In 2024, *ST Chengchang (stock code: 001270) has become the most expensive ST-listed stock of the year, drawing significant market attention. As of the latest trading day, its share price briefly surged past the RMB 100 mark—far exceeding other stocks under delisting risk warning (denoted as ‘ST’). This is highly unusual in China’s A-share market, where ST stocks are typically associated with financial distress, operational irregularities, or regulatory violations, and consequently trade at depressed levels.The counter-trend rally of *ST Chengchang is largely attributed to its technological edge in millimeter-wave chip design and its strong defense-sector background. The company specializes in phased-array T/R chips used in satellite communications, radar systems, and other high-end applications, offering significant technical barriers and potential for domestic substitution. Although it was labeled ‘ST’ due to a disclaimer opinion in its 2023 audit report, investors remain optimistic about its core technology value and potential restructuring.Moreover, some market participants view it as a potential shell resource or candidate for ST removal, fueling speculative buying—especially by short-term traders. However, experts caution that ST stocks carry substantial delisting risks and lack fundamental improvements, urging investors to approach such high-priced, high-risk plays with prudence.
2024年，*ST铖昌（股票代码：001270）成为年内最贵的ST股，引发市场广泛关注。截至最新交易日，其股价一度突破百元大关，远超其他被实施退市风险警示（ST）的个股。这一现象在A股市场实属罕见，因为ST股票通常因财务状况恶化、经营异常或违规等问题而被贴上高风险标签，股价普遍低迷。*ST铖昌之所以能逆势走强，主要得益于其在毫米波芯片领域的技术优势和军工背景。公司主营相控阵T/R芯片，广泛应用于卫星通信、雷达系统等高端领域，具备较高的技术壁垒和国产替代潜力。尽管因2023年财报被出具无法表示意见的审计报告而被“戴帽”，但市场对其核心技术价值和未来重组预期抱有较强信心。此外，部分投资者将其视为“壳资源”或潜在摘帽标的，叠加游资炒作，进一步推高股价。然而，专家提醒，ST股票存在退市风险，且基本面尚未实质性改善，投资者应警惕高估值背后的投机风险，理性看待短期行情。
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