碧桂园在2024年12月以20亿元的价格将所持长鑫科技1.56%股份转让给合肥国资1。转让价格为2.22元/股，相当于长鑫科技发行价的四分之一1。时隔一年多，长鑫科技于2026年7月27日登陆科创板，上市当日市值达3.28万亿元1。按此市值计算，碧桂园转让的股权价值已升至超过470亿元1，相比转让价形成约450亿元的账面亏损1。
分析认为，碧桂园的这次股权转让并非单纯的投资失误，而是在特定时期面临流动性压力的被动之举1。当时碧桂园正在进行177亿美元的境外债务重组谈判1，同时需要完成近38万套房屋的交付任务1。在债务重组和保交付的双重压力下，碧桂园通过转让该股权以获取急需的流动性资金1。
Countrygarden divested its 1.56% stake in Chanxin Technology for 20 billion yuan in December 2024, transferring the holding to Hefei State-owned Assets entities 1. The transaction price of 2.22 yuan per share represented just one-quarter of the initial public offering price and 4.5% of the opening price 1.
The decision proved financially consequential when Chanxin Technology listed on the Shanghai Stock Exchange STAR Board on July 27, 2026 1. On its debut, the company's valuation reached 3.28 trillion yuan, meaning Countrygarden's divested shares were worth more than 470 billion yuan at that moment 1. This created an unrealized loss of approximately 450 billion yuan on paper for the real estate developer 1.
According to analysts, the forced divestment was not simply an investment miscalculation but rather an emergency liquidity measure taken under acute financial pressure 1. At the time of the share transfer, Countrygarden was navigating restructuring negotiations for 17.7 billion dollars in offshore debt while simultaneously managing delivery obligations for nearly 380,000 housing units 1. These competing pressures left the company with little choice but to monetize its technology holdings despite their long-term appreciation potential 1.
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