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on september 11, the hangzhou headquarters of huaqiao holding group was crowded with rights defenders.most of them purchased financial products under the overseas chinese holdings group, but in recent times, these products and their returns have encountered difficulties in redemption.

yu zengyun, the second largest shareholder and legal representative of huaqiao holding group, is also the actual controller of the listed company chuangxing resources (600193.sh). on the evening of september 9, chuangxing resources announced that the company received a notice letter from the controlling shareholder huaqiao industrial on the same day.unable to contact the company's actual controller yu zengyunchuangxing resources said that apart from the above information, the company was not aware of any other relevant information about yu zengyun.

once the news of yu zengyun's disappearance was confirmed, investors who had purchased financial products under huaqiao holdings group became anxious and began to go to the company's headquarters to ask for an explanation; investors in chuangxing resources also reacted strongly to this.from september 9th to september 11th, chuangxing resources hit the daily limit for three consecutive days.

on september 13, chuangxing resources continued to fall by 9.96%, closing at 2.26 yuan per share, and the total market value shrank to 961 million yuan.

3 parties involved have reported the case

yu zengyun was born in january 1978 and graduated from hangzhou business college with a bachelor's degree in business administration in 2003. in addition to being the actual controller of chuangxing resources, his main identity is a big shot in the investment industry.it has many years of experience in private equity and industrial investment, and owns a number of fund management and asset management companies.

according to the information, yu zengyun is currently the executive director and manager of jiaguo asset management co., ltd., the executive director and general manager of zhejiang yihua industrial co., ltd.,executive director and manager of overseas chinese holdings group co., ltd., executive director and general manager of overseas chinese commercial group co., ltd.

among them, through henan overseas chinese investment co., ltd. under jiaguo asset management,yu zengyun also indirectly holds 49.46% of the shares of jiu convenience, a company listed on the third board, and is the actual controller of jiu convenience.

as for chuangxing resources, yu zengyun also holds shares indirectly through jiaguo asset management.

specifically, in january 2023, chuangxing resources announced that huaqiao industrial, a subsidiary of jiaguo asset management, plans to spend 545 million yuan to acquire a total of 102 million shares from related parties, accounting for 23.9% of the company's total share capital. after the transaction is completed, the controlling shareholder will be changed to huaqiao industrial and the actual controller will be changed to yu zengyun.

chuangxing resources did not mention the reason why yu zengyun lost contact, but it stated in the announcement:the 67 million shares held by yu zengyun are pledged, accounting for 65.9% of the shares he holds and 15.75% of the company's total share capital.the pledgees of huaqiao industrial shares are mostly banks, and the pledged funds are mostly used to supplement working capital; everbright securities, the lead underwriter of jiu convenience, also pointed out that of the approximately 39.8 million shares of jiu convenience held by henan qiaohua, 38.3121 million shares have been pledged, with a pledge ratio of 96.26%.

on the other hand, the overseas chinese holding group, of which yu zengyun is the legal representative, is also not at peace. according to a report by securities times e-company under securities times,the overseas chinese holding group has now become the target of investors' rights protection. the wealth management products issued by its subsidiaries have exploded recently. also missing is yang yuxiao, the legal person, general manager and executive director of overseas chinese fund management co., ltd.

equity penetration shows that yu zengyun is also the second largest shareholder of overseas chinese holding group, with a shareholding ratio of 30.94%.

source: qichacha

the official website shows thatoverseas chinese holding group has six major business segments: overseas chinese fund, overseas chinese wealth, overseas chinese currency, overseas chinese assets, overseas chinese venture capital, and yak technology.among them, overseas chinese fund management co., ltd. was taken administrative supervision measures by the zhejiang securities regulatory bureau to issue warning letters on december 25, 2023 and june 24, 2024.

the penalty announcement shows that yang yuxiao, the legal person, general manager and executive director of overseas chinese fund management co., ltd., failed to perform his duties as a manager prudently and diligently during the inspection of 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; the company mixed its 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.

