000620 (Xinhua Lian) Abnormal Limit-Up Analysis: Delisted Status and No Catalyst Background

The limit-up reports of 000620 (Xinhua Lian) are significantly abnormal. According to internal analysis [0], the company was delisted from the Shenzhen Stock Exchange’s main board in 2024 due to continuous financial problems, and is currently trading on the Old Third Board under code 400016. There were no major announcements, restructuring progress, or hot catalyst events in November 2025. Its original tourism and hotel sector faced multiple challenges in the fourth quarter of 2025, including economic uncertainty, labor shortages, and wage increase pressures [2]. Meanwhile, China’s overall economic activity cooled at the beginning of the fourth quarter, and investment declined [1].

1. Delisted Status and Mismatched Trading Code
   : Current code 000620 no longer corresponds to the listed Xinhua Lian stock; the limit-up report may have code confusion or information errors.
2. Lack of Fundamental Support
   : The company shows no significant improvement signs after delisting, and the industry is in a downward cycle overall; there are no reasonable factors driving the stock’s limit-up.
3. Market Information Risk
   : Such abnormal reports may reflect errors in information dissemination; vigilance against misleading market signals is needed.

• Main Risks
  : Investment misleading risk caused by inaccurate information; extremely low liquidity of delisted stocks, making trading difficult; negative impact of the industry’s downward cycle on related assets [1][2].
• Opportunity Window
  : Currently, there are no obvious investment opportunities, as the company’s fundamentals are weak and the industry environment is unfavorable.

000620 (Xinhua Lian) has been delisted, and its current trading code is 400016; there were no catalysts driving the limit-up in November 2025; the tourism and hotel sector faces economic and operational pressures; the limit-up report contradicts facts, and relevant information should be treated with caution.