$YOFC(06869.HK) fell -13%. The company has clarified that there is no material information that should have been disclosed but hasn't been disclosed. Therefore, this wave of selling seems more like concerns at the industry level coming to a head — in the past two years, peers in the optical fiber and cable industry have expanded production aggressively, with overcapacity suppressing product prices, and the market is repricing the cycle. There's no company-specific black swan; the drop is in expectations for the supply-demand landscape. For this kind of capacity-cycle-driven pullback, the bottom usually requires signals of stabilized industry operating rates and prices.