I. Quick Summary of the Core Content
This is the most absurd example of concept speculation in the A-share market recently: Longban Media, a state-owned enterprise whose main business is monopolizing the distribution of textbooks for primary and secondary schools across Heilongjiang Province, saw its stock price nearly double over seven trading days, adding a market value of 4 billion yuan out of nowhere, by taking advantage of the AI comic industry trend. It was only after being questioned by the stock exchange that the truth came out: its AI video business had only earned 80 yuan in June, which is roughly equivalent to the cost of two meals for an average person. Moreover, in previous announcements, the company claimed that its AI business had no revenue at all. Three days later, it changed its statement to claim 80 yuan in revenue. Due to the contradictory and misleading information provided, Longban Media received a regulatory warning from the Shanghai Stock Exchange, exposing the magical reality of A-share market speculation.
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II. Detailed Analysis
1. The timeline of earning 80 yuan and generating 4 billion yuan is more exaggerated than a made-up story
The entire event was a perfect example of “hitting all the right coincidences”:
Initially, Longban Media mentioned in its semi-annual report that its AI comic “Traveling to 1988” had been launched, with over 120 million views. No one paid much attention at the time; everyone thought a company that sells textbooks making comics was just the boss having a whim. However, a few days later, Mango Super Media’s AI-generated growth drama became the number one show on Hunan TV, causing the stock price to rise by 20% in two days, igniting the trend of using AI to create content more efficiently and reduce costs. Funds, like a swarm of bees attracted by blood, targeted all companies with a large number of existing IP rights that could be used to make comics and short dramas. Longban Media, being the smallest and most easily manipulable among these companies, saw its stock price rise by seven consecutive limits, increasing its market value from 4.3 billion yuan to 8.3 billion yuan.
It was only when the regulators intervened that the company reluctantly revealed the true revenue: 80 yuan in June and 75,000 yuan in July. This amount was less than what the company earned from selling 100 teaching aids before, leaving everyone in disbelief.
2. Why did speculative funds target this textbook-selling company? It was the “perfect target” for speculation
The choice of Longban Media was not random; it met all the ideal criteria for speculation:
First, its market capitalization was small, with only over 4 billion yuan, and less than 2 billion yuan of shares actually circulating in the market. Speculative funds could easily push the stock price to the limit by investing just 100-200 million yuan with little resistance. If it were a large publishing company like Zhongnan Media with a market value of several hundred billion yuan, even with all the funds, they wouldn’t be able to drive such a rise.
Second, the concept was pure: Longban Media was a legitimate state-owned publishing company with a wealth of existing story copyrights, which aligns with the market’s focus on “remonetizing existing IP through AI.” The company had never previously associated itself with AI-related trends, so there were no retail investors trapped and ready to sell their shares.
Third, its main business had little room for growth; everyone knew that a textbook-selling company couldn’t experience explosive growth. There was little institutional research on the company, so any AI-related news was easily believed.
3. Earning 80,000 yuan from 120 million views shows the true quality of its AI business, which doesn’t even qualify as a “test”
Many don’t understand the scale of 120 million views. For a regular blogger, a video with 120 million views would generate hundreds of thousands in platform fees. In Longban Media’s case, it meant earning only 1 yuan from 16,000 views, which is dozens of times less than the typical revenue share in the industry.
The company explained that the low revenue in June was due to the late launch of the drama, which was uploaded to the platform in its last few days. The claimed 120 million views were likely a promotional gesture from the platform, without any commercial revenue from payments or ads. The 80 yuan was probably a bonus from the platform to new creators, not even covering the costs of production and materials.
In reality, this hardly qualifies as “AI business commercialization”; it was more like a few employees testing an AI version of the drama, which the market mistook for the “next AI content giant.”
4. The sudden change from “no revenue” to “earning 80 yuan” was a cover for speculative funds
The Shanghai Stock Exchange’s warning was completely justified: in the previous two instances of stock price fluctuations, the company clearly stated that its AI video business had no revenue. Only when the stock price had risen significantly did it change its statement to claim 80 yuan in revenue.
The timing was crucial: if the company had admitted to only a few dozen yuan in revenue earlier, speculative funds would have been hesitant, and retail investors would have been cautious. By keeping the false narrative, the company gave itself enough time to sell off its shares. The retail investors who bought in at the high prices were deceived by the inconsistent information.
5. The myth of 80 yuan generating 4 billion yuan is a standard pattern for all market speculation in the A-share market
This isn’t an isolated incident. Over the past few years, trends like the metaverse, large AI models, computing power, and humanoid robots have all followed the same pattern:
A benchmark positive event (in this case, Mango Super Media’s two-day rise) opens up the potential for the entire sector. Funds then drive up stock prices based on any related companies, regardless of their actual profitability or implementation. Only when regulators inquire do companies reluctantly reveal the true revenue. There have been even more extreme cases, such as “AI-related businesses earning 1700 yuan and generating a market value of 2 billion yuan.”
Once the trend fades, the inflated market values caused by a few yuan or tens of thousands of yuan in revenue will inevitably collapse, with the ultimate victims being the retail investors who were lured in by the stories of AI-driven wealth creation.