Group 1 - The recent decline in "Yushu Technology Concept Stocks" in the A-share market is notable, with companies like Shoukai Co., Ltd. experiencing a drop of over 9.6% [1][3] - Shoukai Co., Ltd. saw a significant stock price increase of over 200% from September 3 to September 18, driven by its indirect stake in Yushu Technology [3][5] - Other companies such as Jinfat Technology and Rongsheng Environmental Protection also experienced substantial price increases of 54.76% and 26.09%, respectively, during the same period [4][5] Group 2 - The surge in stock prices was based on weak fundamentals, as Shoukai Co., Ltd. clarified that its actual indirect ownership of Yushu Technology is only 0.3% [5][7] - Jinfat Technology and Rongsheng Environmental Protection reported similarly low indirect ownership stakes of 0.32% and 0.022%, respectively [7] - Regulatory scrutiny has increased due to irrational speculation, with Shoukai Co., Ltd. facing severe trading anomalies and potential restrictions on investor accounts [5][7]

Core Viewpoint - The recent surge in stock prices of companies related to Yushutech is primarily driven by the announcement of Yushutech's IPO plan, leading to speculative trading in the market despite weak fundamentals of these companies [2][4]. Group 1: Stock Performance - From September 3 to September 18, shares of Shoukai Co. (首开股份) increased by 205.68%, while Jinfa Technology (金发科技) and Rongsheng Environmental (荣晟环保) saw increases of 54.76% and 26.09%, respectively [1][2]. - On September 19, the stocks of these companies experienced significant declines, with Shoukai Co. dropping by 2.48%, Jinfa Technology hitting the daily limit down, and Rongsheng Environmental falling by 8.75% [5][6]. Group 2: Ownership and Financials - Shoukai Co. clarified that its indirect ownership of Yushutech is only 0.3%, and Jinfa Technology's ownership is 0.32%, while Rongsheng Environmental's is merely 0.022% [4][6]. - Shoukai Co. reported a revenue of 18.039 billion yuan for the first half of 2025, a year-on-year increase of 105.19%, but still posted a net loss of 1.839 billion yuan [4][6]. - Rongsheng Environmental reported a revenue of 1.061 billion yuan for the first half of 2025, a decline of 5.53%, with a net profit drop of 34.57% [6]. Group 3: Market Reactions and Regulatory Actions - The speculative trading around Yushutech-related stocks has attracted regulatory scrutiny, with Zhongshan Securities announcing that Shoukai Co. is under investigation for severe trading anomalies [6].