*ST公司存在退市风险 业内人士：切勿盲目参与炒作

Core Viewpoint - The recent surge in stock prices of companies with high delisting risks, particularly *ST stocks, raises concerns about potential trading risks and the need for investors to focus on fundamental analysis rather than short-term price movements [2][3][6]. Group 1: *ST Suwu - *ST Suwu received an administrative penalty notice from the China Securities Regulatory Commission, indicating that the company has engaged in continuous fraud and is at risk of mandatory delisting [3]. - The company reported a non-opinion audit for its 2024 annual report and disclosed that its controlling shareholder misappropriated 769 million yuan [3]. - Despite the deteriorating fundamentals and multiple delisting risks, *ST Suwu's stock price experienced a series of daily limit-ups, which is contrary to its financial situation [3][6]. Group 2: *ST Huarong - *ST Huarong announced that its controlling shareholder intends to transfer 25.01% of its shares, leading to a change in actual control [4]. - Following the announcement, the stock price rose for six consecutive trading days, despite the transfer being in the intention stage without detailed disclosures or financial advisor opinions [4]. - The company reported revenue of 55.64 million yuan and a net loss of 3.55 million yuan in its 2025 semi-annual report, indicating ongoing financial risks [4]. Group 3: *ST Haihua - *ST Haihua's revenue for 2024 was 237 million yuan, a year-on-year decline of 33.55%, with a net loss of 90 million yuan, leading to delisting risk warnings [5]. - The company has not implemented effective measures to improve its fundamentals, with a reported revenue of 113 million yuan and a net loss of 2.18 million yuan in its 2025 semi-annual report [5]. - Despite these challenges, the stock price increased by nearly 30% over the past 10 trading days, with four days of limit-ups, reflecting a blind speculation on "shell protection" [5]. Group 4: General Market Behavior - Historical experience shows that companies with serious fundamental issues or delisting risks often see abnormal price increases that conceal significant trading risks [6]. - The phenomenon of speculative trading, akin to "passing the parcel," can lead to substantial losses for investors who blindly chase rising prices [6].