BCDC(SH:600376) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-18 08:10Core Viewpoint - The stock of Shoukai Co., Ltd. (600376.SH) has experienced a significant surge, driven by its indirect stake in Yushu Technology, which is preparing for an IPO, leading to a market capitalization increase from 6.8 billion CNY to over 20 billion CNY in a short period [2][8][10]. Group 1: Stock Performance - From September 2 to September 17, Shoukai's stock price rose from 2.64 CNY to 7.34 CNY, with its market value increasing from 6.8 billion CNY to 18.9 billion CNY [2]. - As of September 18, Shoukai recorded 12 trading days with 11 price limits, pushing its market capitalization to over 20 billion CNY [2][8]. - The stock has seen a cumulative increase of over 160% since September 3, reflecting strong investor interest [8]. Group 2: Yushu Technology's IPO - Yushu Technology is expected to submit its listing application between October and December 2025, which has fueled market enthusiasm [6][7]. - The company has been under IPO guidance since July 18, 2023, with CITIC Securities as the advisory firm, indicating a near-term public offering [7]. Group 3: Financial Performance of Shoukai - Shoukai reported a revenue of 18.04 billion CNY in the first half of the year, a year-on-year increase of 105.19%, but still posted a net loss of 1.839 billion CNY [10]. - The company has faced continuous losses for four consecutive years, highlighting the cyclical challenges in the real estate sector [10]. Group 4: Market Sentiment and Shadow Stocks - The excitement around Yushu Technology has led to a broader rally in "shadow stocks," with other companies like Jinfake Technology and Wolong Electric Drive also experiencing significant stock price increases due to their indirect stakes in Yushu [14][15]. - The phenomenon reflects a trend in the A-share market where speculative investments in companies with potential IPOs can lead to inflated valuations, often disconnected from actual financial performance [12][15].