Tianchen Shares disclosed in its reply to a Shanghai Stock Exchange regulatory inquiry that it signed property sales contracts and delivered 18 homes last year, with online contract-signing amounts reaching 270 million yuan. Of this, real estate sales revenue for 2025 was 248 million yuan, mainly from the Tianchen Health City East 1A phase project developed by its wholly-owned subsidiary Tianchen Health. Fullshare Holdings was one of Tianchen Shares' property clients last year, purchasing one home for 16.0488 million yuan in full cash, with the online contract signed on June 19, 2025, and delivery on July 1, 2025. Fullshare Holdings has seen persistently sluggish performance in recent years, posting losses of 110 million yuan in 2024 and 290 million yuan in 2025. Its workforce shrank from 2,162 at end-2021 to 546 at end-2025, and as of the end of the first half of last year, its cash balance was only 70.453 million yuan. Its full-cash home purchase has drawn attention. A Fullshare Holdings representative responded that the company generally does not actively buy properties, and many are obtained through debt settlement, with specifics requiring further verification. The company's periodic reports also disclose debt-settled property assets, with a book balance of 15.102 million yuan for such properties in 2025. Tianchen Shares has had a single revenue stream in recent years. The 1A Tianchen Hui project sold 11, 12, and 11 bare-shell units in 2022, 2023, and 2024 respectively, with corresponding property sales revenues of 231 million yuan, 283 million yuan, and 162 million yuan. Regulators have questioned the authenticity of its real estate sales business and the commercial substance of revenue recognition for consecutive years.
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