--- title: "A-shares show volatile divergence; lithium batteries surge; liquid-cooled server leader hits limit down again; Hang Seng Tech Index falls 2%; CATL H-shares drop nearly 5%; 30-year treasury bond rises to over 4-month high" type: "News" locale: "en" url: "https://longbridge.com/en/news/283584988.md" description: "Battery industry chain explodes: XFH hits 20cm limit up, Transimage TECH. hits limit up, Zhenhua New Material rises over 10%, Zhidongli and BTR surge. CPO concepts surge again; Changguang Huaxin rises over 16% to set new all-time high, with Dongshan Precision, Shijia Photonics, and Tacheng Guang following the rally" datetime: "2026-04-22T08:45:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283584988.md) - [en](https://longbridge.com/en/news/283584988.md) - [zh-HK](https://longbridge.com/zh-HK/news/283584988.md) --- # A-shares show volatile divergence; lithium batteries surge; liquid-cooled server leader hits limit down again; Hang Seng Tech Index falls 2%; CATL H-shares drop nearly 5%; 30-year treasury bond rises to over 4-month high On April 22, A-shares opened lower in the morning session before rising sharply. The three major indices surged initially, then showed volatile divergence. Concepts such as the lithium battery industry chain and optical modules exploded. XFH hit the 20CM limit up, and Changguang Huaxin also hit the 20CM limit up. Sectors including marine shipping and military industry adjusted, while Invt, the leader in liquid-cooled servers, continued to hit the limit down. Hong Kong stocks opened lower and fell throughout the session. The Hang Seng Index (HSI) and Hang Seng Tech Index (HSTECH) both dropped over 1% in the early session. Internet and tech stocks collectively declined, with major tech weight stocks including Tencent, Alibaba, Meituan, and JD.com generally falling. CATL H-shares dropped nearly 5%. Previously, news reported that Sinopec sold CATL H-shares at a discount, raising over $760 million. In the bond market, treasury bond futures continued to rise across the board, with the 30-year main contract gaining 0.5%. In commodities, most domestic commodity futures rose, with polysilicon up 3%. Core Market Trends: > **A-shares**: As of press time, the Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.13%, and the ChiNext Index fell 0.02%. > > > > **Hong Kong Stocks**: As of press time, the Hang Seng Index fell 1.02%, and the Hang Seng Tech Index fell 1.71%. > > > > **Bond Market**: Treasury bond futures rose across the board. As of press time, the 30-year main contract rose 0.52%, the 10-year main contract rose 0.09%, the 5-year main contract rose 0.05%, and the 2-year main contract rose 0.02%. > > > > **Commodities**: Domestic commodity futures rose broadly. As of press time, polysilicon rose 4.7%, and the Containerized Freight Index rose over 2%. Fuel, eggs, soybean meal, crude oil, sodium hydroxide, ethylene glycol, rapeseed, and others rose over 1%. Rubber, coke, asphalt, lithium carbonate, coking coal, propylene, Shanghai nickel, industrial silicon, glass, iron ore, alumina, hot-rolled coil, rebar, and others rose. Shanghai copper, pulp, aluminum, methanol, stainless steel, platinum, palladium, Shanghai gold, and tin fell. Shanghai silver fell over 2%. > > **10:07** CATL H-shares dropped nearly 5%. Previously, a Wall Street CN article cited a term sheet reviewed by Reuters showing that Sinopec (HK) plans to sell 8.5 million H-shares of CATL (Ningde Times), a Chinese electric vehicle battery manufacturer, for approximately $768.5 million. The term sheet shows these shares were sold at HK$708 per share, representing a discount of about 3.8% compared to CATL's closing price of HK$736 on Tuesday. The discount magnitude was relatively moderate. According to transaction terms seen by Bloomberg, the company plans to sell approximately 8.5 million shares, with an indicative price range of HK$702.90 to HK$717.60 per share. If priced at the upper end of the range, the fundraising scale would reach $779 million. **10:01** The Hang Seng Tech Index expanded its intraday decline to 2%. Tencent Music and Bilibili fell over 4%. **09:57** Treasury bond futures gains widened. The 30-year main contract rose 0.53% to 114.29 yuan, marking a new high since December 3, 2025. **09:44** The battery industry chain exploded. XFH hit the 20cm limit up, Transimage TECH. hit the limit up, Zhenhua New Material rose over 10%, and Zhidongli, BTR, and others surged significantly. **09:39** CPO concepts surged again. Changguang Huaxin rose over 16%, setting a new all-time high, followed by Dongshan Precision, Shijia Photonics, and Tacheng Guang. On the news front, according to the latest research from TrendForce, the global AI-specific optical transceiver module market has entered a stage of rapid growth. The market size is estimated to expand from $16.5 billion in 2025 to $26 billion in 2026, an annual increase of over 57%. **09:33** The liquid-cooled server concept weakened again. Invt hit the limit down for the second consecutive day, with Dayuan Pump Industry, Jiali Tu, Oulutong, Yimikang, and Chuanhuan Technology following the decline. **09:26** The Shanghai Composite Index opened lower by 0.25%, and the ChiNext Index fell 0.77%. Themes including commercial aerospace, space solar power, lithium mines, and AI applications saw significant declines, while the lithium battery industry chain moved against the trend. **09:21** The Hang Seng Index opened lower by 0.69%, and the Hang Seng Tech Index fell 1.02%. Baidu Group, Alibaba, JD.com, Tencent Music, and JD Health fell over 2%. 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