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after an announcement that the actual controller was "missing", chuangxing resources (600193) once hit the limit down for 5 consecutive days in 6 days. behind this is the fact that huaqiao holding group co., ltd. under yu zengyun is facing a repayment crisis.

huaqiao holding group owns six major platforms, including huaqiao fund, huaqiao asset and huaqiao wealth (hereinafter collectively referred to as the "huaqiao system"). this year, a fund-raising prospectus of the group shows that, as of now, the two fund managers under its umbrella have a total management scale of about 20 billion yuan and a stock asset scale of more than 7 billion yuan. after the collapse, investors also became rights defenders overnight.

recently, through field visits to multiple locations of the overseas chinese group and interviews with various stakeholders, securities times e-company reporters learned that in addition to yu zengyun, who was reported missing, yang yuxiao, president of overseas chinese holdings group, and yu hui, the actual controller of zhejiang yunfa cultural development co., ltd., a related partner, have also "lost contact". the capital situation of the "overseas chinese group" is shrouded in doubt.

the origin of the halo above the head

in recent years, against the backdrop of frequent redemption crises, the fact that overseas chinese holding group has been able to survive is not unrelated to the halo above its head.

the official website shows that huaqiao holding group was founded in 2013 and was renamed and approved in march 2018, with a registered capital of 238 million yuan. in addition to zhejiang yihua industrial co., ltd. under yu zengyun, its affiliated company guoyi investment management (shanghai) partnership, and china overseas chinese charity foundation, the group's equity structure once included china construction investment capital management (tianjin) co., ltd. (hereinafter referred to as "china construction investment capital").

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

qichacha shows that after china construction investment capital penetrates the equity, the upper-level shareholder is central huijin investment co., ltd.

in february 2017, china construction investment capital became a "new" shareholder of overseas chinese holdings group, holding 26% of the shares.

currently, the overseas chinese holdings group's official website shows that the group structure still includes china construction investment capital. however, qichacha shows that china construction investment capital withdrew from the list of shareholders in july this year.

in february 2017, in addition to the aforementioned china construction investment capital, the overseas chinese charity foundation became a new shareholder of the overseas chinese holdings group. as of now, the foundation still holds a 22% stake in the overseas chinese holdings group.

judging from public information, huaqiao holding group and china overseas chinese charity foundation have many intersections. yang yuxiao, president of huaqiao holding group, has served as a member of the all-china federation of returned overseas chinese for many years and is still one of the directors of china overseas chinese charity foundation. at the same time, relevant leaders of china overseas chinese charity foundation have also attended related activities organized by huaqiao holding group.

recently, the reporter called the public telephone number of the china overseas chinese public welfare foundation several times, but before he could explain the reason for the call, the relevant staff hung up the phone after hearing the words "overseas chinese foundation".

(screenshot of the 2021 audit report of the china overseas chinese charity foundation)

the 2021 annual audit report of the china overseas chinese public welfare foundation shows that according to the "equity holding and public welfare donation agreement", in 2021, the overseas chinese fund management co., ltd. has entrusted the foundation to hold 22% of the shares of overseas chinese holding group co., ltd., with a paid-in registered capital of 52.4326 million yuan; it has held 22% of the shares of overseas chinese commercial group co., ltd., with a paid-in registered capital of 68.5674 million yuan, totaling 121 million yuan. in 2022, the china overseas chinese public welfare foundation received a donation of 53.4326 million yuan from overseas chinese fund management co., ltd., of which 52.4326 million yuan was non-monetary donations.

the partner had fabricated a gold trade of 1.5 billion yuan

judging from the materials provided by investors, the underlying assets of the wealth management products issued by overseas chinese holding group involve "jinyun debt asset project" and "dingxin debt asset project".

according to the subscription agreement of "jinyun debt asset project no. 4" provided by an investor to the e company reporter, the product has a term of 12 months, the subscription amount starts from 1 million yuan, the performance benchmarks are 8.3%, 8.5% and 9.0% respectively, and the investment income is paid every 6 months.

the above product introduction shows that the total amount of accounts receivable generated by zhejiang yunfa culture development co., ltd. (hereinafter referred to as "yunfa culture") from the sale of gold products to beijing jinding international culture co., ltd. (hereinafter referred to as "beijing jinding") is 560 million yuan. yunfa culture agrees to transfer the receivables to zhejiang overseas chinese asset management co., ltd. for 500 million yuan.

(provided by investors of overseas chinese holdings)

what is the relationship between yunfa culture, beijing jinding and overseas chinese holdings? does the above-mentioned accounts receivable of 560 million yuan really exist?

recently, e-company reporters called the business registration telephone numbers of yunfa culture and beijing jinding respectively as investors of financial products. the people who answered the phone said that they were "not clear about the relevant situation." in addition, beijing jinding also said that "the actual controller of the company is being changed, but the procedure has not yet been completed."

according to the shareholder change records of qichacha, beijing jinding held a 30% stake in shanghai huaqiao gold jewelry co., ltd. from november to december 2019. during this short period of one month, zhao yibo, a natural person, served as the legal representative. at the same time, zhao yibo served as a supervisor of hangzhou huaqiao currency exchange co., ltd. in 2015.

in 2019, when beijing jinding was established, zhao yibo held 100% of its shares. in august 2024, there was a shareholder change, and zhao yibo's shareholding was reduced to 66.67%. at the same time, one of the three mobile phone contact information disclosed by beijing jinding is the same as the industrial and commercial registration number of shanghai yunfa industrial co., ltd. (yunfa culture's affiliate).

yunfa culture is located in shangyu, zhejiang. it is a wholly-owned subsidiary of zhejiang yunfa holding group with a registered capital of 118 million yuan and its actual controller is yu hui.

after the incident of huaqiao holdings, an investor went to investigate. the investor told the reporter, "recently, zhejiang yunfa culture development co., ltd. has been on holiday, and the boss yu hui has also 'lost contact'." at the same time, the shaoxing municipal government told the reporter, "currently, yunfa culture has stopped production, and no one in their company knows where yu hui has gone. the public security has taken measures to file a case for investigation and set up a special working group."

