BCDC(SH:600376) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-18 23:28Core Viewpoint - The surge in the stock price of Shoukai Co., Ltd. (600376.SH) is primarily driven by its indirect stake in Yushu Technology, which is expected to go public soon, leading to significant market enthusiasm and speculation around "shadow stocks" [1][3][5]. Group 1: Stock Performance - From September 2 to September 17, Shoukai's stock price increased from 2.64 CNY to 7.34 CNY, with its market capitalization rising from 6.8 billion CNY to 18.9 billion CNY [1]. - On September 18, Shoukai's stock hit the limit up again, achieving 12 days of trading with 11 limit-up days, and its market capitalization exceeded 20 billion CNY [2]. Group 2: Investment and Valuation - Shoukai holds approximately 0.3% of Yushu Technology through its subsidiary, which is classified as a financial investment, indicating no control over Yushu's operations [3][6]. - Yushu Technology, valued at 12 billion CNY, is preparing for an IPO, which has significantly fueled investor interest in Shoukai [5][6]. Group 3: Market Dynamics - The excitement surrounding Yushu Technology's potential IPO has led to a broader rally in "shadow stocks," with other companies like Jinfake Technology (600143.SH) and Wolong Electric Drive (600580.SH) also experiencing stock price increases due to their indirect stakes in Yushu [10][11]. - Companies like Jingxing Paper (002067.SZ) and Rongsheng Environmental Protection (603165.SH) have also seen their market values rise despite declining revenues, indicating a speculative market environment [11]. Group 4: Industry Insights - The phenomenon of "shadow stocks" reflects the A-share market's tendency to chase hot concepts, often leading to inflated valuations that may not be sustainable [8][12]. - Historically, stocks that surge due to popular concepts often face significant corrections when market sentiment shifts or when actual performance fails to justify high valuations [12][13].