As 2026 begins, A-share market has seen a relatively high frequency of trading halts for verification on hot individual stocks. Recently, Leo Group Co., Ltd. (002131) announced that the company would conduct a verification regarding the fluctuations in its stock trading, with its shares suspended from trading starting January 16, adding another case to the list of A-share stocks undergoing verification halts. According to statistics, as of now, the number of individual stocks that have announced trading halts for verification in 2026 has reached seven. These are Guosheng Technology, Jiamai Packaging, Yidianxiatian, Zhite New Materials, *ST Chengchang, Leo Group Co., Ltd., and Fenglong Co., Ltd. Looking at the reasons for the speculation in these seven stocks, they are all related to market hype around hot concepts and changes in control, with the involved hot concepts including commercial aerospace and AI applications. Industry insiders point out that trading halts for verification following sharp rises in speculative stocks act as a "pause button" on thematic speculation, sending a strong signal of regulatory guidance towards rational investing.

Seven stocks have successively announced trading halts for verification. Statistics show that since the start of 2026, seven A-share listed companies have issued announcements for trading halts for verification, pressing the "pause button" on secondary market trading. Specifically, *ST Chengchang is considered a commercial aerospace concept stock. During the 11 trading days from December 25, 2025, to January 12, 2026, *ST Chengchang recorded 10 trading-limit gains, with a cumulative increase of 68.64% over the period. On the evening of January 12, *ST Chengchang announced it would verify the fluctuations in its stock trading, leading to a trading halt. After completing the verification, *ST Chengchang resumed trading on January 16; on its first day back, the stock hit the upward trading limit again, closing at 128.98 yuan per share. It is reported that on January 13, *ST Chengchang stated on the Shenzhen Stock Exchange interactive platform that leveraging its technological, product, and service advantages, the company supplies products to several major downstream customers and expands to other enterprises based on the market effect generated by leading customers. In the field of low-earth orbit satellite communication, the company has deep cooperation with several core downstream institutions, with batch product deliveries progressing orderly; several new products adapted for the next generation of satellites and ground equipment have been developed and are being delivered according to customer demand. With the rapid development in areas like satellite communication, the company's market space is continuously growing.

Furthermore, influenced by the popularity of concepts like GEO and AI applications, the stock prices of Yidianxiatian, Zhite New Materials, and Leo Group Co., Ltd. saw significant increases, leading them to announce trading halts for verification. Notably, Zhite New Materials was the first stock to double in value this year. On the secondary market, Zhite New Materials experienced six consecutive trading-limit gains from January 5 to 12, with a stock price increase of 198.57%. The company's shares were halted for verification starting January 13. Zhite New Materials resumed trading on January 16; on the first day of resumption, the stock hit the downward trading limit, closing at 26.7 yuan per share, with a total market capitalization of 11 billion yuan. Additionally, Leo Group Co., Ltd. entered a trading halt for verification starting January 16. The announcement showed that from December 31, 2025, to January 15, 2026, the company's stock experienced a closing price increase deviation of 96.77% over 10 consecutive trading days. Leo Group Co., Ltd. stated that the revenue from its AI-related business accounts for a relatively small proportion of its overall operating revenue and does not constitute a significant impact on the company's overall operating performance and financial condition. Yidianxiatian announced on January 15 that it would verify the fluctuations in its stock trading, with shares suspended from trading starting January 15. Simultaneously, Yidianxiatian clarified that its main business involves providing enterprises with marketing services including overseas integrated marketing, digital marketing, and advertising monetization, as well as overseas digital services such as AI digital creativity, BI decision-making, and CI intelligent multi-cloud management. The company noted that some media have listed it as a GEO concept stock; upon verification, the company is currently not involved in GEO business.

Moreover, due to changes in control, Jiamai Packaging and Fenglong Co., Ltd. have become subjects of intense market speculation. Specifically, at the end of 2025, Fenglong Co., Ltd. announced the news that Ubtech Robotics Corp Ltd. would soon take control, which is also a relatively rare case of an "H-share company acquiring an A-share company". Driven by high expectations for the potential entry of a humanoid robotics enterprise, investor sentiment heated up rapidly, attracting a flood of capital and causing Fenglong Co., Ltd.'s stock price to surge significantly. Additionally, stimulated by the news that Yu Hao, founder of Dreame Technology, intended to take control of Jiamai Packaging, the company's stock price saw a cumulative increase of 242.98% over the 18 trading days from December 17, 2025, to January 16, 2026.

Two stocks lack performance support. Examining the fundamentals of the stocks that have undergone trading halts for verification this year, the significant price increases of Guosheng Technology and Jiamai Packaging are not supported by their performance. The solid-state battery concept stock frenzy drove up Guosheng Technology's share price. It is reported that Guosheng Technology is an enterprise with a "dual main business" investment strategy focusing on ecological governance and new energy. In terms of performance, since 2020, Guosheng Technology has been reporting net losses. In the first three quarters of this year, the company still failed to turn a profit. Financial data shows that from 2020 to 2024, Guosheng Technology's operating revenues were approximately 258 million yuan, 177 million yuan, 198 million yuan, 988 million yuan, and 2.094 billion yuan, respectively. The corresponding net profits attributable to shareholders were approximately -80.4491 million yuan, -211 million yuan, -162 million yuan, -68.8801 million yuan, and -106 million yuan, respectively. The corresponding net profits attributable to shareholders after deducting non-recurring gains and losses were approximately -81.9182 million yuan, -222 million yuan, -151 million yuan, -193 million yuan, and -255 million yuan, respectively. In the first three quarters of 2025, Guosheng Technology achieved an operating revenue of approximately 450 million yuan, a significant year-on-year decrease of 57.79%; the corresponding net profit attributable to shareholders was approximately -151 million yuan, indicating a reduced loss compared to the previous year; the corresponding net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -152 million yuan, also showing a reduced loss. Furthermore, Guosheng Technology's performance forecast for the full year 2025 indicates an expected net profit attributable to shareholders to be negative, meaning the company's operating performance for 2025 will show a loss.

