Two months of a 200% surge, Goldman Sachs precisely "bets on" Hangdian Shares

Hangdian Co., Ltd., which has hit multiple market hot spots, has already become another of Goldman Sachs’s “cash cows.”

In recent days, Hangdian Co., Ltd. has become a market darling, and its stock price has entered an “explosive period.” According to data from Tonghuashun, over just a little more than two months, Hangdian Co., Ltd.’s share price climbed from 8.22 yuan per share on January 29 to 28.38 yuan per share, with a cumulative gain as high as 225.5%.

From the perspective of market speculation, Hangdian Co., Ltd.’s hot run is driven by the fact that it has ridden the currently scorching “frontier.” It is understood that a single data center, limited by factors such as chip performance, connection capacity, and power supply, struggles to meet the continuously growing demand for computing power. Building larger-scale data center clusters and handling AI computing demands in coordination across multiple data centers has become a deterministic trend. Against this backdrop, the demand for fiber optics within data centers and across interconnections has grown significantly.

Its deeper logic is that the sudden surge in computing power demand, sparked by AI and the wildly popular OpenClaw, has further expanded the imagination space for power grid equipment—also providing a more sustainable narrative backdrop for Hangdian Co., Ltd.’s stock price rise.

As Hangdian Co., Ltd.’s share price has kept moving upward, Goldman Sachs—having “waited in ambush” beforehand—naturally became one of the biggest beneficiaries. Based on Hangdian Co., Ltd.’s financial report data, Goldman Sachs made a precise purchase right before the share price exploded. If it has held its shares until now, it would have fully captured the company’s entire round of gains. By sharp contrast is “missing the sell” by JPMorgan.

Hangdian Co., Ltd. sitting on the windfall

The stock price’s climb for two consecutive months has made Hangdian Co., Ltd. one of the capital market’s “hot chips.”

According to Tonghuashun data, as of April 1, Hangdian Co., Ltd. closed at 28.38 yuan per share, with a market value of 19.62 billion yuan. Compared with the 8.22 yuan share price on January 29, it has surged more than 225.5%, with remarkable capital-attracting power.

Public information shows that Hangdian Co., Ltd.’s main businesses are the R&D, production, sales, and services of wire and cable; the R&D, production, sales, and services of products related to optical fiber preforms, optical fibers, optical cables, and optical communications equipment; and the copper foil business. It is not hard to see that the strong linkage to AI computing infrastructure is precisely the core driver behind its recent surge.

Breaking down Hangdian Co., Ltd.’s surge this round of gains, on January 27, tech giant Meta signed a long-term supply agreement worth about $6 billion with Corning. Corning would supply optical fiber for Meta’s AI data centers to support its global data center expansion plan. Bear in mind that fiber optic and cable are global “hard currency.” Final demand in North America will ultimately be met by the global market, and domestic fiber optic companies are expected to benefit from the global fiber optic market’s upward shift in both volume and pricing due to their scale advantages. And fiber optic business is one of the core businesses of Hangdian Co., Ltd.; on January 30, Hangdian Co., Ltd. successfully received a daily limit-up.

In early February, in a research report, Haitong Securities stated that in January 2026, the price of G.652.D single-mode optical fiber in the China market reached a new high in nearly seven years, with the average price exceeding 35 yuan per fiber-kilometer. Even just the single-month gain in January surpassed 75%. This news fully ignited Hangdian Co., Ltd.’s share price, and the company successfully locked in four consecutive daily limit-ups.

After that, the index-level growth in computing power demand triggered by the boom in AI and OpenClaw became another narrative driving Hangdian Co., Ltd.’s surge. The launch of OpenClaw enabled AI agents to transform from “talking” to “doing,” and its operating model requiring the mobilization of large volumes of large models and tools put Token immediately into a tight-supply, high-demand state, directly boosting expectations for demand for computing infrastructure.

