Vanke A Tops the Hot Stock List: Over RMB 1 Billion in Enforcement Orders, Yu Liang's Retirement, and Escalating Debt Crisis

Vanke A made it to the hot stock list on January 20, 2026, with a significant rise in market attention, and trading volume reached 210 million shares, representing a 17% increase compared to the 20-day average[0]. This popularity mainly stems from

, including sudden enforcement information, major management changes, and an escalating debt crisis.

: On January 19, 2026, Jiemian News learned from the Tianyancha APP that China Vanke Co., Ltd. and Changsha Vanke Co., Ltd. added a new person subject to enforcement, with the execution amount approximately , and the executing court is the Changsha Intermediate People’s Court of Hunan Province[1][2]. This is the first time Vanke has been subject to enforcement in more than two years; previously, it was only enforced for RMB 3,393 in May 2023. In addition, Vanke has , of which RMB 250 million and RMB 570 million were frozen on December 30, 2025 and December 17, 2025 respectively[1].

: On January 8, 2026, Yu Liang, a “veteran” who had served the company for exactly 36 years, retired due to reaching the age limit and resigned from his position as director and all other roles, with the resignation taking effect immediately[3][4]. Yu Liang joined Vanke in 1990, starting as a securities affairs specialist and gradually rising to Chairman of the Board of Directors, taking over from Wang Shi as the leader of Vanke in 2017. Analysts point out that Yu Liang’s departure marks “the full retreat of professional managers amid the dual setbacks of the market winter and the career partner system”[4]. Notably, former senior executive Zhu Jiusheng was placed under criminal compulsory measures in October 2025 on suspicion of embezzlement and illegal business operations, further exacerbating the company’s governance risks[4].

Vanke’s debt issues constitute its core risk. Since November 2025, Vanke has initiated a debt extension process for the first time, but encountered major setbacks: the extension proposal for the medium-term note “22 Vanke MTN004” with a balance of RMB 2 billion, originally due on December 15, was

[1][5]; the proposal to extend the one-year maturity of another RMB 3.7 billion bond “22 Vanke MTN005” also [1]. The total of indicates that creditors have serious doubts about the company’s credibility.

: Currently, Vanke’s total domestic debt amounts to RMB 16.098 billion, of which , totaling RMB 12.366 billion[1]. The peak repayment period in the next 12 months will be in July 2026, reaching RMB 4.866 billion[1]. Nevertheless, on January 15, Vanke proposed extending the grace period of “22 Vanke MTN004” to 90 trading days, leading to a technical rebound in bond prices. Multiple bonds rose by over 20% triggering intraday trading halts, and “22 Vanke 04” rose by over 50%[5].

According to the 2025 third quarterly report, Vanke achieved operating revenue of RMB 161.39 billion in the first 9 months,

; its net loss attributable to parent company shareholders was , [0]. The gross profit margin was only 9.58%, and the net profit margin was -17.50%[0]. Since falling into losses in 2022, Vanke has accumulated a total loss of approximately [4]. The company’s current price-to-book ratio (P/B) is only 0.33x, which seems to be at a historical low, but against the backdrop of sustained losses, the price-to-earnings ratio (P/E) has completely become distorted.

On the positive side, Vanke’s largest shareholder

continues to provide liquidity support. On November 11, 2025, Shenzhen Metro Group announced that it would provide a loan of no more than RMB 1.666 billion to the company. Excluding this loan, Shenzhen Metro Group has cumulatively provided in loans to Vanke[1].

Positive news has also emerged on the policy front: the central bank cut the re-lending rate by 0.25 percentage points (announced on January 15, 2026, and officially implemented on January 19)[7]; the minimum down payment ratio for commercial housing loans was reduced to 30%[7]. Expectations of a decline in mortgage rates have risen, and the market predicts that the Loan Prime Rate (LPR) may be cut in March-April[7].

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Vanke’s current predicament reveals the typical transmission path of systemic risks in the real estate industry. The chain of

is fully playing out at Vanke. The combination of equity freezes and criminal cases involving senior executives has made corporate governance risks a major hidden danger parallel to financial risks.

