A Chinese broker note argues that Haiou Housing (002084.SZ) has bottomed after regulatory pressure and that its new controlling shareholder, linked to the Fuyao Group, will inject electronic chip assets—likely via a newly formed entity, Shanghai Xinyuan—to bypass the three-year restriction on related-party asset injections. The note compares the target chip asset, Chengdu Mingyi, to listed peer Youxun (688195.SH), claiming Mingyi is ahead in mass production of 100G TIA chips and has higher revenue guidance.
The broker is bullish on Haiou Housing, betting that a Fuyao-backed asset injection of chip assets will unlock substantial value, with the stock currently trading at a fraction of peer Youxun's valuation.
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