In the late March 2026 period, the “fiber optics concept” warmed up again. According to a report by CCTV Finance and Economics, China’s optical cable manufacturing saw a global “explosion” in orders, with some companies’ optical fiber exports in the first two months increasing by more than 50% year over year. This news directly stimulated market enthusiasm for the entire optical fiber and optical cable sector. As a company with a complete industrial chain of “optical fiber preforms—optical fiber—optical cable,” Hangdian Co., Ltd. naturally became a key target of capital seeking opportunities, and it hit a strong daily limit-up on March 27.

It can be seen that the deep-seated reason behind Hangdian Co., Ltd.’s stock surge lies in the huge room for imagination brought by AI and computing network construction. In fact, multiple broker research reports have previously pointed out that the building of intelligent computing centers and the interconnection of data centers will drive a large increase in demand for optical fiber and cables. This industry logic—triggered by the explosive growth in AI computing demand—provides a more sustainable narrative backdrop for share price gains.

In addition, Hangdian Co., Ltd. is not only a major supplier of State Grid and Southern Power Grid for ultra-high voltage transmission lines, but it also won multiple national-level pumped-storage hydropower project transmission and delivery engineering projects. Meanwhile, its optical communications products (optical preforms and optical fiber) are also viewed by the market as infrastructure for 5G construction. With the three equally market-favored sectors—ultra-high voltage, pumped-storage hydropower, and 5G—the “concept overlay” effect ultimately formed.

It is worth noting that Hangdian Co., Ltd.’s hot stock performance also depends on capital coming in. From the data of the trading list on the龙虎榜 (trading on the two markets), there are traces of quantitative funds and retail/institutional speculators.

Goldman Sachs, the one who “waited in ambush” precisely

Hangdian Co., Ltd.’s surge in the months of February and March gave Goldman Sachs—which had already positioned in the stock—a highly considerable investment return.

Data shows that as of the end of the third quarter of 2025, Goldman Sachs first appeared among Hangdian Co., Ltd.’s top 10 tradable shareholders by shareholding. Its total holdings were 1.5171 million shares. Based on Hangdian Co., Ltd.’s share price of 9.5 yuan per share at the end of that quarter, Goldman Sachs’s shareholding value at the time was about 14.41 million yuan.

If Goldman Sachs had not reduced its holdings during this period, then as of the close on April 1, the value of its holdings would have risen to 43.06 million yuan. This means that in just a few months, Goldman Sachs’s unrealized profit on this single stock exceeded 28.60 million yuan, and its investment return rate was also over 200%.

Goldman Sachs’s precise positioning this time was not accidental. It was built on in-depth research into the relevant industries. In multiple reports at the beginning of 2026, Goldman Sachs repeatedly emphasized that global AI data center construction is facing a severe “power bottleneck.” Goldman Sachs Global Investment Research Department analyst Brian Singer also wrote in a report: “We will raise the global data center electricity demand growth relative to 2023 from 175% to 220% by 2030.” At present, the electricity shortfall in the U.S. market is especially severe, and the delivery cycle for key equipment such as transformers and gas turbines can last for several years.

In addition, Goldman Sachs, while analyzing China’s State Grid’s 4 trillion yuan investment plan, pointed out that grid investment is moving toward “smart upgrades,” and the distribution network and smart grid will become the focus of investment over a longer cycle. These factors together form the underlying logic behind Goldman Sachs’s investment in Hangdian Co., Ltd.

Perhaps driven by the same logic, besides Goldman Sachs, Barclays Bank, Merrill Lynch Securities, and the bull stock holder Wang Bo also rode on Hangdian Co., Ltd.’s surge to make a profit.

