*ST Panda faces multiple risks intertwining, ending nine consecutive limit-ups. Experts warn to beware of "picking cherries in the fire."

Ask AI · How does retail capital speculation cause *ST Panda’s stock price to swing violently?

On March 30, Beijing, as reported by Guangxi Media Network (GRTS), (Reporter Qi Zhiying): After the previous trading day featured a “board to close limit-up then reverse limit-up” (地天板), on the morning of March 30, shares of Panda Financial Holdings Co., Ltd. (hereinafter “*ST Panda,” 600599.SH) hit the daily price-limiting decline during trading, at one point staging a “limit-down then limit-up” (天地板). Since then, *ST Panda has ended a streak of nine consecutive trading days with daily price limit-ups. Behind this, multiple risks are currently intertwined at the company; if the 2025 annual report is again met with non-standard audit opinions issued by the annual review accounting firm, it will be delisted.

Experts interviewed noted that the market has temporarily driven up *ST Panda’s share price due to speculation by retail capital, but with the company’s high-hanging delisting risk, panic sentiment begins to dominate trading. Ordinary investors should be alert to “picking chestnuts from a burning fire” (火中取栗) style speculation.

After a nine-day limit-up streak, it stages a “limit-down then limit-up”

Previously, *ST Panda’s share price had surged consecutively from March 10 to March 19, 2026, with large increases over the period; in eight trading days it achieved an eight-day streak of consecutive limit-ups. On March 20, the company halted trading to investigate and verify the status of its stock trading. On March 27, after the investigation concluded, *ST Panda officially resumed trading. That day, the company’s stock opened at the daily price-limiting decline, but soon after, it surged straight up to hit the limit-up, staging a “limit-down then limit-up” (地天板) and achieving a nine-day streak of consecutive limit-ups.

Regarding the continued rise in the stock price, on the evening of March 27, *ST Panda stated in a stock-trading risk warning announcement that the company’s share price has risen too quickly in the short term and may involve risks of irrational speculation. It also reminded investors to pay attention to risks in the secondary market trading, make rational decisions, and invest prudently. Meanwhile, *ST Panda said that if, in the future, major abnormal situations further emerge in its stock trading, to protect the lawful rights and interests of small and medium investors, the company will again apply for a halt to conduct trading suspension and verification in accordance with regulations.

It is also noteworthy that on the same night, the Shanghai Stock Exchange issued a bulletin stating that it will place abnormal-volatility delisting-risk warning stocks such as *ST Panda under key monitoring.

With dual “warnings” from the company and regulators, on March 30, *ST Panda opened with a limit-up, but only one minute later, the share price plunged straight down to the daily price-limiting decline, staging a “limit-down then limit-up” (天地板). Afterwards, forces on both the long and short sides engaged in a fierce contest; by the close, the company’s share price was 6.21 yuan per share, down 4.31%.

Guangxi Media Finance noticed that in terms of performance, *ST Panda’s attributable net profits for 2023 and 2024 were losses of 212 million yuan and 475 million yuan, respectively. This January, the company released a 2025 annual performance pre-profit announcement, predicting that it would achieve attributable net profit of between 14 million yuan and 21 million yuan in 2025, and attributable non-recurring profit and loss (deducting non-recurring items) of between 11 million yuan and 16.5 million yuan.

“Today’s sharp drop may be mainly because the retail capital speculation-related topic has allowed them to take profits and exit.” Shen Meng, Executive Director of Xiangsong Capital, believes that behind *ST Panda’s large stock-price fluctuations—from consecutive limit-ups, to a trading halt, to the “limit-down then limit-up” after resumption today’s “limit-down then limit-up” (天地板)—may be retail capital trading around related topics of “turning a loss into a profit and removing the star tag.”

Renowned expert in finance and taxation, Liu Zhigeng, further analyzed the deeper reasons behind the recent unusual price movements of *ST Panda: first, the “hope of removing the star” has ignited market sentiment; second, retail capital dominates short-term speculation. The company’s market value is small and its float is light, making it easy for retail capital to manipulate, forming a short-term speculative trading pattern; third, the overlap of themes boosts heat—combining the “fireworks and firecrackers export” holiday consumption concept with a “diversified finance” business label—matching the market’s short-term preferences and increasing capital attention; fourth, sentiment “pooling” magnified the rise. Against the backdrop of an overall rebound in sentiment toward ST stocks, there have been smaller-volume limit-up closings and within-the-market reluctance to sell, further driving irrational rises.

Tian Lihui, Dean of the Financial Development Research Institute at Nankai University, concluded that this round of unusual share-price movements in *ST Panda is a “doomsday round”行情 under a resonance between high-risk appetite capital and information games.

Delisting risk hangs overhead

Public information shows that *ST Panda’s stock has previously been subject to other risk warnings for consecutive years. After its 2024年度 financial statements received an audit report with a disclaimer of opinion issued by the annual review accounting firm, the stock has been subject to delisting risk warnings starting from May 6, 2025.

According to the company’s resumption announcement and the earlier risk warning announcements, multiple risks are currently intertwined at *ST Panda. Its annual review accounting firm has also repeatedly made explicit warnings. If key matters cannot be resolved, the company’s 2025 financial report and internal control report will again receive “non-standard opinions,” thereby triggering a delisting scenario.

In addition, on December 30, 2025, *ST Panda, for allegedly violating regulations related to information disclosure, was put on file for investigation by the China Securities Regulatory Commission (CSRC).

Liu Zhigeng believes that currently, *ST Panda faces three major core risks and has effectively triggered the high-risk delisting alert. The three core risks include: first, extremely high financial-related delisting risk; second, the risk of internal control failure; third, unresolved regulatory penalty risk. “If *ST Panda’s 2025 financial statements or internal control audit report again receives non-standard unqualified opinions, its stock will very likely be terminated from listing, and the delisting outcome will be difficult to avoid.”

Tian Lihui said that for investors, at this stage they must clearly recognize that the excitement from stock-price increases should not replace reverence for key matters in the audit report. Audit opinions are the “final judgment” that determines whether a company lives or dies. Any game based on short-term price fluctuations is no different from “picking chestnuts from a burning fire.” Investors should be highly alert to the risk that the company may be delisted at any time after it touches financial-related delisting indicators.

Shen Meng said that high-risk individual stocks are always easy to be used by retail capital. As a tool to extract super-profits from speculation, investors, especially ordinary investors, should not only see rising share prices, but also consider the underlying motivations and maintain a high level of vigilance at all times.

“Given that *ST Panda’s annual report disclosure is imminent and there still has been no substantial progress in resolving matters involving non-standard opinions, investors must clearly recognize that this company’s current risks are highly concentrated and the delisting alert has not been lifted.” Liu Zhigeng also believes that *ST Panda’s share price rise has diverged from fundamentals, and investors need to be alert to “picking chestnuts from a burning fire”-style speculation.