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police notice posted outside the haiyin financial center

china times (www.chinatimes.net.cn) reporter geng qian photographed the report in shanghai

"you are interested in the interest, while others may be interested in your principal." this sentence is the most appropriate warning to investors affected by haiyin wealth management co., ltd. (hereinafter referred to as "haiyin wealth").

at the end of last year, after haiyin wealth collapsed due to a repayment crisis, the incident has made the latest progress. on the morning of september 11, 2024, the fengxian branch of the shanghai public security bureau issued a police report, filed a case for investigation into haiyin wealth's suspected illegal fundraising crimes in accordance with the law, and took criminal compulsory measures against han moumou, han mou, wang mou and other criminal suspects. this also means that the "financial empire" of the han father and son of haiyin wealth has completely collapsed.

is haiyin wealth still in business? on september 12, a reporter from the china times went to the address of haiyin wealth, which boasted on its official website that it was "established in the core area of ​​lujiazui, shanghai" - haiyin financial center, no. 8 yincheng middle road, pudong new district, shanghai. the reporter saw at the scene that the company had long gone, and the prominent sign "haiyin financial holding group" outside the building had been completely removed. only the empty building signs and indelible gray marks told of the former glory of this place.

"haiyin wealth moved out of here at the end of last year, and the sign outside the building was taken down at that time." relevant staff of haiyin financial center revealed to the reporter of "huaxia times" that the case involving the company has been transferred to shanghai fengxian economic investigation bureau. for specific details, please refer to the announcement outside the gate.

the case was filed for investigation and the company lost contact

a police report officially announced that haiyin wealth was under investigation for suspected illegal fund-raising crimes.

on the morning of september 11, the fengxian branch of the shanghai public security bureau issued a notice stating that it had filed a case against haiyin wealth for suspected illegal fund-raising crimes and taken criminal compulsory measures against han moumou, han mou, wang mou and other suspects. in order to fully investigate the case and make every effort to recover the stolen money and losses, investors are requested to report the case online, by phone, by mail, and in person. at present, the public security organs are fully collecting evidence of the crime, and are making every effort to promote the investigation of the case, the recovery of stolen money and losses, and other work to protect the rights and interests of investors to the greatest extent.

after the incident, the reporter of china times tried to contact haiyin wealth, but failed to get through the service phone number provided on its official website or the front desk phone number written in the company's annual report last year. at the same time, at 4 pm on september 12, this reporter contacted its manual customer service through the online dialogue window provided by haiyin wealth's official website, and the dialog box kept showing "it is now the manual customer service off-duty time, you can transfer to manual consultation during working hours." upon inquiry, haiyin wealth's national customer service hotline and manual online service hours are 9:00-19:00 on statutory working days.

all online contact methods failed to work, so is haiyin wealth still in business? to further confirm, on september 12, a reporter from china times went to haiyin financial center, no. 8 yincheng middle road, pudong new district, shanghai. the prominent signs "haiyin financial holding group" outside the building had been removed, leaving only the empty building signs and indelible gray marks.

the haiyin financial center, whose logo has been removed

outside the gate of haiyin financial center, a reporter from the china times saw that the police bulletin issued by the fengxian branch of the shanghai public security bureau on september 11 was posted in a prominent position at the main entrance of the building.

han's father and son were placed under criminal control

the online phone call was unreachable, and the offline company had already left lujiazui. this seemed to confirm the rumor on september 10 that "more than 20 senior executives of haiyin wealth, including han hongwei, han xiao, and han hongwei's wife, wang pei, chairman of the haiyin public welfare foundation, were arrested because haiyin wealth was suspected of illegal fundraising."

it is worth noting that the criminal suspects han moumou and han mou, who were subject to criminal coercive measures in the police report, are suspected to be han hongwei and his son han xiao, the actual controllers of haiyin wealth.

tianyancha information shows that han hongwei is the beneficiary of haiyin wealth's controlling shareholder, haiyin holdings group co., ltd. (hereinafter referred to as "haiyin holdings"), and he holds 99% of haiyin holdings' shares. his son han xiao is the beneficiary of shanghai guijiu enterprise development co., ltd. (hereinafter referred to as "guijiu enterprise"), the largest shareholder of shanghai guijiu co., ltd. (hereinafter referred to as "yanshi shares"), and he holds 99% of guijiu enterprise's shares. at the same time, from july 2015 to july 2017, han xiao was a shareholder of haiyin holdings, and his shareholding ratio was 20% when he withdrew.