source: overseas chinese holdings group official website

recently, the yak technology sector also encountered problems, according to the daily economic news:many investors who purchased huaqiao holdings group's related financial products through yak technology did not receive their financial returns as scheduled on the profit distribution date., so they came to the hangzhou headquarters of overseas chinese holding group one after another to defend their rights.

specifically, yak technology once launched a mobile app called "qiaoxing tianxia". some investors bought physical gold through qiaoxing tianxia but did not withdraw it.through yak technology, gold is leased to zhongxin international for business use, and investors earn investment income from itaccording to the daily economic news, based on the authorized lease period, investors can choose from five options: 30 days, 90 days, 180 days, 270 days and 360 days, and the corresponding basic annual return rate increases with the length of time. based on the information displayed on the app at 8 pm on september 11, the basic annual return rates corresponding to the above five options were 5.2%, 6.3%, 6.8%, 7.0% and 7.3% respectively.

in,zhongxin international is a financial leasing platform in which china national gold group (600489.sh) has a stake. china national gold group hong kong limited, china national gold group and china national gold group asset management co., ltd. hold 45%, 40% and 15% of the shares respectively.

source: qichacha

however, after chuangxing resources announced that its actual controller yu zengyun was missing,on september 10, zhongxin international released a statement on its official weibo account, urgently severing its cooperative relationship with qiaoxing tianxia.

zhongxin international said, "our company's business scope is financial leasing and leasing business. since its establishment, we have never carried out gold trading or gold leasing business, nor have we signed any gold trading or gold leasing related contracts. the above-mentioned official seal (the gold purchase agreement signed between qiaoxing tianxia and investors) 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.”

source: zhongxin international official weibo

according to the securities times e-company report,investors of huaqiao holding group’s wealth management products have reported the case to the hangzhou shangcheng district public security bureau.. the daily economic news reported that at 22:00 on september 7, due tothe overseas chinese fund team was unable to contact yang yuxiao, and the remaining team members chose to report the case for "illegal fund-raising". the economic investigation bureau has now intervened.

judging from the current situation, the financial products of huaqiao holding group collapsed. investors reported the case, the group staff reported the case, and zhongxin international, which claims to provide investment products, also reported the case. the major shareholder of huaqiao holding group, yang yuxiao, and the second largest shareholder, yu zengyun, have both lost contact. therefore, yu zengyun's chuangxing resources and jiubianli, as companies listed on the capital market, disclosed information as required. a "mess" was thus pushed to the public.

chuangxing resources may face st

as for chuangxing resources itself, while the actual controller lost contact, the company also stated in the announcement thatdue to poor performance, if the company's annual financial indicators cannot be effectively improved by the end of 2024, chuangxing resources' stock will be at risk of being issued a delisting risk warning.

in 2022, the main business of chuangxing resources still includes interior decoration, infrastructure engineering, construction visualization design services, project supporting product sales and some curtain wall engineering, door and window engineering, etc. however, due to the situation of upstream industries such as the real estate industry and tourism and the influence of social environmental factors in the past few years, the construction decoration industry has generally been under pressure. therefore, the company's performance was not good. during the reporting period, the operating income was 264 million yuan, a year-on-year decrease of 61.81%, and the net profit attributable to the parent was 6.2248 million yuan, a year-on-year decrease of 68.59%.

after yu zengyun took over as the actual controller of the company in 2023, although he was no longer employed by the company, chuangxing resources began to promote the transformation from the field of architectural decoration to the field of digital economy industry. however, in the early stage of the transformation, the company's performance was still poor. in 2023, chuangxing resources achieved operating income of 130 million yuan, a year-on-year decrease of 50.58%; the net profit attributable to the parent company was a loss of 21.14 million yuan, a year-on-year decrease of 439.53%.

in the first half of 2024, the business structure of chuangxing resources mainly includes architectural decoration business, mobile information service business and computing power service business. in particular, in the process of laying out the digital economy industry, the company clearly identified the latter two as the dual driving forces of the company's strategic transformation.

