Shenyang Blower Works shares surge as much as 297% intraday in Shanghai debut

A near-300% intraday move on turnover above 80% is a liquidity event, not a valuation signal: with a tiny free float and a low issue price, the register simply changed hands at whatever price the halts allowed. The scarcity angle and the fund-style shift analysts cite matter more than the debut itself, because they suggest speculative capital is again willing to pay up for a narrow theme. Whether that appetite persists once the float unlocks, and whether the halts did anything to cool it, is the open question.