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from september 9 to 11, the share price of chuangxing resources (600193) fell to the limit for three consecutive days. this was not unrelated to the loss of contact with the actual controller of the company, yu zengyun.

on the evening of september 9, chuangxing resources announced that the controlling shareholder zhejiang overseas chinese industrial co., ltd. was unable to contact the company's actual controller yu zengyun.

securities times e-company reporter learned that yu zengyun's overseas chinese holding group has now become the target of investors' rights protection. the wealth management products issued by the group have exploded recently. also missing is yang yuxiao, the legal person, general manager and executive director of overseas chinese fund management co., ltd.

it is worth mentioning that the fundraising instructions of the explosive products mentioned china gold's subsidiaries in many places. however, whether it is true or not cannot be confirmed at present. the reporter learned that the financial products issued by overseas chinese holdings group have been exposed to fake seals.

live report: investors come to the scene to defend their rights

where did yu zengyun go? on the afternoon of september 11, a reporter from securities times e-company rushed to the hangzhou base of huaqiao holding group, which is owned by yu zengyun.

at the hangzhou headquarters of huaqiao holding group, the reporter saw that the large and small meeting rooms were crowded and noisy, and some people were walking back and forth in the company corridors. uniformed security personnel were maintaining order on the scene.

according to the reporter, they are all investors who bought related financial products of huaqiao holding group, and now they have become rights defenders. investors have been going to the hangzhou headquarters of huaqiao holding group to defend their rights since at least september 10.

it is understood that the financial products purchased by these investors from huaqiao holding group have recently reached the profit distribution date, but have not been redeemed as scheduled. therefore, investors have successively gone to the company to inquire about the reason. to their surprise, the boss yu zengyun has lost contact.

moreover, it is not just the actual controller yu zengyun who has lost contact. according to investors, yang yuxiao, president of overseas chinese fund, has also lost contact recently.

these investors who came to defend their rights gathered in groups of three or five, and each of them told their unfortunate experiences: some elderly people said that they invested all their assets, even their pensions, and kept it a secret from their children. some investors said that the funds they invested were not only their own, but also borrowed from relatives and friends. the amount of money these investors bought ranged from 1 million yuan to 3 million to 5 million yuan.

at the same time, the reporter also learned from the scene that the investors have reported the case to the hangzhou shangcheng district public security bureau. "at present, the government attaches great importance to this matter and has set up a special handling team," said the investor at the scene.

at around 7pm, when the reporter left, there were still three small meeting rooms with about 10 investors sitting in them. the investors who had left earlier said they would come back the next day.

is china’s gold involved?

according to the materials provided by the rights defender to the reporter, the financial product he purchased, dingxin debt asset project no. 15, has a scale of 300 million yuan, a product term of 12 months (period), and a subscription starting point of 1 million yuan. the performance benchmark (yield) is divided into three levels of 7.8%, 8.0% and 8.3% according to the size of the investment amount, and the income is distributed every six months.

the reporter found that this prospectus mentioned china gold in many places.

the prospectus shows that the underlying asset of dingxin debt asset project no. 15 is the accounts receivable debt of china copper (kunming) copper co., ltd. held by guohao huijin (the balance of the debt contract is 337 million yuan). the listing party guohao huijin will conduct a debt listing transfer transaction in gansu huitong at an amount not higher than 90% off (300 million yuan).

the delisting party is huaqiao asset management, which was entrusted by the contractual investors to acquire the receivables debt asset project product. the debt transfer funds are used by guohao huijin to pay the purchase funds entrusted by china gold franchisees to purchase from china gold jewelry (full name "china gold group gold jewelry (beijing) co., ltd."). china gold jewelry provides risk prevention and control for supply chain business by setting up a franchisee whitelist access mechanism and third-party credit reporting.

in addition, the prospectus shows that china gold jewelry (qichacha shows: 100% stake in listed company china gold) is the credit enhancement obligor. if the repurchase obligor guohao huijin fails to fully fulfill its obligation to repurchase in batches for each period, the credit enhancement obligor will perform its obligation to repurchase the product shares and attached rights held by investors within three working days after the investment income distribution date and maturity date of the product. the repurchase consideration will be used to pay the principal, income and related product expenses of the product.