to this end, chuangxing resources has established a professional and stable technical r&d team with deep professional knowledge and rich practical experience in the fields of mobile information services and computing services. the company has also established close cooperative relations with well-known domestic universities to strengthen technical exchanges and industry-university-research transformation.

however, in the first half of the year, chuangxing resources' computing power service business has not yet achieved operating income; the company's construction and decoration business is still mainly focused on fulfilling existing projects.

therefore, from the performance point of view, in the first half of the year, the overall business revenue of chuangxing resources was only about 37.4925 million yuan, a year-on-year decrease of 50.77%; the net profit attributable to the parent was a loss of 6.9194 million yuan, a year-on-year decrease of 410.46%.

in the announcement, chuangxing resources stated that if the company's annual financial indicators cannot be effectively improved by the end of the year, according to the relevant regulations of the shanghai stock exchange, the lower of the audited total profit, net profit or net profit after deducting non-recurring gains and losses will be negative and the operating income will be less than 300 million yuan, the company's stock will be at risk of being issued a delisting risk warning.

chen's father and son cashed out and left, and the new owner lost contact

what is the future of chuangxing resources?

actuallychuangxing resources has been in the capital market for 25 years. since its listing, the company has changed its name four times.: xiamen dayang, chuangxing technology, chuangxing real estate, chuangxing resources.every name change is accompanied by a change in the company's main businesseven before yu zengyun, the actual controllers of the company have always been chen rongsheng and his son chen guanquan.

chuangxing resources was founded by chen rongsheng in 1992. at that time, the company was still called xiamen dayang industrial. to catch up with the era of rapid development of the capital market, chen rongsheng began to prepare for listing in 1996 and acquired companies everywhere. it only took three years. in 1999, xiamen dayang successfully landed on the shanghai stock exchange. at that time, the company's main business was grilled eel processing, aquaculture, and quick-frozen vegetable processing and export.

however, due to the downturn in the grilled eel processing industry, the company's performance changed drastically one year after its listing, so chen rongsheng quickly led the company to transform and focus its business on real estate development. the effect was immediate, and in 2000 the company's net profit increased by 28% year-on-year, of which the real estate development business contributed 71% of the profit.

in 2001, chen rongsheng expanded the company's business scope to the technology field and changed the name to innovation technology. however, the dual-track status made the company's performance mediocre. after seeing the rapid development of the real estate industry, chen rongsheng decided to focus all his energy on the real estate industry in 2007, so he changed the name to chuangxing real estate. unfortunately, just after the name change, the real estate industry was regulated and the domestic real estate market cooled down. chuangxing real estate's real estate revenue fell by 30% year-on-year that year.

chen rongsheng did not insist, but continued to seek transformation and extended his tentacles to the iron ore field. after he led the company to acquire two mining companies, in 2011, the sales revenue of iron ore powder, one of the company's main businesses, exceeded that of real estate, and the company was renamed chuangxing resources.

however, the good times did not last long. as the global iron powder price continued to fall, the company's performance cooled down, so the company sold its iron ore assets and began to get involved in the construction and decoration materials industry in 2015. it was not until the new actual controller took over that it continued to transform into the digital economy industry.

however, while the transformation continues,the founders, chen rongsheng and chen guanquan, are also selling off their company shares bit by bit, continuously reducing their holdings to cash out.until january 2023, when the then controlling shareholders xiamen parkview, zhangzhou dayang and xiamen bona agreed to transfer 23.9% of their shares to zhejiang overseas chinese industry,chen rongsheng and his son cleared out their shares and left, and yu zengyun became the new actual controller of chuangxing resources.

the new actual controller has just taken over chuangxing resources for more than a year. although he is no longer employed by the company, after he took over, chuangxing resources has also been actively transforming to embrace the digital economy industry, which has a larger potential.now that the actual controller has suddenly lost contact, can chuangxing resources, which is losing money, revive? let's talk about it in the comments section.