after criminal coercive measures were taken against han xiao, yanshi co., ltd. issued an announcement that evening. on the evening of september 11, yanshi co., ltd. admitted in the announcement that according to the police report, after verification, criminal coercive measures had been taken against han xiao, the actual controller of the company, because haiyin wealth was suspected of illegal fund-raising crimes. han xiao was temporarily unable to perform the duties of the company's chairman, general manager and secretary of the board of directors.

the cause of the incident originated at the end of last year. at that time, haiyin wealth, known as the "third largest wealth management company in china", had a repayment crisis. on december 14, 2023, haiyin holdings announced on nasdaq that some asset-backed products previously distributed by the company had redemption problems, and the asset management of these products could not reach an agreement with relevant customers on deferred repayment. although the company is only a distributor of these asset-backed products, customers are now asking the company to repay. the announcement also stated that haiyin has established a special investigation committee composed of senior executives to oversee the internal investigation. it is still in the early stages and the company will promptly release major progress in the investigation.

haiyin wealth also announced in its official wechat public account that "due to the impact of the economic downturn, the project has been delayed." on december 17, 2023, haiyin wealth's official wechat public account issued an announcement on the product redemption plan, saying, "at present, according to the latest regulatory policies and industry guidelines, haiyin wealth has taken the initiative to withdraw and sort out the existing business. the relevant plan will be given to everyone before the end of the month."

it is understood that most of the products involved in the delay were non-standard fixed-income products, and the redemption of standardized products such as cash products was not affected. most of these businesses have an annualized yield of 7%-10%, and the underlying assets are mostly invested in real estate projects or accounts receivable projects of multiple supply chain companies.

as time goes by, the public begins to understand that this incident may not be simple. according to statistics, the issuance time of haiyin wealth's existing wealth management products is basically after 2022, and the scale of assets involved may exceed 70 billion yuan. in addition to the huge amount involved, haiyin wealth, which was established in 2006, also has a large number of users. according to the financial report data of the controlling shareholder haiyin holdings for the 2023 fiscal year, as of june 30, 2023, haiyin wealth has 185 wealth management centers in 91 cities across the country, 1,749 financial planners, and more than 46,000 active customers.

with further exposure, haiyin wealth's capital game surfaced. haiyin wealth manipulated dozens of shell companies to build a huge fund pool of 70 billion yuan; forged investment projects, and the underlying assets invested in were seriously mismatched with the prospectus; raised funds through sales through more than 170 branches across the country, involving a large amount of accounts receivable and municipal investment debts; wealth management products were registered and filed through "fake financial exchanges", and the whereabouts of most of the raised funds were unknown. these behaviors have been widely controversial.

maximum sentence of life imprisonment

in fact, haiyin wealth had a precedent of delayed repayment earlier. past information shows that in may 2020, the "wuniu shanghai zhongcheng international building private equity investment fund" was overdue, and investors said that they could only get back 9% of the product principal, and the rest was postponed to february 20, 2021. at that time, haiyin wealth stated that the liquidation plan for this series of products had been initiated before the expiration date, and there was no violation of the fund contract regarding fund management or fund liquidation.

"haiyin wealth is suspected of illegal fund-raising crimes, which are divided into two categories: illegal absorption of public deposits and fund-raising fraud. fund-raising fraud means taking investors' money for one's own use, which is more serious than illegal absorption of public deposits and is punishable by life imprisonment at most," song youguo, a lawyer at shanghai guoshi law firm, emphasized to the china times reporter.

what lessons can investors learn from the haiyin wealth incident?

in the view of sun enxiang, the project leader of paipai.com wealth partner, investment is risky and investors need to be cautious when entering the market. he told the reporter of china times that when investors purchase financial products, they must first ensure that the products are legal and compliant. they can log on to the official website to verify the information such as the institution, the members in office, and the product filing status; second, they must pay attention to the company's official website and call the official phone number for verification when necessary; third, they must carefully read the product contract and refuse the supplementary agreement of "guaranteeing principal and profit"; fourth, they must fully understand the institution's filing information and its compliance status, so as to effectively identify potential risks and hidden dangers; in addition, investors should try to invest in funds from institutions with fund sales licenses, so as to obtain professional advice from professional institutions.