this external fundraising prospectus also shows that as of now, the two fund managers under the overseas chinese holdings group have a total management scale of approximately 20 billion yuan, a stock asset scale of more than 7 billion yuan, and a total of 100 private equity fund products of various types that have been registered.

radish seal appears again

is china gold involved in this incident? on september 12, securities times e-company reporters called china gold several times, but no one answered the public phone. at the same time, according to the reporter's understanding, fake seals have appeared around the products of overseas chinese holdings group.

the company announced that "qiaoxing tianxia", a subsidiary of overseas chinese holdings group, was created by the company in conjunction with a well-known technical team with the strong support of the all-china federation of returned overseas chinese, overseas chinese holdings, china gold, china construction investment capital and other institutions to create a global one-stop boutique shopping platform for overseas chinese at home and abroad.

according to the materials provided to the reporter by the rights defender, yak technology (hangzhou) co., ltd., a subsidiary of overseas chinese holdings group, and zhongxin international financial leasing (shenzhen) co., ltd. signed a cooperation framework agreement.

the content of the agreement includes: yak technology grants zhongxin international financial leasing (shenzhen) co., ltd. a gold weight of [500kg] for exclusive use in gold leasing business and can be recycled. however, the official seal of zhongxin international financial leasing (shenzhen) co., ltd. was blurred in the signature of the agreement.

it is worth mentioning that the reporter noticed that the day after chuangxing resources revealed that yu zengyun was missing, zhongxin international financial leasing (shenzhen) co., ltd. issued an "anti-counterfeiting" notice.

on september 10, the official weibo account of zhongxin international financial leasing (shenzhen) co., ltd. published a "statement on the misuse of the official seal". the gold leasing app of qiaoxing tianxia signed the "qiaoxing tianxia-physical gold purchase agreement" and "qiaoxing tianxia-user gold purchase and leasing agreement". party c among the three parties to the contract is zhongxin international financial leasing (shenzhen) co., ltd., and it is stamped with the official seal of zhongxin international financial leasing (shenzhen) co., ltd.

zhongxin international stated that the company's business scope is financial leasing and leasing business. since its establishment, it has never carried out gold trading or gold leasing business, nor has it signed any gold trading or gold leasing related contracts. the above official seal is obviously different from the company's official seal and has no anti-counterfeiting code. the company has reported the case to the relevant authorities.

the six major platform funds have been fined many times

the reporter saw that the hangzhou headquarters of overseas chinese holding group displayed various honorary plaques, such as "financial institution trusted by zhejiang merchants", "excellent private equity fund brand", and "innovation and entrepreneurship base of the zhejiang federation of returned overseas chinese".

according to the external publicity materials of overseas chinese holding group, the company was founded in 2013 and its name change was approved in march 2018. it has a registered capital of rmb 238 million and was jointly established by central enterprises, overseas chinese-affiliated enterprises and overseas returnee entrepreneurial teams. it is committed to building a diversified holding group.

tianyancha shows that the legal representative of huaqiao holding group is yu zengyun, which was established in march 2016 with a registered capital of 238 million yuan. as of now, the shareholders include: china overseas chinese public welfare foundation, zhejiang yihua industrial co., ltd., and guoyi investment management (shanghai) partnership, holding 22%, 34% and 44% of the shares respectively. looking through the equity, yang yuxiao holds 99% of the shares of guoyi investment management (shanghai) partnership.

as of the end of 2023, huaqiao holding group has total assets of 575 million yuan and owners' equity of 106 million yuan. the total sales in 2023 is 0 yuan and the number of insured persons is 1.

the registered address of overseas chinese holding group is beijing, but its main base is in hangzhou.

at present, huaqiao holding group has 7 holding subsidiaries, including huaqiao fund management co., ltd., zhejiang huaqiao asset management co., ltd., and shanghai huaqiao gold and jewelry co., ltd., including six major platforms, including huaqiao fund, huaqiao wealth, huaqiao currency, huaqiao assets, huaqiao venture capital, and yak technology. except for shanghai huaqiao gold and jewelry co., ltd., the other 6 holding subsidiaries are all located in hangzhou, zhejiang.

