Group 1 - The core point of the article is the significant increase in the stock price of *ST Yazhen, which has risen over 410% since the announcement of a change in control in April, with the stock closing at 22.70 yuan on July 21, 2023, marking a 5.00% increase on that day [1][2] - The stock price surge is closely related to the change in the company's controlling shareholder and actual controller, with Wu Tao acquiring 30% of the shares from Shanghai Yazhen Investment Co., Ltd. at a price of 5.68 yuan per share, totaling 448 million yuan [1] - Following the share transfer, Wu Tao initiated a partial tender offer for additional shares at the same price, aiming to acquire 21.00% of the total shares [1] Group 2 - As of July 9, 2023, the tender offer period ended with 53.77 million shares accepted, representing 20.47% of the total shares, resulting in Wu Tao holding approximately 118 million shares, or 45% of the total shares [2] - After the completion of the tender offer, Wu Tao and his associate held a combined 50.47% of the company, further solidifying his control over *ST Yazhen [2] - Despite the stock price increase, the company's fundamentals are concerning, with projected revenue of 202 million yuan for 2024 and a net loss of 117 million yuan, leading to a delisting risk warning since May 6, 2023 [2] Group 3 - The phenomenon of stock price speculation among risk warning stocks, including *ST Yazhen, is noted, with several stocks experiencing over 100% increases this year, driven by market speculation despite poor performance [3] - Analysts suggest that changes in controlling shareholders often lead to expectations of business transformation or asset restructuring, contributing to the speculative interest in such stocks [3] - The small market capitalization of these stocks makes them susceptible to manipulation and speculation, which can lead to significant risks for investors who follow market trends blindly [3]