"Xiangyuan Group" financial products overdue, three affiliated companies respond urgently

China Fund Reporter Taylor

Hello everyone, the overdue event involving “Xiangyuan Group” financial products continues to escalate, with three listed companies under its umbrella issuing urgent announcements to “cut ties.”

On the evening of December 7th, Xiangyuan Cultural Tourism announced that media reports had surfaced regarding the financial products indirectly controlled by Xiangyuan Holdings, the company’s actual controller, which involved some overdue payments and drew investor attention.

The company has verified the relevant matters with Xiangyuan Holdings and the company’s actual controller and conducted a self-inspection. To prevent false information from misleading the market and to protect investors’ legal rights, the following statement is made:

1. Financial products involving cooperation projects with Xiangyuan Holdings’ real estate on a certain platform have experienced some overdue payments. Xiangyuan Holdings and the company’s actual controller bear joint guarantee responsibilities for these payment obligations. Xiangyuan Holdings and the company’s actual controller are currently communicating with relevant parties to handle the specific overdue payments.

2. The financial products involved in this incident are unrelated to Xiangyuan Cultural Tourism and its subsidiaries, whether holding or participating. Xiangyuan Cultural Tourism does not assume any repayment or guarantee obligations, nor has the company provided guarantees or credit enhancement for any financial investment products.

3. The company’s current production and operations are normal. The management team commits to adhering to the “Corporate Governance Guidelines,” ensuring independence from the controlling shareholders and actual controllers in terms of assets, personnel, finance, organizational structure, and business.

Additionally, two other listed companies under Xiangyuan Holdings, Jiao Jian Shares and Haichang Ocean Park, have issued similar announcements.

The overdue event mentioned by the three listed companies refers to the “Zhejiang Financial Asset Exchange Center” (Zhejiang Jin Center) repayment crisis. Recently, many investors posted on social media that some financial asset income rights products traded on the Zhejiang Jin Center platform failed to be paid upon maturity.

Previously, investors could purchase certain “income rights products” through Zhejiang Jin Center, expecting to earn a certain return (for example, advertised yields of about 4% to 5%), attracting those seeking stable financial management.

This time, a batch of financial products guaranteed by Xiangyuan Holdings Group, sold on the Zhejiang Jin Center platform and maturing at the end of November 2025, failed to pay principal and interest to investors on time, resulting in overdue payments.

It is worth noting that at the end of October 2024, Zhejiang Jin Center’s financial asset trading business qualification was revoked.

The Zhejiang Provincial Financial Regulatory Bureau announced that Zhejiang Financial Asset Exchange Center Co., Ltd. (Zhejiang Jin Center) would no longer hold the qualification for financial asset trading. “From the date of this announcement, our province will no longer have financial asset trading venues. The cancellation of Zhejiang Jin Center’s financial asset trading qualification does not affect the company’s lawful handling of its legal relationships, nor does it affect its ongoing responsibility for existing business disposal; it does not affect the financing entities of existing businesses from continuing to fulfill their obligations to pay on time as per the contract.”

(Edited by: Wen Jing)

Keywords: Xiangyuan Group