A magical scene! Zhang Xuefeng has passed away, and two A-share companies are being wildly speculated about without reason.

Ask AI · Why Did Education Influencer Xuefeng’s Death Trigger a Coin-Phonetic Meme Frenzy on the A-Shares Market?

Oil Crisis “Boost,” Did BYD Beat Toyota After 5 Years?

Vietnam’s Oil Shortage Sent “Electric Scooter” Stocks to Daily Limit-Up

Source丨Deep Blue Finance

Byline丨Yang Bo

The unexpected death of well-known education influencer Zhang Xuefeng has sent shockwaves across the entire internet. Although some of his views have been highly controversial, no matter what, he was gone far too early—at the age of 41.

As a new media outlet paying attention to capital markets, Deep Blue Finance noted that, during Zhang Xuefeng’s lifetime, he had repeatedly said that among his three companies, the first one was about to be listed immediately. However, as of now, that plan has not been realized. In other words, Zhang Xuefeng has not laid out an A-share presence.

Even though Zhang Xuefeng’s company isn’t listed, today two stocks that are ostensibly “completely unrelated” to Zhang Xuefeng have still witnessed something miraculous. We once again, and yet again, witness another “senseless” trading-frenzy miracle.

1

Xuefeng Technology, Trading on a Coin-Phonetic Meme?

Xuefeng Technology (603227.SH), full name Xinjiang Xuefeng Technology (Group) Co., Ltd., is headquartered in Ürümqi. The company’s main business is “civilian explosives + energy-and-chemical products.”

The 2025 annual report shows that Xuefeng Technology’s operating revenue is about RMB 5.564 billion, down 8.81% year over year; net profit attributable to shareholders of the listed company is about RMB 504 million, down 24.65% year over year; and basic earnings per share are RMB 0.47, down 24.68% year over year. Specifically by business, 2025 revenue from chemical products is RMB 2.142 billion, revenue from blasting services is RMB 2.020 billion, and revenue from civilian explosives products is RMB 467 million.

From the equity structure, Guangdong Hongda Holding Group Co., Ltd. holds 22% of the shares, making it the largest shareholder. Xinjiang Agriculture and Animal Husbandry Investment (Group) Co., Ltd. holds 13.13%. Sichuan Jinxiang Sai Rui Chemical Co., Ltd. holds 7.7%.

Therefore, Xuefeng Technology and the online celebrity “Zhang Xuefeng” seem to have no connection at all. But capital doesn’t see it that way.

**Deep Blue Finance has found that **after Zhang Xuefeng passed away, a large number of retail investors rushed into Xuefeng Technology’s stock forum today to mention “Zhang Xuefeng,” and even called for “Xuefeng Technology to hit the daily limit-up.” Based on Xuefeng Technology’s closing price yesterday of RMB 8.95, if it were to hit the daily limit-up, its price would be exactly RMB 9.85! (RMB 9.85, is that the 985 university?)

It’s really too far-fetched!

**Retail investors who like playing coin-phonetic memes, **all hope it can hit the daily limit-up today.

As expected, the result: in the early-session call auction this morning, nearly ten thousand lots in large orders tried to make Xuefeng Technology open at the daily limit-up; the daily limit-up price was RMB 9.85!

But in the end, the opening price was RMB 9.19.

After the open, the stock was met with frantic selling, and the price plunged rapidly to RMB 8.8. Then, supported by mysterious capital along the way, it surged to a high of RMB 9.56.

Although throughout the day there were multiple attempts to push it up, giving everyone who still had hope in him a 985 (RMB 9.85), in the end it didn’t go as hoped.

A “coin-phonetic meme” turned Xuefeng Technology from an obscure cold-start stock into a hot one overnight. Why did it surge so much?

A netizen seems to have revealed the real secret in one sentence: “The main fund definitely wants to force a limit-up so it can get a 985.” From the call auction to multiple intraday push-ups, could it really be this logic? Believe it or not—anyway, someone believed it.

Retail investors also joined in the excitement. In the stock forum community, some netizens said, “I bought with ten thousand yuan, and I’ll hold it for seven days, just to commemorate Teacher Zhang,” while others said, “Buy with full allocation, lock it up for seven days”…

But some netizens expressed different views, saying this is “using someone else’s life to hype a trade,” and doesn’t respect the deceased.

But no matter what, this kind of senseless hype really is a bit fantastical.

2

*ST Spring, a “limit-up on the opening day” miracle on the edge of delisting

*ST Spring—what does this stock even have to do with Zhang Xuefeng?

Because the chairman, general manager, board secretary, and legal representative of *ST Spring are all the same person—Zhang Xuefeng. However, it needs to be clarified that Zhang Xuefeng of Qinghai Spring is a different person from the education influencer Zhang Xuefeng.

Whether there’s a connection or not, *ST Spring is the one that has been targeted by capital.

Before the market opened this morning, some retail investors posted in the *ST Spring stock forum saying, “Bet someone will come in here looking for Zhang Xuefeng.” As it turned out, he was right again.

*In the early session today, ST Spring—already coming off a streak of 2 daily limit-downs and today facing a third daily limit-down—suddenly saw a surge of trading hype. The stock price was lifted “straight up off the flat ground,” surging directly to the daily limit-up, performing a “limit-up against the odds” miracle.

But the miracle only lasted 1 second before the stock was knocked back down by a flood of sell orders.

After repeated intraday swings, the stock’s final gain for the day was 1.67%. If calculated from the opening price, the gain was 6.67%, still far exceeding the broader market.

*As for fundamentals, in fact, on the 21st ST Spring just released a risk warning that the company could have its listing terminated.

According to the previously released annual report forecast by Qinghai Spring, Qinghai Spring in 2025 is expected to achieve operating revenue of RMB 34.270 billion to RMB 37.140 billion. After deducting operating revenue unrelated to its main business and revenue that lacks commercial substance, operating revenue is expected to be RMB 33.830 billion to RMB 36.700 billion. The company expects, based on preliminary calculations by the finance department, that total profit for 2025 will be RMB -31.30 million to RMB -46.80 million, and net profit attributable to shareholders of the listed company will be RMB -44.00 million to RMB -59.50 million.

As of now, the audit institution “cannot yet determine whether, after deducting operating revenue unrelated to the main business and revenue lacking commercial substance in 2025, the operating revenue will exceed RMB 300 million,” and also “cannot yet determine whether a prepayment investment can be recovered.” *Once the audit institution issues an audit opinion this year expressing that it cannot provide an opinion, ST Spring will basically be delisted.

This means that the risk of hype around *ST Spring is currently very high. Investors must be extremely cautious and must not follow the crowd blindly.

3

Conclusion

In the A-share market, this kind of “senseless” hype based on absurd associations with a stock’s name, ticker code, and the industry fields related to its main business has happened before. The capital involved in the hype also knows clearly that this short-term pulse-style trading frenzy has nothing to do with the company’s fundamentals—it’s purely speculation.

Because modern information spreads quickly, and because the market isn’t mature enough with a relatively heavy speculative atmosphere, some short-term funds precisely use connected associations to prop up share prices, creating a herding effect. Many small retail investors hold a “let me gamble once” mindset to “trade,” but they are often sliced for “juices” by the main funds.

When will this kind of “senseless” hype farce in Big A finally end?