603122 Heart-stopping comeback—and it’s crashed again! Just as a “dead-cat bounce” board pattern was unfolding, 2 billion in capital fought hard at the close, breaking the order limit again and triggering another halt.

On April 7, Hefei China (603122) put on the most thrilling intraday price action of the day. In the early session, the stock plunged straight down to the daily limit down, then within 20 minutes quickly rebounded back above water; in the afternoon it continued to surge, touching the daily limit up, and the terrifying “limit-up-and-then-to-the-bottom (地天板)” drama was just performed before everyone could clap. Toward the close, the stock suddenly broke the limit up and, ultimately, it still closed up only 3.82%. Total turnover for the day rose to 2.08B yuan, the turnover rate skyrocketed to 25.61%, and the intraday price swing hit 20%—with the battle between bulls and bears becoming absolutely brutal. Since April, the stock has already surged 20%. Although it didn’t replicate last year’s wild streak of 13 limit-up days in 15 days, in the past six trading days it still saw two limit-ups. Today, after an extreme reversal, it broke the limit-up and then reversed again—so capital attention has been extremely high.

As a healthcare leader on both sides of the Taiwan Strait, Hefei China has recently seen rising expectations for cross-strait medical cooperation. Combined with the rollout of an AI-driven medical transformation—its “Qizhen” medical large model has already been integrated into core institutions such as Beijing Tongren Hospital—along with popular theme support, plus the company signed a 600 million yuan long-term procurement order in January this year, and has a relatively moderate float of around 8 billion yuan, it has become a game object closely watched by speculators. Since April, it has kept seeing increased volume and higher turnover; as the resistance to the advance decreased sharply, the stock price has climbed steadily.

Today’s extreme volatility is also a concentrated explosion of short-term sentiment. Behind the ultra-high turnover rate is strong follow-through from long-side capital. After rapidly digesting the sell pressure from the early session, speculators seized the wind as the pharmaceutical sector rebounded, ignited a surge accordingly, and leveraged Hefei China’s “monster stock” distinctiveness to quickly hit the daily limit up—staging a miracle of a limit-up-and-then-to-the-bottom board. But this strength didn’t last. Toward the close, the broader market weakened and risk-avoidance sentiment warmed up; added to that, some capital took profits at the limit-up board. In an instant, the previously tightly sealed limit-up board burst open, and the stock price quickly fell—from nearly limit-up to closing up less than 4%—staging the drama of “reversal again and again, then another failed turn,” which also exposed the massive disagreement among on-exchange capital. Behind the scorching trading and行情, attention must also be paid to fundamental support. In 2025, Hefei China’s net profit turned into a loss of 33.64 million yuan; revenue from core businesses plunged by nearly 30%; operating cash flow was cut in half. The so-called AI medical transformation is still in an early stage, and the new business has not yet generated substantial revenue; even the 600 million yuan order is unlikely to reverse the profitability dilemma. A limit-up breakout that happens toward the close is not an ending, but the beginning of divergence. Once the baton pass of capital breaks, the previously accumulated gains may be rapidly given back. The bulls want to keep extending the “monster stock” play, while the bears are rushing to bank profits—so the battle between bulls and bears has entered an all-out phase.

From the daily limit down to the daily limit up, and then to the limit-up board breaking toward the close, Hefei China used one day to depict the madness and brutality of China’s A-share short-term market. A cumulative 20% gain in April, a 20% intraday swing on a single day—is this the monster stock coming back, or a game of capital beating drums and passing the baton?

For ordinary investors, it’s necessary to be alert to what lies behind this extreme volatility—whether it is truly an opportunity or a hidden deep pit. Chasing the crowd and hype can only make you a casualty of capital’s game.

Risk warning: This article does not constitute investment advice. There are risks in the stock market; invest cautiously.