Former "Debt Collection Giant" Becomes "Debt Collections Target": Yongxiong Group Pursued by Changsha Bank for 34 Million Yuan Debt, Founder Sues Own Company in Same Month | DaYu Finance

Hunan Yongxiong, which once planned to go public in the U.S., is now facing debt collection. In March 2026, Yongxiong Group, now renamed Hunan Yongxiong Yubang Intelligent Technology Co., Ltd., was sued by Changsha Bank Jincheng Branch for unpaid loans, totaling over 34.72 million yuan in principal and interest. Just half a month after the bank’s lawsuit, founder Tan Man also filed a lawsuit against his own company, demanding repayment of 15.87 million yuan in loans.

The attached debt certificate shows that the company has confirmed its inability to repay, marking the beginning of liquidation for this group, which once employed over ten thousand people.

Core assets seized, Changsha Bank moves to judicial recovery

On March 10, 2026, Changsha Bank Jincheng Branch filed a lawsuit with the Yue Lu District People’s Court in Changsha. The complaint states that Yongxiong Group is required to repay the principal, interest, penalty interest, and other fees, totaling 34.7256 million yuan. This loan originated from a credit line agreement signed at the end of 2023 with a maximum limit of 40 million yuan. To obtain funds issued in early 2024, Yongxiong Group and its affiliates mortgaged almost all core assets.

These assets include 11 properties at the headquarters in Changsha High-tech Zone Chip City Science Park, as well as another related company, Changsha Yubang Software Development Co., Ltd., which has 9 properties in the Xinlingdi Apartment in Changsha mortgaged.

Additionally, founder Tan Man and his wife, Zhou Xiaofang, are jointly liable for guarantees. Zhou Xiaofang’s high-end residence in Changsha Xiangjiang Century City was also used as collateral. To buy more time for repayment, Yongxiong Group extended the deadline twice, pushing it to December 31, 2025, but still failed to repay the remaining principal. The lawsuit indicates that after partially repaying some principal, the company’s cash flow has been exhausted, external negotiations are impossible, and the case has officially entered judicial enforcement, with asset auctions being prepared.

Major shareholder sues own company, large post-debt costs drain cash flow

Under immense external debt collection pressure, founder Tan Man filed a lawsuit on March 23, demanding that Yongxiong Yubang repay 15.87 million yuan. The complaint reveals that this amount was mainly used since 2023 for handling company aftermath and legal rights protection expenses.

Looking back at Yongxiong Group’s development, in the first half of 2023, due to cross-province enforcement actions, over a hundred employees were taken away. The company then issued a suspension statement and announced withdrawal from collection activities in 2024. During this process, the company incurred high costs to lay off many employees, respond to legal proceedings, and maintain basic operations. The 15.87 million yuan loan from major shareholders was exhausted after covering these expenses, depleting the company’s last cash reserves.

Legal experts note that when a company faces multiple lawsuits, it is common for major shareholders to sue their own company through legal channels to confirm creditor rights, aiming to participate legally in the distribution of remaining assets in potential bankruptcy or restructuring.

Additionally, the complaint discloses that Yongxiong Group has undergone multiple name changes. The original “Hunan Yongxiong Asset Management Group Co., Ltd.” was changed to “Hunan Yongxiong Yubang Intelligent Technology Co., Ltd.,” and its related company “Hunan Weicheng Credit Risk Management Co., Ltd.” was renamed “Xinhua Weicheng Hotel Management Co., Ltd.” These operations have been interpreted as attempts to shed the “collection” label and align with more neutral industries like “technology” and “hotels.”

However, renaming did not change the substance of Yongxiong Group’s debts. An attached official stamped “Debt Certificate” submitted to the court shows that as of March 23, 2026, the company owed 15.87 million yuan, which it could no longer repay. This official document not only confirms the creditor rights of the major shareholder but also solidifies the fact that the company is insolvent.

Once rapidly expanded through collection services, Yongxiong Group now faces bank liquidation and lawsuits from major shareholders, with its business operations almost completely halted.