Two leading concept stocks in A-share market under investigation on the same day

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Special Topic: CSRC Takes Action! Xiangyou Technology Under Investigation!

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Reporter | Li Shan

Editor | Li Hao

Regulatory crackdown hits hard—two hot stocks, Xiangyou Technology (rights protection) (600476) and ST KeliDa (rights protection) (603828), both frequent visitors to trading seats, were hit simultaneously last night. Due to suspected illegal information disclosure, the CSRC issued notices of case filing to both companies.

Xiangyou Technology: Trading Suspicion Behind Massive Pre-Loss

At the end of January 2026, Xiangyou Technology suddenly announced a huge expected loss, projecting a net loss attributable to shareholders of 370 million to 550 million yuan for 2025, compared to a profit in the same period last year. The company explained that overdue payments from some customers required large impairment provisions of about 280 million to 460 million yuan. Based on forecasts, the company’s net assets may be negative by the end of 2025, facing delisting risk warning (*ST).

This explanation did not convince the market. Previously, the Shanghai Stock Exchange had issued an inquiry letter regarding Xiangyou Technology’s abnormally high gross profit margin in its “other industries” business, questioning the authenticity of transactions with clients such as Tianjin Membrane Technology Environmental Protection Technology Co., Ltd. The company responded that “communication with customers has been made, and future payments will be normal.” Looking back now, the whereabouts of that money may be the focus of this regulatory investigation.

According to regulations, investors who buy before March 16, 2026 (inclusive) and sell after March 17, 2026, or still hold at a loss, are eligible to apply for compensation.

ST KeliDa: Not the First “Minefield,” Shadow of Control Change

The reporter notes that this is not the first time ST KeliDa and related responsible persons have crossed regulatory lines. In July 2024, the company received a warning letter from Jiangsu CSRC for its 2023 annual report performance forecast—significant revisions changed the nature of its profit and loss. Additionally, the company has issues with capital occupation; although the funds have been recovered, internal control weaknesses remain unresolved.

The specific reason for the case filing has not yet been disclosed, but the company’s financial data has already sounded alarm bells. According to the performance forecast disclosed in January 2026, the company expects a net loss attributable to shareholders of 160 million to 200 million yuan for 2025, turning from profit to loss year-on-year.

More sensitive is that this case filing occurs during a critical stage of the company’s control rights transfer. The controlling shareholder, Kelida Group, plans to transfer its 100% stake in Kelida Group to Yingzhong Intelligent. This key “black swan” event undoubtedly casts a shadow over the control rights change.

Investors who meet any of the following conditions can join the claim: (1) bought between December 12, 2023, and April 28, 2024, and sold after April 29, 2024, or still hold at a loss; (2) bought before or on March 16, 2026, and sold after March 17, 2026, or still hold at a loss.

The “Concept King” favored by hot money cannot escape strict regulation

Looking at the history of these two companies, they are a collection of the “A-share concept encyclopedia” and “policy trend catchers.”

Xiangyou Technology, with the halo of being “China Post’s first stock,” inherently has the gene for hype. In 2014, it was labeled an “Alibaba concept stock” due to postal cooperation with Alibaba; in 2022, market rumors linked it with Huawei, earning it the “Huawei concept” tag. Since then, it has been associated with satellite navigation, vehicle networking, mobile payments, digital currency, state-owned cloud, data elements, artificial intelligence… more than a dozen hot tags fill its concept wall. Hot money’s love for it is obvious: in July 2024, it hit two consecutive limit-ups driven by “data elements,” and in May 2025, it again hit the daily limit amid AI hype, with well-known hot money seats on the trading list.

ST KeliDa is even more adept at riding policy waves. In 2022, when prefabricated buildings and BIPV policies favored the sector, it hit a limit-up with a buy-in of 114 million yuan; in July 2023, when the prefabricated building sector moved, it continued to hit limit-ups for three consecutive trading days, leading the sector. New urbanization, PPP, photovoltaic building integration, building energy efficiency, smart homes… almost every year brings new stories. Hot money favors it because it has “real stuff”—the company is the only enterprise in Jiangsu’s decoration industry mainly engaged in BIPV product R&D and manufacturing, relying on the country’s only copper indium gallium selenide thin-film solar cell technology, and has participated in drafting the national standard for “Residential Prefabricated Decoration Technology Regulations.”

However, the carnival of concepts cannot hide the decline in performance. A hot spot for stamp collecting, a policy pin, but the “high-quality target” in hot money’s eyes always falls prey to “long teeth and thorns”—strict regulation.

The Fast Investment reporter reminds that affected investors can click “Shareholder Rights Protection” to recover losses.

(Disclaimer: The content of this article is for reference only and does not constitute investment advice. Investors operate at their own risk.)