Shoukai shares swing wildly amid business adjustments, governance overhaul

Beijing Capital Development (Shoukai) shares saw a cumulative price deviation of 100% between September 3 and September 12, 2025, triggering an abnormal fluctuation announcement. This was followed by an additional 20% cumulative deviation on September 15 and 16, leading to a severe abnormal fluctuation classification. The company noted increased trading volume, higher turnover rates, growing shareholder numbers, and some institutional shareholder reductions, cautioning investors about potential downside risk.

Shoukai clarified that its operational activities remain normal, but it is currently in a loss-making state, with H1 2025 revenue of 18.04 billion yuan and a net loss of 1.84 billion yuan. The company also confirmed its indirect, minor stake (approximately 0.3%) in Yushu Technology via a subsidiary's financial investment in a fund.

In a separate development, Shoukai held its Fourth Interim Shareholders' Meeting on September 16, 2025, approving several key resolutions. Shareholders voted to abolish the supervisory board and amend the articles of association, rules of procedure for shareholders' meetings, and rules of procedure for board meetings. Revisions to related-party transaction rules were also approved, alongside the purchase of directors' and officers' liability insurance. Mr. Li Jie was elected as a director, with all resolutions passing with the required majorities.