Online Offline, a Chinese company listed on the Shenzhen Stock Exchange, appears to be a speculative play driven by market sentiment rather than fundamental earnings growth, with opaque financials and a high price-to-earnings ratio raising concerns …

Online Offline’s stock experienced a 13.61% price increase on September 17, 2025, driven by strong investor interest and alignment with the broader new-retail narrative, but its high price-to-earnings ratio raises valuation concerns.