factory “Terafab.” Tesla also posted that the company is working with SpaceX and AI company xAI to build the largest chip manufacturing plant in history. The goal of the “Terafab” project is to produce over 1 exawatt of computing power annually (including logic, memory, and packaging), with about 80% allocated for space applications and 20% for ground use.

Details: Chip, breaking news! Musk just announced it!

7. $130 Billion “Big Stock,” Chairman Detained; Company Announces Delisting

On March 20, hydraulic leader Hengli Hydraulic announced that it received a notice from the Jiangsu Provincial Supervision Commission informing that its actual controller and chairman, Wang Liping’s family, had been placed under detention. Notably, Hengli Hydraulic was a big winner in A-shares earlier this year, with its stock soaring to 125.98 yuan per share at the start of the year, a total increase of 207% from its July 2024 low, with a current market cap of 133.64 billion yuan. Analysts pointed out that market speculation previously focused on its business recovery and expansion into new robotic screw business.

On the same day, *ST Aowei announced that it received the Shenzhen Stock Exchange’s decision to terminate the listing of Aowei Communication Co., Ltd. The announcement shows that from December 31, 2025, to January 29, 2026, *ST Aowei’s stock price closed below 500 million yuan for 20 consecutive trading days, triggering the delisting conditions under the Shenzhen Stock Exchange’s “Stock Listing Rules (2025 Revision).” According to regulations, due to mandatory delisting circumstances, *ST Aowei’s stock will be delisted within 15 trading days after the exchange’s decision, without a delisting restructuring period.

8. NASDAQ Down Over 2%, AMD Plunges Over 33%

On March 20, the three major US stock indices all declined. The Dow fell 0.96%, the S&P 500 dropped 1.51%, and the Nasdaq declined 2.01%. Major tech stocks fell across the board: Tesla down over 3%, Google-C and Meta down over 2%, Microsoft and Amazon down over 1%, Apple slightly down, Netflix slightly up. In the chip sector, AMD plunged over 33%, after its co-founder was arrested for smuggling AI servers. Storage stocks also fell sharply: SanDisk down over 8%, Western Digital down over 7%, Seagate Technology down over 5%, Micron Technology down over 4%. Most popular Chinese concept stocks declined: Nasdaq China Golden Dragon Index down 2.92%, Kingsoft Cloud down over 9%, Xpeng Motors down over 8%, NIO and GDS down over 7%, Hesai down over 6%, Bilibili down over 4%.

By the close, NYMEX WTI crude oil futures for the current month rose 2.66%. Spot gold fell 3.36%, to $4,494.44 per ounce. Spot silver dropped 6.74%, to $67.9 per ounce.

9. IPO Registration and New Stock Subscriptions

This week (March 23–27), three new stocks will be issued: Monday: Longyuan Co.; Friday: Hongban Technology, Sanrui Intelligent.

10. Over 82.6 Billion Yuan in Market Cap of Restricted Shares Unlocked This Week

Data shows that from March 23 to 27, 43 companies will have restricted shares released, totaling 7.361 billion shares. Based on the latest closing prices, the total market value of the unlocked shares is approximately 82.686 billion yuan.

Top three in market value unlocked: Postal Savings Bank (272.97 billion yuan), Shengmei Shanghai (57.91 billion yuan), Jiebang Technology (56.68 billion yuan).

Top three in proportion of shares unlocked: United Water (69.3%), Yibo Technology (63.59%), Jiebang Technology (61.67%).

Editor: Yang Yucheng

Layout: Liu Junyu

Proofreading: Liao Shengchao