Specifically, in the first quarter of 2025, Barclays Bank already became one of Hangdian Co., Ltd.’s top 10 tradable shareholders thanks to its holdings of 1.4023 million shares. In the following quarter, Barclays Bank slightly reduced its holdings in Hangdian Co., Ltd., but in the third quarter of last year, it suddenly increased its investment in Hangdian Co., Ltd., adding 1.7506 million shares of Hangdian Co., Ltd. If its position has been held until now, its gains exceed Goldman Sachs’s. Merrill Lynch Securities also bought Hangdian Co., Ltd. in the same period as Goldman Sachs, and if it has held its shares until now, it has likewise benefited a lot.

According to data, the bull stock holder Wang Bo also entered Hangdian Co., Ltd.’s top 10 tradable shareholders in the third quarter of 2025, with holdings of 1.6259 million shares. As of now, its estimated gains exceed 30 million yuan, and its estimated gain rate also exceeds 200%.

Some people celebrate and others worry. JPMorgan chose to exit ahead of Hangdian Co., Ltd.’s surge, thereby also missing out on substantial gains. Based on changes in Hangdian Co., Ltd.’s top 10 tradable shareholders, JPMorgan exited among the top 10 tradable shareholders in the third quarter of 2025. Judging from the number of shares held by the 10th tradable shareholder as of the end of the third quarter, JPMorgan at least reduced by 760k shares of Hangdian Co., Ltd.

Diverging fundamentals

In sharp contrast to the impressive stock price performance is the company’s somewhat sluggish fundamentals.

Not long before the stock began to surge significantly, in January 2026 the company issued a notice of expected loss in 2025 annual performance. It expected that the net profit attributable to shareholders of the listed company for the full year would be a loss of about 300 million yuan, whereas in the same period last year it was a profit of 138 million yuan.

According to the notice issued by Hangdian Co., Ltd., there are two main reasons for the company’s large loss. First, it made provisions for fixed asset impairment of as much as 264 million yuan for a wholly owned subsidiary. Second, the price increase of the company’s main raw materials led to a significant decline in gross margin, which may imply that the company’s operating situation has not seen a fundamental improvement.

Faced with weak performance but a surging stock price, Hangdian Co., Ltd. even issued several reports on abnormal stock price volatility, and it went so far as to state that the recent trading price fluctuation of its stock has been relatively large, but the company’s current production and operations are normal and there has been no significant change in fundamentals. Still, this did not stop frantic capital from flooding in.

What is even more worrying is that when Hangdian Co., Ltd.’s stock price was at a high level, its controlling shareholder, actual controller, and some directors and executives disclosed plans to reduce their holdings. According to the announcement, Fujunjiang Communication Group plans to reduce its stake in the company by no more than 4.59 million shares. Based on the closing price on April 1, if it reduces at the maximum, the cash proceeds would be about 130 million yuan. In addition, executives including Hua Jianfei, Ni Yijian, Yin Zhiping, and Hu Jianming plan to collectively reduce their holdings in the company by no more than 1.5674 million shares. Based on today’s closing price, they could collectively raise about 44.48 million yuan. The collective sell-down by shareholders and multiple senior executives has undoubtedly poured a bucket of cold water on those who chased the stock on the secondary market.

It should be noted that Hangdian Co., Ltd.’s predecessor was Hangzhou Cable Factory. In 2000, the company was acquired by Fujunjiang Communication Group. In 2015, Hangdian Co., Ltd. successfully listed on the Shanghai Stock Exchange. After listing, the company continued to focus on its wire and cable main business, especially accumulating technical advantages in the field of high-voltage and ultra-high-voltage cables. The company’s “Yongtong” brand products have been applied in many key national projects, such as the Three Gorges hydropower station, Olympic venues, and some city metro projects.

However, during its development, Hangdian Co., Ltd. has often faced the dilemma of increasing revenue without increasing profits. Ultimately, through a diversified layout, the company formed a development pattern led by power cables, with copper foil business and optical communications business developing in parallel.

For this reason, whether Hangdian Co., Ltd. can leverage its diversified layout and new capital narrative to achieve further development will be one of its main focuses in the future.

责任编辑 | 陈斌

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