Regencell Bioscience Holdings (ticker: RGC), a Nasdaq-listed herbal medicine and biotech company with no revenue, experienced an extraordinary surge in its stock price in 2025. The shares rose as much as 82,000% at one point, briefly giving the company a market valuation of approximately $30 billion to $33 billion and making its CEO paper-rich beyond prominent billionaires like Li Ka-shing. The rally included a 38-for-1 stock split in June, which further propelled the price, with the stock more than tripling on a single day. However, the surge was followed by a rapid collapse, with the stock falling 74% within days. The company’s meteoric rise and fall have attracted attention from market observers and raised regulatory concerns due to the lack of clear fundamental justification. Separately, Pheton Holdings (ticker: PTHL), another Nasdaq-listed Chinese healthcare company, saw its stock plummet by about 90% within minutes following a research report from Bear Cave alleging that the stock was subject to manipulation by overseas groups and was at risk of a pump-and-dump scheme. The stock was halted after the sharp decline, and analysts expect continued downward pressure as scammers allegedly buy back shares to re-promote the stock later. Meanwhile, Regencell’s stock remains volatile, with gains reported at around 48,630% for the year despite the recent fluctuations.