Xintai Electric experienced a crazy day on Monday before its final suspension from trading. Investors, especially individuals, bet on Xintai shares despite regulators' insistence that Xintai won't list in any stock markets again.

Xintai Electric shares closed for good on Monday by hitting the daily upper limit, with a total trade volume of more than 57 million yuan and a nearly 22-percent turnover rate.

Data showed that most of the money came from individual investors. In fact, some investors had began to bet on Xintai shares a month ago.

"According to trading data, some investors still have stuck minds. Their buying behavior pushed up Xintai prices in the short term," said Liu Yuhui, director of Investor Education Center, Shenzhen Stock Exchange.

"Xintai's circulated market value is very small, about 200 million yuan. So dozens of million yuan in price manipulation can lead to strong volatility. This is a kind of speculation," said Zhang Gang, chief analyst of Southwest Securities.

There are reasons behind these investors' bets. There were more than 30 companies delisted in 2001. Some of them relisted again a few years later and are trading in the main-board market now. But analysts say the current situation is different compared to 15 years ago.

Zhang said, "It seems that these investors did not consider the current tight regulations. The environment has changed since new rules were released in 2014."
 
Xintai has been officially suspended but the Shenzhen Stock Exchange is expected to make a final decision on the matter in mid September.