(screenshot from the official website of overseas chinese holdings group)

according to the public announcement of the asset management association of china, huaqiao fund was established in 2014. the legal representative, general manager and executive director is yang yuxiao. the registered capital is 280 million yuan, there are 10 full-time employees, and the fund management scale ranges from 0 to 500 million yuan.

in the past three years, overseas chinese fund management co., ltd. was subject to administrative supervision measures such as issuing warning letters by the zhejiang securities regulatory bureau on december 25, 2023 and june 24, 2024.

the penalty announcement shows that yang yuxiao failed to perform his duties as a manager prudently and diligently during the inspection of the private equity business. some funds managed by the company did not obtain investors' income or asset certificates, and the registered information was untrue and inaccurate; he mixed the company's own property with fund property for investment activities; and some funds failed to disclose information to investors truthfully as agreed in the fund contract, among other violations.

capital map

the intersection between overseas chinese holdings group and a-shares can be traced back to at least six years ago.

in july 2018, fucheng holdings (600965) announced that the company had received a notice from its controlling shareholder, fucheng investment group co., ltd. and its persons acting in concert that the controlling shareholder intended to transfer its shares in the company to overseas chinese holdings group co., ltd. the transaction price and specific plan were not yet determined.

if the above-mentioned shareholder share transfer is completed, the controlling shareholder and actual controller of fucheng shares will change. however, the transaction will be terminated after one year.

in october 2019, fucheng co., ltd. announced that since it could not reach an agreement with overseas chinese holding group on the transaction price and transaction plan, after friendly negotiations, fucheng group and its joint actors decided to terminate the share transfer.

after failing to take over fucheng shares, yu zengyun did not give up his dream of getting involved in a-shares.

in january 2023, chuangxing resources (600193) announced that zhejiang huaqiao industrial co., ltd. intends to acquire a total of 102 million shares from related parties, accounting for 23.9% of the company's total share capital, at a transfer price of 5.36 yuan per share, with a total transfer price of 545 million yuan. after the transaction is completed, the controlling shareholder will be changed to huaqiao industrial and the actual controller will be changed to yu zengyun.

yu zengyun does not hold any position in chuangxing resources and does not participate in the company's daily operations and management activities. financial report data shows that in 2023, chuangxing resources achieved operating income of 130 million yuan and a net profit of -21.1352 million yuan; in the first half of 2024, the company achieved operating income of 37.4925 million yuan and a net profit of -6.9194 million yuan.

it is worth mentioning that in this “lost contact” announcement, chuangxing resources stated that this incident may have an impact on the company, including the risks caused by the company’s shares being pledged.

as of now, the total number of shares pledged by zhejiang huaqiao industrial co., ltd. in chuangxing resources is 67 million shares, accounting for 65.9% of the company's shares. if the pledged shares are disposed of due to its debt problems in the future, it may affect the stability of the company's equity structure.

following the loss of contact with the actual controller yu zengyun, on september 12, chuangxing resources announced that the company had recently received a written resignation report submitted by sang he, the company's vice president and secretary of the board of directors.

in addition to the a-share listed company chuangxing resources, yu zengyun also owns the neeq-listed company jiu convenience (838883.nq). as of june 30, 2024, yu zengyun holds a 52.98% stake in jiu convenience through his subsidiary henan qiaohua commercial management co., ltd.

jiu convenience is an offline physical store and online internet platform, with 20-minute instant delivery as its core liquor retail business. according to data, in the first half of 2024, jiu convenience achieved operating income of 951 million yuan and net profit of 11.3663 million yuan.

on september 10, the day after the announcement of yu zengyun's loss of contact, everbright securities, the lead underwriter of jiubianli, issued a risk warning that the company's controlling shareholder, henan qiaohua commercial management co., ltd., has been unable to contact yu zengyun, the actual controller of the company. henan qiaohua commercial management co., ltd. has pledged more than 90% of its shares. if the shares pledged by the controlling shareholder are exercised, it may lead to changes in the company's controlling shareholder or actual controller.