Yu Liang’s retirement is of symbolic significance. As the terminator of Vanke’s “era of professional managers”, his departure means that the once-proud career partner system has suffered a total collapse amid the industry winter. Notably, as of January 8, Yu Liang held approximately 7.395 million shares of Vanke A, with a market value of over RMB 36 million based on the closing price on that day[3], but this is still a drop in the bucket compared to the company’s huge debt.

From a technical analysis perspective, Vanke A is currently in a sideways consolidation pattern with no clear trend direction[6]. The KDJ indicator is in the oversold zone (K:28.9, D:35.6, J:15.7), suggesting potential short-term rebound opportunities[6]. The short-term support level is RMB 4.71, and the resistance level is RMB 4.87[6]. There is no MACD crossover signal, indicating a neutral-to-bullish pattern[6]. A Beta value of 0.83 indicates that the stock price volatility is lower than the broader market[6]. Considering the 17% increase in trading volume and the relatively high turnover rate of 1.65%, market divergence on this stock has significantly increased.

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Risk Type	Specific Description	Risk Level
Liquidity Risk	Short-term debt reaches RMB 12.366 billion, bond extension requests rejected, huge debt repayment pressure	Extremely High
Credit Risk	Listed as a person subject to enforcement, equity frozen, which may affect financing capacity	Extremely High
Performance Risk	Sustained losses, with a loss of RMB 28 billion in the first three quarters of 2025	High
Governance Risk	Frequent senior management changes, former senior executive involved in criminal case	High
Industry Risk	Sustained downturn in real estate market, ongoing sales pressure	High

:

• Bond extension proposals rejected for two consecutive years indicate insufficient creditor confidence in the company
• New enforcement information from the executing court, leading to increased judicial risks
• Large-scale equity freezes indicate potential legal disputes over the company’s assets
• Issues such as embezzlement have emerged in the career partner system, raising doubts about corporate governance[4]

: The oversold KDJ indicator combined with the technical rebound in bond prices may trigger short-term trading opportunities. If policy easing (interest rate cuts, down payment reductions) can be transmitted to the real estate sales side, it may bring about sentiment recovery.

:

1. Final resolution of the RMB 5.7 billion bond extension proposal
2. Annual report disclosure (2025 annual report scheduled for release on April 1, 2026)[0]
3. Stability of the new management team and adjustments to the corporate governance structure
4. Whether Shenzhen Metro Group will provide further liquidity support

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Vanke A’s rise to the hot list is mainly driven by

(over RMB 1 billion in enforcement orders + Yu Liang’s retirement + rejected bond extension requests), coupled with sustained loss-making financial data and enormous short-term debt repayment pressure.

Category	Key Data
Current Price	RMB 4.79
Market Capitalization	RMB 56.76 billion
Price-to-Book Ratio (P/B)	0.33x
Net Loss in Q1-Q3 2025	RMB 28.02 billion
Total Domestic Debt	RMB 16.098 billion
Proportion of Debt Due Within One Year	84.61%
Cumulative Loans from Shenzhen Metro Group	RMB 29.13 billion

:

Bull Views	Bear Views
Shenzhen Metro Group continues to provide liquidity support	Bond extension requests rejected, insufficient creditor confidence
Frequent policy easing (interest rate cuts, down payment reductions)	Sustained downturn in real estate sales
P/B ratio at historical low	Expanding losses, deteriorating fundamentals
Oversold KDJ may trigger short-term rebound	Enforcement orders and equity freezes increase credit risk

Vanke A is currently in a

state, suitable for investors with strong risk tolerance to monitor closely. For ordinary investors, it is advisable to exercise caution, focusing on the progress of debt solutions and the strength of state-owned enterprise support, rather than bottom-fishing lightly. Short-term attention is high (⭐⭐⭐⭐), medium-term attention is medium (⭐⭐⭐), and long-term attention is low (⭐⭐).