On February 2nd, two "super bull stocks" in the A-share market, Zhejiang Fenglong Electric Co.,Ltd. (002931.SZ) and Jiamei Food Packaging(Chuzhou)Co.,Ltd. (002969.SZ), resumed trading on the same day. Both stocks opened limit-down but subsequently saw buying interest emerge, leading to volatile price rebounds and a significant narrowing of their losses. As of 9:53 AM, Fenglong's stock price was 95.77 yuan per share, down 3.78%; Jiamei Packaging's stock price was 22.79 yuan per share, down 1.64%.
The dramatic plunge upon resumption of trading marked a pause in the frenzied surge of these two "super bull stocks" since the start of 2026. Prior to the trading halt, Fenglong had recorded a staggering 18 consecutive limit-up sessions, with its stock price soaring over 400% in the recent 20 trading days. Jiamei Packaging's stock price had also skyrocketed by 408.11% between December 17, 2025, and January 23, 2026.
The core driver behind the explosive rallies of both companies was their linkage to control stake acquisitions by companies in hot technology sectors. Fenglong's rally began on December 24, 2025, when UBTECH ROBOTICS (09880.HK), the "first humanoid robotics stock" listed in Hong Kong, disclosed an acquisition plan proposing to acquire a 43% stake in Fenglong for 1.665 billion yuan. Upon completion of the transaction, Fenglong would become UBTECH's first A-share listed subsidiary.
UBTECH's commercialization progress in the industrial humanoid robot sector injected strong market expectations. The company disclosed that its Walker S2 model commenced mass production and delivery in November 2025, with a monthly production capacity exceeding 300 units and cumulative orders nearing 1.4 billion yuan. UBTECH stated that this acquisition aims to integrate Fenglong's precision manufacturing capabilities to accelerate the commercialization of humanoid robots.
Jiamei Packaging's surge stemmed from expectations that the founder of the star company in the robotic vacuum cleaner industry, Dreame Technology, would take control. On December 16, 2025, Zhuyue Hongzhi, controlled by Dreame Technology's founder and CEO Yu Hao, announced its intention to acquire a 54.9% stake in Jiamei Packaging for approximately 2.28 billion yuan, thereby gaining control.
As a leading domestic robotic vacuum cleaner company with a top global market share, Dreame Technology is actively expanding into new businesses such as major home appliances and vehicle manufacturing, fueling broad market imagination. In fact, according to media reports, Yu Hao hinted in his social media feed in September 2025 that starting from the end of 2026, multiple business segments under the Dreame ecosystem would intensively initiate IPOs on major global exchanges, resembling a "dumplings dropping into boiling water" style wave of listings.
However, a series of announcements released by the two companies during their trading suspension for verification served to clearly "cool down" the overheated acquisition expectations and stock prices.
On February 1st, Fenglong announced that it had received further commitments from the acquirer, UBTECH, explicitly stating that "within 36 months after the acquisition is completed, there is no plan to inject assets held by it into the listed company." It also reminded investors that the company's stock price had seen significant short-term gains, accumulating substantial trading risks, and had clearly deviated from market trends, warning of potential rapid price declines in the future. The announcement further cautioned that if the stock price experiences further abnormal increases, the company may apply for another trading suspension for verification.
Jiamei Packaging's announcement more bluntly highlighted the significant divergence between its stock price and fundamentals. The company clearly stated that it "is not involved in robotics or robotic vacuum cleaner related businesses," and its main operations remain food and beverage packaging. Furthermore, its disclosed 2025 annual performance forecast indicated an expected net profit attributable to shareholders of between 85.4371 million yuan and 104.4231 million yuan, representing a year-on-year decrease of 43.02% to 53.38%.
Jiamei Packaging explicitly stated that the current stock price has severely deviated from its fundamentals, with its price-to-book ratio and price-to-earnings ratio significantly higher than the industry average, and solemnly reminded investors of the "potential risk of a rapid stock price decline in the future." Regarding market expectations for asset injections, the announcement also clarified that there would be no major changes to its main business within the next 12 months. Additionally, Zhuyue Hongzhi further committed not to inject assets into the listed company within 36 months of obtaining control.