*ST股连续涨停背后退市风险高悬 投资者应理性参与投资

Core Viewpoint - Recent stock price fluctuations of certain risk warning board stocks have been driven by expectations of restructuring and shell protection, leading to significant trading risks as these movements are detached from fundamental performance [1] Group 1: Stock Performance and Risks - Stocks such as *ST Yazhen, *ST Zhengping, and *ST Mubang have seen a high number of trading halts in 2025, with respective limits of 65, 45, and 40 times, due to restructuring and control transfer announcements [2] - *ST Zhengping has experienced a 36.79% increase over the last 10 trading days, while other stocks like *ST Yanshi and *ST Yuanshang have also surged, despite a lack of fundamental improvement [2] - The rapid price increases of these stocks are viewed as high-risk speculative behavior, with potential for significant losses for investors who blindly chase these trends [3] Group 2: Earnings Forecast and Delisting Risks - The upcoming earnings forecast season is expected to clarify the delisting risks associated with these stocks, as many have shown weak fundamentals despite recent price surges [4] - Stocks like *ST Yanshi and *ST Xiongmao have exhibited extreme volatility, with multiple trading halts, while their financial disclosures indicate ongoing risks of delisting due to poor performance [4] - Investors are cautioned against overly optimistic expectations regarding "removal of delisting warnings," as the reality of financial disclosures may lead to significant price corrections [4] Group 3: Regulatory Response - Regulatory bodies have taken notice of the speculative trading behavior and have implemented measures to enhance information disclosure and curb irrational trading [5] - The Shanghai Stock Exchange has issued warnings and penalties to companies for misleading disclosures related to speculative concepts, emphasizing the importance of accurate information for investor protection [5] - Investors are advised to be cautious of stocks driven solely by speculative trends, as these carry substantial trading risks and the potential for sharp price declines following earnings announcements [5]