Understanding the Market | CHINA EB LTD opened over 3% higher, plans to issue 20 billion yuan in debt financing instruments, market once again speculates on Shanghai Micro Electronics' backdoor listing

China Everbright Holdings opened over 3% higher, and as of the time of writing, it rose 3.3% to HKD 11.89, with a transaction volume of HKD 8.0376 million. In terms of news, China Everbright Holdings announced that it has signed an underwriting agreement with Everbright Bank and Everbright Securities, planning to issue a variety of debt financing instruments with a total amount not exceeding RMB 20 billion. This related transaction aims to raise funds through debt financing instruments to support the company's business development and capital operations. Everbright Bank and Everbright Securities, as the lead underwriters, will be responsible for organizing and coordinating this issuance. It is worth noting that recent rumors regarding Shanghai Micro Electronics' "backdoor listing" have resurfaced. According to an article published by China Everbright Holdings' official WeChat account in May 2016, its subsidiary Everbright Qingdao successfully invested in Shanghai Micro Electronics Equipment Co., Ltd. in April 2016, after which China Everbright Holdings held a 11.98% stake. Additionally, according to a research report by Guotai Junan Securities, the company's recent investment cases include Shengmei Semiconductor and Shanghai Micro Electronics. However, the institution cautioned in the report that the above companies are historical investment projects, and some projects may have exited