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].