(provided by investors who visited zhejiang yunfa holding group)

zhejiang yunfa holding group has a registered capital of 150 million yuan, and its actual controller yu hui holds 51% of the shares. currently, yu hui's holding companies also include: zhejiang yunfa industrial investment co., ltd., jiangsu yunfa industrial investment co., ltd., zhejiang yunfa gold jewelry sales co., ltd., xinjiang yunfa gold technology co., ltd., etc.

according to qichacha, as of press time, the equity of zhejiang yunfa holding group and at least 10 of its holding subsidiaries have been frozen in recent days by the public security bureau or court of shangyu district, shaoxing city, and the public security bureau of urumqi, xinjiang.

in addition, in january 2024, jinlitai (300225) disclosed an "administrative penalty decision" which also involved yunfa culture.

the above-mentioned fine shows that it has been found that in may 2020, jinlitai established a wholly-owned subsidiary, shanghai jinlitai industrial development co., ltd. (hereinafter referred to as "jinlitai industrial"), which participated in the fictitious "gold trading business" led by zhejiang yunfa cultural development co., ltd. from may 2020 to july 2021, jinlitai industrial and downstream customers signed a total of 41 gold sales contracts with a total contract amount of 1.509 billion yuan. the subject of the trade is 1kg/piece, au9999 customized gold bars.

according to the results of the investigation initiated by the china securities regulatory commission, the above-mentioned business is under the name of trade, but in fact it is a financing business. jinlitai industrial signed purchase and sales contracts with upstream suppliers and downstream customers. the upstream and downstream are actually closed-loop by the relevant logistics and funds designated by yunfa culture. jinlitai industrial actually only fulfilled its obligation to advance funds and earned fees for the use of funds.

where did the money go?

after the "overseas chinese" repayment crisis was exposed, the outside world was paying close attention to how much money was involved and where did the money go.

according to the introduction of investors and the incomplete collection of materials by reporters, the "dingxin debt asset projects" currently in operation include no. 10 to no. 15, with a scale of about 300 million yuan each, plus the 500 million yuan of the above-mentioned jinyun debt asset project no. 4. the above two projects alone involve funds of about 2.3 billion yuan.

in addition, a dingxin debt asset project with a signature date of 2024 shows that as of now, the two fund managers under the overseas chinese holding group have a cumulative 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.

since the huaqiao group's repayment crisis occurred, investors have been going to the company to defend their rights. on the first floor of the building where the huaqiao group's hangzhou headquarters is located, the local relevant department has specially set up a "huaqiao holdings customer reception room".

(customer reception room of overseas chinese holdings)

on the afternoon of september 18, when the reporter rushed to the customer reception room of huaqiao holdings, he also met relevant staff from the hangzhou shangcheng district human resources and social security bureau. it is understood that three "huaqiao-related" companies, including huaqiao fund, have actually ceased operations. moreover, due to unpaid wages, some employees have already complained to the human resources and social security bureau.

where did the money of the huaqiao group go? it is unknown how much principal investors can receive. however, in recent years, yu zengyun has quietly built up a real industry, huaqiao business group, in addition to the financial sector, and has successively acquired new third board companies jiubianli (838883.nq) and chuangxing resources (600193).

the transaction announcement shows that in early november 2021, henan qiaohua commercial management co., ltd. (hereinafter referred to as "henan qiaohua"), owned by yu zengyun, acquired 29.8% of the shares of jiu convenience held by jiavio group for a total price of 298 million yuan, paid in cash.

subsequently, henan qiaohua became the actual controller of jiu convenience in march 2022 by increasing its holdings and signing the voting rights entrustment agreement. as of june 30, 2024, henan qiaohua holds 52.98% of the shares of jiu convenience. according to jiu convenience’s disclosure on september 10, henan qiaohua pledged more than 90% of its shares.

in january 2023, chuangxing resources 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, and the total transfer price is 545 million yuan. in march 2023, the equity transfer was completed and yu zengyun became the actual controller. as of now, the number of chuangxing resources shares held by zhejiang huaqiao industrial that have been pledged is 67 million shares, accounting for 65.9% of the company's shares held by it.

the offices of chuangxing resources and its indirect shareholder huaqiao commercial group are both located in building 2 of wuchan tiandi center, shangcheng district, hangzhou. on september 18, when the reporter went to the site for an on-site investigation, three security guards in the lobby on the first floor refused to let him in. the reporter called the secretary's office of chuangxing resources, and the staff said that the media could send questions to the company's email. however, as of press time, the reporter had not received a response to the relevant questions.

(chuangxing resources, overseas chinese commercial group office building)

other company personnel in the wuchan tiandi center park told reporters that since the huaqiao group's repayment crisis, they have seen uniformed police officers entering and leaving building 2 of the wuchan tiandi center many times.

in response, the announcement on september 20 showed that zhejiang huaqiao’s 100% equity in chuangxing resources was frozen by the court. the reason for the freeze was the notice of assisting in freezing property issued by the shangcheng district branch of the hangzhou public security bureau.