Core Viewpoint - The stock price of Shoukai Co., Ltd. experienced a dramatic rise followed by a sharp decline, with a significant disconnect between its stock performance and the company's ongoing financial losses, largely driven by speculation related to the IPO of Yushu Technology [2][3][4]. Group 1: Stock Price Movement - Shoukai Co., Ltd. saw its stock price surge with a cumulative increase of over 200% in just 14 trading days, including 12 consecutive trading days of price increases [2][3]. - Following this surge, the stock price plummeted, with a drop of 4.13% on September 23 and a further decline of 7.31% on September 24 [2]. - The company issued 11 risk warning announcements in three weeks due to the abnormal stock price fluctuations, indicating significant trading risks [3]. Group 2: Financial Performance - Despite a 105.19% year-on-year increase in revenue to 18.04 billion yuan in the first half of 2025, Shoukai Co., Ltd. reported a net loss of 1.839 billion yuan attributable to shareholders [6]. - The company's cumulative net loss from 2022 to 2024 exceeded 14.9 billion yuan, with a high asset-liability ratio of 77.84% [6]. Group 3: Business Operations and Market Position - Shoukai Co., Ltd. primarily focuses on real estate development, with 69 major projects in Beijing and 79 projects outside Beijing, totaling approximately 4.3 million square meters [4]. - The company has recently returned to the Beijing land market, acquiring a plot for 446 million yuan, which is seen as a positive signal despite concerns over profitability [7]. - The company is undergoing organizational restructuring to improve efficiency, consolidating 19 secondary development units into regional management centers [7]. Group 4: Relationship with Yushu Technology - The stock price surge was linked to speculative trading related to Yushu Technology's IPO, with Shoukai Co., Ltd. having a minor indirect stake in Yushu Technology through its subsidiary [4][5]. - Shoukai Co., Ltd. clarified that its investment in the fund related to Yushu Technology is a financial investment with minimal impact on its performance [5].