这到底是一次正常的市场波动，还是一场精心策划的资本收割？
1
一场令人窒息的暴跌
5月21日，港股发生了一起“大惨案”。
港股经纬天地当天收盘暴跌83.16%，市值一天蒸发164亿港元，仅剩33.2亿港元。从5.1港元的高位，被砸到不足1港元，盘中最低跌至0.76港元。全天的换手率更是夸张，达到了105.97%。
英伟达仍未进入中国,阿里巴巴发布新款AI芯片 美国怀疑英伟达芯片经泰国走私到中企阿里巴巴 马云雷军下注,3年亏20亿,他们为何相信"他"什么意思呢？就是这个公司在市场上所有的股票，在这24小时内，被全部换了一遍主人。有人疯狂出逃，有人飞蛾扑火。
而最戏剧性的一幕是南向资金——也就是通过港股通渠道流入的内地资金，当天逆势净买入了12.41亿港元，是当天暴跌中最大的买入方。
换言之，一批来自内地的投资者，成为了最惨的那一拨接盘侠。
这只股票到底是什么来头？经纬天地，全称经纬天地控股有限公司，2024年1月登陆港交所，主营业务是电信网络服务，说白了就是给人搞无线网络优化、基站维护、ICT整合之类的技术活儿。
听起来是高大上的科技公司，但看一眼它的财务数据，估计很多人下巴都要掉下来。2025年全年营收2.19亿元人民币，同比下滑21.46%；归母净利润只有1533.6万元，同比下降23.85%；经营现金流连续两年为负，到2025年末账上现金仅剩5490万元。
就这么一家年利润不过一千来万的公司，市值巅峰时竟然冲到了270亿港元。270亿市值对应1533万利润，市盈率是多少？最高突破了1600倍。放在成熟市场，一个电信服务商的合理市盈率通常在15到30倍之间。
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