news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

"i have saved my money for more than ten years. it is very safe. i didn't expect that i would not be able to withdraw the money now."

"a cleaning lady in the company even borrowed hundreds of thousands of yuan from relatives and friends to invest in it."

“can i get my money back?”

recently, zhejiang xinhu group co., ltd. (hereinafter referred to as "xinhu group"), a well-known private enterprise, was exposed to a major trust crisis. it is understood that the trust products promoted by the company in the name of "employee benefits" failed to be redeemed as scheduled, involving an amount of up to 4.6 billion yuan, and the money invested by thousands of employees and their relatives and friends was lost.

it is worth mentioning that the company’s founders are the couple huang wei and li ping, who were once on the hurun rich list, ranking higher than wang jianlin and surpassing zong qinghou to become the richest man in zhejiang.

1

4.6 billion "employee benefits" exploded,

previously, employees were encouraged to subscribe

new wave reporters learned that xinhu group has used "employee benefits" as a gimmick for many years to encourage employees to invest in company-customized trust products. many employees invested a lot of money based on their trust in the group and its founder huang wei.

according to china news weekly, since 2012, xinhu group's subsidiaries have encouraged employees to purchase company-customized trust products issued by huaxin trust in the name of "welfare products", which are open twice a year, either for continued use or for repayment of principal and interest upon maturity. investors' one-year, two-year, and three-year yields are 10%, 11%, and 12%, respectively, with occasional fluctuations. this model operated for 12 years, but it was completely shut down in 2024.

in june this year, two trust products of huaxin international trust co., ltd. (hereinafter referred to as "huaxin trust"), the issuer of trust products, suddenly collapsed, and the principal and expected returns could not be redeemed on time, causing panic among employees.

according to representatives of xinhu employee investors, on the eve of the trust liquidation, xinhu group was still calling on employees to subscribe, "the product terms are 12 months and 24 months respectively, and the expected rates of return are 9%/year and 10%/year respectively", and "the deadline for new subscription payments is june 6, 2024".

regarding the difficulty in trust repayment, xinhu group attributed the problem to lack of funds. on july 10, xinhu group sent a letter to the group's labor union saying: "in early june this year, due to the impact of unexpected events, the company encountered greater liquidity difficulties and failed to transfer funds to your union in a timely manner, resulting in the inability to repay the investment funds of huaxin trust products in june and november 2024 in a timely manner."

according to the first financial news, the victimized employees have been continuously reporting the problems to the relevant departments in recent times and have had multiple rounds of negotiations with xinhu group, but xinhu group has not provided a feasible solution; while huaxin trust informed them that the product has been liquidated.

according to the credit confirmation notice, as of july 15, huaxin trust·xinhu group single fund trust still had 3.1318 billion yuan and expected income not paid; huaxin trust·xinyuan no. 5 collective fund trust still had 1.5493 ​​billion yuan of principal and expected income not paid. in this way, the total amount of money that could not be withdrawn was as high as 4.6 billion yuan.

2

the crisis stems from equity disputes.

seeking solutions

in response to the explosion, huang wei, founder of xinhu group, said that the crisis stemmed from the equity dispute of xinjiang yihua mining, which led to the company's tight capital chain. he admitted that his investment in xinjiang yihua mining was also hit hard, and assets worth about 20 billion yuan were at risk. currently, xinhu group is seeking a solution, but there is no clear solution yet.

according to tianyancha app, zhejiang xinhu group co., ltd. was founded in november 1994 with a registered capital of rmb 347.57 million and its legal representative is huang wei.

at the same time, tianyancha app shows that as early as 2006, xinhu group held 41.075% of the shares in xinjiang yihua mining co., ltd. (hereinafter referred to as "xinjiang yihua mining") through its subsidiary beijing huayi loncin trading co., ltd. (hereinafter referred to as "beijing huayi"), and subscribed for capital contribution in 2010. however, this part of the equity was pledged in 2022, and then beijing huayi was frozen by the tianmen municipal people's court of hubei province, and xinjiang yihua mining was frozen by the hangzhou intermediate people's court of zhejiang province, with the equity amount of 41.075 million yuan.

in addition, new wave reporters found that huang wei owns more than 57% of xinhu group's shares, while his wife li ping owns 24.71% of the shares.

it is worth noting that huang wei accumulated huge wealth in the stock market and futures market in his early years, and built the "xinhu group" by getting involved in real estate, finance and other fields. he once ranked fifth on the hurun rich list with a net worth of 30 billion yuan, ahead of wang jianlin, and surpassed zong qinghou to become the richest man in zhejiang.

however, the storm was brewing, and the glory was gone. the explosion incident pushed xinhu group to the forefront again. not only did the employees of xinhu group suffer heavy losses, but it also aroused widespread social concern about the risks of trust products of private enterprises. many employees said that they originally thought that this was a stable benefit provided by the company, but they did not expect to fall into such a predicament.

at the same time, many netizens also expressed their own opinions: "employee welfare trusts should have been employees' 'insurance money', but now they have become 'debt collection'. companies should reflect on how to protect the rights and interests of employees, rather than turning employees into 'creditors' and losing their trust and support." as for the frequent investment company explosions, some netizens complained: "since last year, i have always seen hundreds of millions of dollars in explosions."

today, xinhu group has acknowledged the employees' claims and said it will do its best to resolve the overdue trust issue. however, the company has not yet given a clear answer on how to resolve this huge debt. this crisis not only tests xinhu group's ability to respond, but also reminds investors to carefully assess risks when choosing trust products.