Hexafluor China (603122.SH) Hot Stock Analysis: Speculative Trading by Hot Money and Regulatory Intervention

Hexafluor China (603122.SH) made it to the hot list on November 15, 2025, driven by a typical phenomenon of abnormal volatility caused by hot money speculation. According to market data [0], the stock had an extreme performance of 12 limit-up days out of 14 trading days from October 28 to November 14, 2025, with a cumulative gain of up to 256.29% [1].

Hexafluor (China) Medical Technology Co., Ltd. mainly engages in international trade and after-sales services of in vitro diagnostic-related medical equipment and consumables [0]. However, the company’s fundamentals have continued to deteriorate: in the first three quarters of 2025, it reported a net loss of 12.3862 million yuan, a year-on-year decrease of 146.65% [2]. In sharp contrast, the company’s static price-to-earnings ratio reached 343.67 times, far exceeding the industry average of 30.94 times [0], indicating a severe deviation from reasonable valuation levels.

Due to severe stock price volatility, the Shanghai Stock Exchange has placed the stock under key monitoring [1]. The company announced that due to the significant short-term price increase, the stock will be suspended from trading starting November 17, 2025, for investigation [3]. During the period of abnormal volatility, the stock triggered abnormal volatility 5 times and severe abnormal volatility 3 times [1], reflecting the regulatory authorities’ high attention to such irrational speculation.

The market has linked Hexafluor China to hot concepts such as “medical digital intelligence” and “AI medical care” [0], but the company has explicitly denied involvement in these hot concepts [4]. This mismatch between concepts and actual business is a typical feature of hot money speculation—using market hot concepts to push up stock prices while the company’s fundamentals remain unchanged.

Data shows that the stock’s turnover rate is as high as 28.48% [0], indicating frequent in-and-out of short-term funds and an obvious pass-the-buck effect. Such a high turnover rate often indicates that speculative trading dominates rather than value investment behavior.

Given that the company will be suspended for investigation starting November 17 [3], the current time point is highly sensitive. The suspension for investigation may lead to the stock price returning to fundamentals, posing a risk of a sharp correction.

1. Regulatory Risk
   : The results of the suspension investigation may have a significant negative impact on the stock price
2. Valuation Regression Risk
   : The current P/E ratio is severely deviated from the industry average, with valuation regression pressure
3. Liquidity Risk
   : Once speculative behavior under high turnover recedes, liquidity may drop sharply
4. Fundamental Deterioration Risk
   : The company continues to lose money, and there are no signs of improvement in operating conditions [0]

Although there are significant risks, attention should be paid to:

• Post-suspension resumption performance, which may provide short-term trading opportunities
• If the company can improve its fundamentals, there may be long-term value revaluation potential
• The long-term development trend of the medical equipment industry is still worth关注

Hexafluor China has become a hot stock due to irrational speculation by hot money using concept hype rather than improved fundamentals. The stock has triggered regulatory suspension for investigation, and investors should be highly alert to related risks. From a fundamental perspective, the company is currently in a loss-making state with severely high valuations; short-term speculative risks far outweigh investment value. It is recommended that investors remain rational, avoid blind follow-up speculation, and focus on the results of the company’s suspension investigation and improvements in fundamentals.