The stock price skyrocketed after a 632% increase but suddenly came to a halt! Jamei Packaging is under key supervision by the Shenzhen Stock Exchange: some investors have been suspended from trading.

After a two-month period of疯狂上涨 and multiple trading suspensions and investigations, the highly watched “妖股” Jiamei Packaging (SZ002969, stock price 30.05 yuan, total market value 32.947 billion yuan) finally showed a rare turning point on the K-line chart.

On February 13, Jiamei Packaging opened with a sharp decline, ultimately hitting the limit-down and closing at 30.05 yuan per share, with the total market value fixed at 32.947 billion yuan. Behind this dramatic turn is the decisive action by regulators against irrational market speculation.

The “Daily Economic News” reporter noted that from December 17, 2025, to February 12, 2026, Jiamei Packaging’s stock price surged by a total of 632.24% in less than 60 days, repeatedly hitting abnormal volatility thresholds. Despite the company’s two applications for trading suspensions and investigations, the market’s frenzy could not be cooled.

However, with the release of the latest regulatory updates from the Shenzhen Stock Exchange, which clearly states that measures such as trading suspensions have been taken against investors involved in abnormal trading, this capital frenzy detached from fundamentals appears to be nearing its end.

Some Violating Accounts Have Been Suspended from Trading

On February 13, Jiamei Packaging’s stock price was ultimately locked at the limit-down, after frequently hitting “continuous limit-ups” previously. As of the close that day, the stock price was 30.05 yuan per share.

The “Daily Economic News” reporter observed that this sharp decline was not without warning but was a natural result of the continuous tightening of regulatory standards.

The latest issue of “Shenzhen Market Regulatory Dynamics” from the Shenzhen Stock Exchange shows that between February 9 and February 13, 2026, the exchange took disciplinary measures against 163 cases of abnormal securities trading, focusing on market manipulation such as intraday price manipulation and false reporting. Jiamei Packaging was specifically named in the report.

The regulatory update clearly states that recently, “Jiamei Packaging” experienced serious abnormal fluctuations in stock price. Although the company has conducted trading suspensions for investigations and issued multiple risk warning announcements, the stock price continued to rise after resumption. The Shenzhen Stock Exchange’s investigation found that some investors engaged in abnormal trading behaviors affecting normal trading order. Accordingly, the exchange imposed strict disciplinary measures, including trading suspensions, on relevant investors.

Looking back at the start of this rally, Jiamei Packaging’s stock price movement was truly crazy. Since December 17, 2025, the stock entered a “rocket” mode, with a staggering increase of 632.24% by February 12, 2026. During this period, the stock repeatedly experienced abnormal volatility. The company voluntarily applied for trading suspensions for investigation on January 7 and January 26, 2026, and resumed trading on January 12 and February 2.

However, routine suspensions and investigations did not seem to effectively curb market speculation. From February 10 to February 12, the stock’s closing price deviation reached a cumulative 20.44%, again hitting the abnormal volatility threshold.

Until the evening of February 12, Jiamei Packaging issued a “Notice on Abnormal Stock Trading Fluctuations and Risk Warning,” issuing a stern alert. The notice specifically mentioned that, according to the regulatory updates published on the Shenzhen Stock Exchange’s official website on February 6, the company’s stock had recently been “closely monitored” by the exchange. The company explicitly stated that if the stock price continued to rise abnormally, it might apply again for trading suspension and investigation.

Acquirer’s Self-Funded Capital Still “Under Application”

Another risk associated with the soaring stock price is the serious divergence between Jiamei Packaging’s stock price and its fundamentals. The company’s board repeatedly emphasized in the announcement: “The company’s fundamentals have not changed significantly, but the stock price has severely deviated from the company’s fundamentals.”

According to preliminary calculations by the company’s finance department, Jiamei Packaging expects a significant decline in operating performance for 2025. Data shows that net profit attributable to the parent company is projected to be only between 85.44 million and 104.42 million yuan, a decrease of 53.38% to 43.02% compared to the same period last year.

For a company with a market value exceeding 30 billion yuan, an annual profit of less than 1 billion yuan is clearly insufficient to support its high valuation.

As of February 12, 2026, Jiamei Packaging’s static price-to-earnings ratio soared to 199.75 times, and its price-to-book ratio reached 13.84 times.

In comparison, according to industry classification by the China Metal Industry Association, the average static P/E ratio for the metal products industry is only 46.77 times, with a P/B ratio of 3.40 times. Its P/E ratio is more than four times the industry average, indicating a significant valuation bubble.

More notably, the market’s hype around the “robot concept” has also been clarified. Recent rumors linked the company to “embodied intelligent robots,” mainly stemming from the related party of the proposed controlling shareholder, Suzhou Zhuyue Hongzhi Technology Development Partnership (hereinafter Zhuyue Hongzhi), which is Magic Atom Robot Technology (Wuxi) Co., Ltd. (hereinafter Magic Atom).

Jiamei Packaging clarified that Magic Atom’s capitalization path is completely unrelated to the listed company, and it is planning independent capital operations without any plans to inject assets into the listed company. The company emphasized that it does not involve in robot or robotic vacuum cleaner businesses, and its main business remains the research, design, production, and sales of food and beverage packaging containers.

The highly anticipated change of control itself is also fraught with uncertainty. Although the controlling shareholder has signed a share transfer agreement, the funding source for the acquirer Zhuyue Hongzhi, which includes “self-raised funds,” is still under application, and whether it will be approved remains uncertain. Additionally, the transaction must go through a series of complex procedures, including regulatory review by the Shenzhen Stock Exchange, and whether it can be completed is still unknown.

Furthermore, Yu Hao, the actual controller of Zhuyue Hongzhi, has made a “lock-up period” commitment. The announcement states that Yu Hao promises that within 36 months after acquiring control of the listed company, neither he nor his related parties will inject assets into the company.