Beijing Vantone warns of abnormal stock volatility amid ongoing losses

Beijing Vantone's stock experienced abnormal fluctuation from September 1st to 3rd, 2025, with its cumulative price deviation reaching 20%. The company's price-to-book ratio stood at 5.38 as of September 3rd, significantly above the real estate industry's average of 0.88, despite ongoing financial losses.

The company reported net losses attributable to shareholders of CNY -323.11 million, CNY -390.15 million, and CNY -457.04 million for 2022, 2023, and 2024, respectively. For the first half of 2025, the net loss attributable to shareholders was CNY -28.04 million, with a non-recurring loss of CNY -70.48 million. Its subsidiary, Shudu Technology, also reported net losses to the parent company, indicating continued financial struggles.

Adding to the complexity, the company's controlling shareholder, Jia Hua Dong Fang Holdings (Group) Co., Ltd., and its concerted parties have pledged 97.17% of their total shares, representing 33.03% of the company's total share capital. Additionally, 294,074,371 shares, or 45.76% of the controlling shareholder’s holdings, are in a state of failed auction, with future disposition uncertain.