Apart from Guosheng Technology, Jiamai Packaging's performance is also not ideal, with the company forecasting a year-on-year decrease in net profit for 2025 between 53.38% and 43.02%. Information shows that Jiamai Packaging's main business involves the R&D, design, production, and sales of food and beverage packaging containers, as well as providing beverage filling services. Financial data indicates that the company achieved a net profit attributable to shareholders of approximately 39.1602 million yuan in the first three quarters of 2025, a year-on-year decrease of 47.25%. Additionally, Jiamai Packaging's disclosed performance forecast for the full year 2025 expects the net profit attributable to shareholders during the reporting period to be between approximately 85.4371 million yuan and 104 million yuan, representing a year-on-year decrease of 53.38% to 43.02%. Regarding the reasons for the performance change, Jiamai Packaging stated it was mainly affected by 2025 being an "off-year" for the beverage industry, meaning fewer days of the Spring Festival peak season fell in 2025, coupled with weaker-than-expected demand in beverage gift consumption scenarios. However, Jiamai Packaging also noted in its performance forecast that although its 2025 performance declined significantly compared to the same period last year, it remained stable at the normal average level for an "off-year". Simultaneously, the effects of business and customer structure adjustments were significant, with the proportion of revenue from the largest customer and the risk of reliance on a single major customer significantly reduced. In 2025, the company continued to advance its strategy of being a "comprehensive beverage service platform in China's industrial chain". Incremental business from traditional core clients, along with developments in new clients, products, and businesses, showed good momentum, offsetting some of the gaps in existing business; the effects of business structure adjustment were significant, with the proportion of the largest customer and the risk of reliance on a single major customer significantly reduced.

Bai Wenxi, Vice Chairman of the China Enterprise Capital Alliance, stated that during the trading halt for verification, the "pause" in secondary market trading allows investors to enter a "cooling-off period", guiding valuations back to fundamentals and prompting a re-evaluation of the alignment between the company's main business and its valuation. Furthermore, trading halts for verification help curb excessive speculation, "cooling down" the hype and preventing further失控 of irrational, pass-the-parcel-like price increases.

Multiple stocks issue "warnings" about potential halts. Besides the stocks that have undergone trading halts for verification this year, several other listed companies, including Shangwei New Materials, Aerospace HuanYu, and Gravity Media, have also issued announcements stating that they may apply for trading halts for verification if their stock prices rise further. Among them, Shangwei New Materials, which earned the title of the best-performing stock of 2025, has already issued two stock trading risk提示 announcements in 2026. The company stated that its stock price has accumulated significant increases since July 2025, repeatedly triggering alerts for abnormal and severe abnormal volatility during this period. The current stock price situation is severely detached from the company's fundamental基本面. If the stock price rises further in the future, the company will apply for a trading halt for verification. On the secondary market, Shangwei New Materials' stock price increased by over 1800% throughout 2025. Over the 121 trading days from July 9, 2025, to January 16, 2026, the company's stock price accumulated an increase of 1838.3%. As of the close on January 16, Shangwei New Materials closed up 2.1% at 150.8 yuan per share, with a total market capitalization of 60.83 billion yuan.

Additionally, Aerospace HuanYu disclosed an announcement on the evening of January 12, stating that its stock had seen a cumulative deviation in closing prices exceeding 100% over ten consecutive trading days (from December 26, 2025, to January 12, 2026), constituting a severe abnormal volatility situation. Since November 21, 2025, the company's stock price had accumulated an increase of 265.82%. Aerospace HuanYu stated that its stock price significantly deviates from the broader market indices, exhibits large short-term fluctuations, and has明显偏离 market trends, posing high speculation risks. If the stock price experiences further abnormal increases in the future, the company may apply for a trading halt for verification. Furthermore, based on the company's self-inspection, its current daily operations are normal, with no significant changes occurring.

It is also important to note that alongside the异常活跃 commercial aerospace sector, several other A-share listed companies have issued announcements clarifying that they have no related business in the commercial aerospace field. For instance, Aerospace Engineering disclosed an announcement on January 13, stating that its stock had accumulated an increase of 156.63% since December 1, 2025, significantly higher than the increase in the Shanghai A-Share Index during the same period, posing a risk of a subsequent decline after the substantial short-term gain. Aerospace Engineering clarified in its announcement that the company specializes in the R&D of coal gasification technology and key equipment, engineering design, technical services, equipment supply, and engineering procurement construction (EPC). Its products and technologies are primarily applied in the field of clean and efficient coal utilization, with customers主要集中在 chemical industry enterprises, and it is not involved in commercial aerospace or related航天 business.

Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance, stated that in the long term, trading halts for verification help cultivate a culture of rational investment. Such halts serve not only as a "health check" for individual stocks but also as a "warning" to the entire market, indicating that any abnormal volatility may attract regulatory attention. Listed companies need to strictly comply with information disclosure rules, intermediary institutions must perform their duties diligently, and investors should be wary of the high risks associated with chasing hyped-up stocks.