Hundreds of billions in order disruptions, Laplace hits the daily limit within 40 minutes then plunges again. Who is selling off at the high?

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On April 1, within about 40 minutes from the initial stir of a news story about “Tesla winning a nearly 10-billion-yuan order,” the stock price of Laplace (688726.SH) saw a rapid surge and was locked at the daily limit up. By the time afternoon trading opened, it dropped in a straight line by more than 11 percentage points. After that, the stock price rebounded somewhat, and it finally closed up 11.72%.

In a clarification announcement released at midday that day, Laplace stated that, as of now, the company has not obtained the relevant order, and there is no major undisclosed information that should be disclosed.

As to whether the relevant order was actually won or whether it is only an intended cooperation that has not yet been signed—regarding this, relevant personnel from the company told First Financial that, if it is later determined that information disclosure standards are met, the company will strictly fulfill its information disclosure obligations in accordance with relevant laws and regulations.

It is worth noting that during the stock price surge, some funds bought in large amounts, while other funds took the opportunity to sell in large amounts. After hitting the daily limit up, the intention to exit was strong; following the release of the clarification, before the afternoon market opened, just 4 seconds prior to the open, a sell order of 36.5k lots at a high price was used to smash the market.

A stock-price roller coaster driven by the news of a nearly 10-billion-yuan order

On the morning of April 1, Laplace’s stock price was initially running relatively steadily near the zero line, but around 10:50 it surged rapidly and at 10:59 it locked the daily limit-up board.

At the same time as the stock price surged rapidly, media reports said that Laplace recently won Tesla’s photovoltaic project Phase II, with an order size of nearly 10 billion yuan.

With the above news drawing intense attention from the market, and with unusual stock price movement, Laplace urgently released a clarification announcement at 12:30 on the same day, stating that the company had not obtained the relevant order, that there was no major undisclosed information that should be disclosed, and that if it later touches the information disclosure standards, it would strictly fulfill its information disclosure obligations in accordance with relevant laws and regulations.

The company also pointed out that its fundamentals had not changed materially. The company’s stock price has risen sharply in the recent period, and there are risks of excessive market sentiment and irrational speculation. It does not rule out the risk that the stock price may experience a rapid pullback in the short term, and investors participating in trading may face significant risks.

Affected by the clarification news, when trading resumed in the afternoon, the stock price fell sharply, dropping by more than 11 percentage points in a straight line. Afterwards, the stock price rebounded somewhat, maintained a sideways-to-volatile pattern, and finally closed up 11.72%, at 61.30 yuan per share.

Some investors also said that it may be that Laplace won the bid or is negotiating the relevant order, but the contract has not yet been formally signed. Because, according to the 《Bidding and Tendering Law of the People’s Republic of China》, the tenderer and the winning bidder shall, within 30 days from the issuance date of the notice of winning the bid, enter into a written contract in accordance with the bidding documents and the winning bidder’s bid documents.

In the view of Xu Feng, the head of Shanghai JiuCheng Law Firm, obtaining an order depends on whether the relevant contract has been signed. However, for a listed company, if the value of a won bid reaches the information disclosure threshold, it must also timely fulfill its disclosure obligations.

According to the rules for the listing of stocks on the Sci-Tech Innovation Board, if a listed company conducts transactions within its ordinary business scope and meets any of the following standards, it shall disclose them in a timely manner: first, where the transaction amount accounts for 50% or more of the listed company’s total assets audited in the most recent period, and the absolute amount exceeds 100 million yuan; second, where the transaction amount accounts for 50% or more of the listed company’s audited operating revenue for the most recent accounting year, and it exceeds 100 million yuan; third, where the estimated total profit to be generated accounts for 50% or more of the listed company’s audited net profit for the most recent accounting year, and it exceeds 5 million yuan; fourth, other transactions that may have a material impact on the listed company’s assets, liabilities, equity, and operating results.

Of course, if the information that the listed company and the relevant information disclosure obligors intend to disclose involves trade secrets or confidential business information, and it meets any of the following circumstances and has not yet been made public or leaked, disclosure may be delayed or exempted: first, if it is core technical information, etc., and disclosure may lead to unfair competition; second, if it is the company’s own operating information—such as information about the company’s customers, suppliers, and other parties’ operating information—and disclosure may after the fact infringe on the company’s or others’ trade secrets or seriously damage the company’s or others’ interests; third, other circumstances in which disclosure may seriously damage the company’s or others’ interests.

According to the company’s performance quick report released on February 26, Laplace achieved total operating revenue of 36.5k yuan in 2025, down 4.69% year over year; net profit attributable to the parent company was 612 million yuan, down 16.07% year over year; net profit attributable to the parent after deducting non-recurring items was 494 million yuan, down 18.45% year over year; basic earnings per share were 1.51 yuan, down 22.96% from the same period last year.

By the end of 2025, Laplace’s total assets were 5.46B yuan, up 3.75% from the beginning of the period; total owners’ equity attributable to the parent company was 4.07B yuan, up 15.36% from the beginning of the period; net assets per share attributable to the owners of the parent company were 10.03 yuan, up 15.42% from the beginning of the period.

Sell orders surged near the daily limit-up board

Behind the intense fluctuation in Laplace’s share price driven by the news coverage and clarification regarding the “nearly 10-billion-yuan Tesla order,” there were funds buying in large amounts, but also funds selling in large amounts.

From the Wind Financial terminal’s trade-by-trade details, after the market opened on April 1, Laplace’s trading volume was not large. But starting at 10:52, the buying volume surged sharply—within one minute, buy orders jumped by 18.38k lots. After that, the成交 volume of later buy trades was also relatively large, while the sell order volume also increased; for example, at 10:53 there were 6,618 lots of sell orders executed.

The concentration of large sell orders was released at two time points, 10:57:25 and 10:57:28. The two sell orders were 3,579 lots and 6,755 lots, respectively. Before 10:59:32, buy and sell orders of around 100 lots or 1,000 lots continued to trade. Both sides of the market continued to spar, and trading activity remained at a high level.

Until 10:59:34, the trade structure showed extreme polarization: a single stream of主动 sell orders dominated the order book. A dense wave of sell orders from the thousand-lot and hundred-lot levels emerged, with only a small number of buy orders getting matched. This one-sided sell-out situation held through the close of the morning session. Judging from this, on the daily limit-up board, the funds’ intention to exit was strong, and the balance in the game between bulls and bears was seriously skewed.

After Laplace released its clarification announcement at midday, when trading opened in the afternoon, the company’s share price fell straight down. From the order-book data, in the very first second after the open there were 6,474 lots of sell orders executed at the daily limit-up price of 65.84 yuan per share. In the fourth second, the number of sell orders increased sharply; 30.05k lots of sell orders were executed at a price of 64 yuan per share. In other words, these two large sell orders were both placed at the high price of Laplace’s stock that day.

With the fermentation of the nearly 10-billion-yuan order news and the subsequent clarification, some market participants suspect that investors may be taking advantage of this moment to unload large quantities of stock as the price is pushed higher.

In addition, regarding the inflow of funds from the main players, on April 1, the inflow of main funds was 18.38k yuan, the outflow was 30.05k yuan, and the net inflow was 128 million yuan. Among this, the main funds recorded a net outflow of 12.9134 million yuan at the open, and a net inflow of 9.2869 million yuan at the close of the day.

For investors who bought Laplace shares at a high price affected by the order news and got stuck—whether they can seek compensation and pursue rights through litigation. In Xu Feng’s view, it is necessary to confirm whether there were any violations in the entire event and whether the losses are related to the spread of the news.

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