Sanhua Holding Group (Visual China data map)
A short essay titled "Export to Domestic Sales," consisting of 69 English words and originally published on a personal account on Eastmoney.com, caused the market value of Sanhua Intelligent Control (002050.SZ/02050.HK) to surge by nearly 40 billion yuan.
At noon on October 15th, market news broke that Tesla had placed an order for Optimus linear actuators worth $685 million (approximately 5 billion RMB) with Sanhua Intelligent Control, with deliveries scheduled to begin in the first quarter of 2026. Industry estimates indicate this order is sufficient to produce at least 180,000 Optimus robots.
After the market opened at 1:00 PM, both Sanhua Intelligent Control's A-shares and Hong Kong-listed shares began a sharp rise. The A-shares hit their daily limit, closing at 44.18 yuan per share, with a trading volume of 11.98 billion yuan and a total market capitalization of 186 billion yuan. Hong Kong stocks also rose simultaneously, surging over 13% at one point, before closing at 39.52 Hong Kong dollars per share, a 12.98% increase, bringing the total market capitalization to 164.631 billion Hong Kong dollars.
Based on this calculation, affected by the news, Sanhua Intelligent Control's Hong Kong stock market value increased by RMB 19.59 billion on that day, and its A-share market value increased by RMB 18.6 billion, totaling RMB 38.19 billion.
Following the unusual stock price fluctuations, Sanhua Intelligent Control's securities department stated that the company was aware of the rumors and was urgently verifying them. If the rumors are false, they will be refuted through official channels. The company also emphasized that its cooperation with Tesla is progressing smoothly, but specific details cannot be disclosed due to a confidentiality agreement.
Late in the evening of October 15th, Sanhua Intelligent Control issued an announcement stating that the company has recently noticed numerous rumors circulating online regarding Sanhua Intelligent Control receiving a large robot order. Upon verification, the rumors have been found to be untrue. The company also has no undisclosed material matters that should have been disclosed. The company also did not accept any media interviews on October 15th.
The news that triggered the stock price surge came from the social media platform "X".
The leaker's account is a personal one. A Tesla fan account posted a comment asking for the source of the information, and the whistleblower provided a link from caifuhao.eastmoney.com, the social media platform of Eastmoney.com, well-known to domestic investors.
According to a screenshot taken by the whistleblower, this is an old post from October 8th, written by a personal account and unverified. The title reads, "5 billion yuan order landed! Sanhua Intelligent Control secures exclusive order for Tesla's 'heart'!" The post has since been deleted from Eastmoney.com.
Sanhua Intelligent Control, founded in Shaoxing, Zhejiang, is the world's largest manufacturer of refrigeration control components and a leading manufacturer of automotive air-conditioning and thermal management system control components. "Sanhua" brand refrigeration intelligent control components are strategic partners of many global automobile companies and air-conditioning and refrigeration appliance manufacturers.
Sanhua Intelligent Control, leveraging its proprietary technology, has expanded its product offerings into three key areas: refrigeration, automotive components, and robotics. The humanoid robot market is poised for significant growth, and Sanhua Intelligent Control has a long-standing partnership with Tesla.
Sanhua Intelligent Control has been a Tier 1 supplier to Tesla since 2017, primarily providing core components for thermal management systems for the Model 3, Model X, and Model S. After 2020, the company expanded its collaboration to include integrated thermal management components for Tesla's new energy vehicles.
Sanhua Intelligent Control has also made significant investments in robotics. In 2024, the company began developing robotic electromechanical actuators and established a joint venture with Green Harmonic to focus on the research and development of harmonic reducer products. In June 2025, the company's Hong Kong stock market listing prospectus indicated a total fundraising target of HK$9.336 billion, approximately 10% of which would be used for the research and development of bionic robotics and related technologies.
Sanhua Intelligent Control previously disclosed that it received its first order for actuators, exceeding 1,000 sets, from a leading domestic robotics company in 2024. The company also plans to recruit approximately 200 R&D professionals by 2028 to further strengthen its robotics expertise.
Humanoid robots are currently a hot market. Musk has repeatedly emphasized that "approximately 80% of Tesla's long-term value" will come from the humanoid robot Optimus. Tesla plans to launch the third-generation Optimus by the end of 2025 and begin mass production in 2026.
