Why has the stock price of Beijing Capital Development Co., Ltd., which suffered a loss of nearly 15 billion yuan, been soaring abnormally?

On November 12th, according to the public trading information of the Shanghai Stock Exchange, the stock price of Shoukai Co., Ltd. closed at 6.13 yuan that day, with a sharp increase of 10.05%. It also made it onto the top - gainers list due to a deviation value of 10.12%.

The soaring stock price is not the first time for Shoukai Co., Ltd. In September, its stock price skyrocketed from 2.64 yuan to 8.85 yuan in just 13 days, with a maximum surge of 335%, once outshining Cambricon, the then - star in the chip industry.

Why has Shoukai Co., Ltd. caused a stir in the capital market? Is it because of the industry's promising prospects? That's not the case. The real estate industry it belongs to is still in a slump. Maybe it has extraordinary performance within the industry? It seems not. In the past three years, Shoukai Co., Ltd. has accumulated a loss of 14.941 billion yuan, far exceeding the total profit of the company in the previous six years.

After various analyses, the most likely factor contributing to the soaring stock price is its connection with Unitree Technology.

It is reported that Yingxin Company, a subsidiary controlled by Shoukai Co., Ltd., indirectly holds a 6.51% stake in Jinshi Growth Fund, which in turn holds about a 4.77% stake in Unitree Technology. As a result, Shoukai Co., Ltd. is equivalent to holding about a 0.3% stake in Unitree Technology.

Although it is only a "financial investment", with the continuous rise of technology stocks, Shoukai Co., Ltd., which has the concept of Unitree Technology, unexpectedly became a focus in the stock market. The continuous influx of funds has pushed its stock price to soar, deviating from the fundamentals.

Looking back on its journey in the real estate field, Shoukai Co., Ltd., which has been established for 32 years, has achieved many glorious feats and is known as "Half of Beijing's history is reflected in Shoukai's development".

In the past 30 - year residential renewal in Beijing, Shoukai Co., Ltd. has developed many representative residential communities such as Wangjing New City, Huilongguan, and Fangzhuang. It is also the only real - estate enterprise in China that participated in the construction of the Asian Games Village, Universiade Village, and Olympic Village in Beijing, as well as both the Summer and Winter Olympics projects.

In the Beijing real - estate circle, it was once the absolute "king". In 2018, its sales volume exceeded 100 billion yuan, making it the first municipal - owned real - estate enterprise in China with a sales scale exceeding 100 billion yuan. In 2021, it refreshed the historical record with sales of about 115 billion yuan and held the top sales position in the Beijing real - estate market for many consecutive years.

However, when the real - estate industry entered a deep adjustment period, Shoukai Co., Ltd., which failed to keep up with the pace in strategic adjustment, declined rapidly and hit rock bottom.

Its sales performance was almost halved. From 2022 to 2024, its full - caliber sales amount dropped from 8.6963 billion yuan to 4.0013 billion yuan, a decrease of over 50%; the sales area decreased from 3.1781 million square meters to 2.0519 million square meters, a decrease of over 30%.

The financial situation is also worrying. In 2024, the company's operating income was 24.213 billion yuan, a year - on - year decrease of 49.31%, which has been declining for three consecutive years. The net profit attributable to the parent company was a loss of 8.141 billion yuan, an increase of 28.43% year - on - year, and it has been negative for three consecutive years.

Source: Annual report data

In addition, the debt pressure is also very heavy. At the end of 2024, its interest - bearing debt reached as high as 116.1 billion yuan, with a net debt - to - equity ratio of 192%, while the cash was only 18.8 billion yuan. Regarding such a difficult situation, Shoukai Co., Ltd. admitted in its annual report that 2024 was an extremely difficult year in the company's development history.

Facing the capital shortage, Shoukai Co., Ltd. has also tried to relieve the pressure by selling assets. In the past few years, it has successively sold some commercial real - estate properties on Guangqu Road in Chaoyang and commercial projects such as Fuxing Commercial City. In addition, it has also sold the equity of several companies such as Beijing Lianbao Real Estate Co., Ltd. to ease the capital pressure. Although there has been some effect, it has limited help for Shoukai Co., Ltd., which has a large capital gap.

Due to the lack of funds, Shoukai Co., Ltd. has almost become an insignificant player in the land market. In 2024, Shoukai Co., Ltd. acquired 2 land parcels nationwide, with a land transfer fee of only 1.2 billion yuan. As of now in 2025, Shoukai has only acquired one land parcel in Beijing. In September, it bought a "super - mini" residential land parcel in Chaoyang District for 446 million yuan. The residential construction area is only 5,508 square meters. Calculated at an average of 100 square meters per unit, it can provide about 55 housing units in the future.

Meanwhile, its position in the industry has also been continuously declining. In terms of the full - caliber sales volume in the Beijing market, according to the statistics of the China Index Academy, Shoukai Co., Ltd. ranked fifth in the industry in 2024, and dropped to eleventh in the first quarter of this year.

Regarding 2025, Shoukai Co., Ltd. once said in its annual report that "this is a crucial year for the company to get out of the survival and development dilemma". Judging from its performance in 2025, there are both disappointments and hopes.

On October 29th, Shoukai Co., Ltd. released its performance announcement. In the third quarter, the company achieved an operating income of 5.147 billion yuan, a year - on - year decrease of 9.25%. The net profit attributable to shareholders of the listed company was a loss of 1.266 billion yuan, a year - on - year reduction of losses by 45.77%.

Looking at the first three quarters as a whole, the overall performance was quite good. The operating income increased significantly by 60% to 23.186 billion yuan. The net profit attributable to shareholders of the listed company was a loss of over 3 billion yuan, with a year - on - year reduction of losses by 1.178 billion yuan, and the loss margin narrowed. The improvement in this performance was mainly due to the concentrated delivery of projects such as Beijing Duanli Zhu and Wangjing Yue in the second quarter. These two projects alone contributed about 9.3 billion yuan in operating income to Shoukai Co., Ltd.

However, in the third quarter, perhaps due to the lack of the boost from project deliveries, Shoukai Co., Ltd.'s performance basically returned to a downward trend. Moreover, there was an unexpected incident.

At the beginning of September, a collapse accident occurred at the construction site of the Zhenli Zhu project developed by Shoukai Co., Ltd. in Chengdu, resulting in the suspension of the project. Currently, the accident investigation and post - accident work are still in progress. This unexpected incident not only brought the project itself to a standstill but may also have shattered Shoukai Co., Ltd.'s hope of turning the situation around with this popular project.

At the mid - year meeting in July this year, Xie Zhongsheng, the chairman of Shoukai Group, said: "We must strengthen our confidence, boost our morale, and strive hard for economic development, coordinate development and safety, and solidly promote the sustainable and high - quality development of the group..." More than a month later, with the collapse at the Chengdu construction site, this vision was cast in a shadow.

This article is from the WeChat official account "Future Habitat", author: Future Habitat. Republished by 36Kr with permission.