Xiangyuan Holdings' financial products face a repayment crisis; three listed companies urgently distance themselves from the issue

Reporter Feng Hao Source: Economic Information Daily

Recently, several financial asset income right products listed on the platform of Zhejiang Financial Assets Exchange Co., Ltd. (hereinafter referred to as “Zhejiang Jin Center”) issued by Xiangyuan Holding Group Co., Ltd. (hereinafter referred to as “Xiangyuan Holding”) have experienced delayed payment and redemption, drawing widespread market attention. On the evening of December 7, three listed companies under Xiangyuan Holding Group—Jiaojian Co., Ltd. (603815.SH), Xiangyuan Culture & Tourism (600576.SH), and Haichang Ocean Park (02255.HK)—urgently issued announcements, each emphasizing that the overdue products have nothing to do with the listed company or its participating or controlling subsidiaries.

An announcement released by Jiaojian Co., Ltd. on December 7 shows that, regarding the relevant matters, the company verified with Xiangyuan Holding and the company’s actual controller and conducted a self-check.

Jiaojian Co., Ltd. stated that, for a financial product issued on a certain platform involving a financial assets-related cooperation project with Xiangyuan Holding’s real estate, there are some cases of delayed payment and redemption. Xiangyuan Holding and the company’s actual controller assume joint and several liability guarantee responsibilities for the above repayment obligations. Xiangyuan Holding and the company’s actual controller are currently communicating and handling the specific circumstances of the delayed payment and redemption with the relevant parties.

The financial products involved in this incident are not related to Jiaojian Co., Ltd. or its participating or controlling subsidiaries. Jiaojian Co., Ltd. does not assume any redemption or guarantee obligations, and the company has not provided any guarantee or credit enhancement for the redemption of any financial wealth management products.

The company’s current production and operations are all operating normally. The company’s management has committed to comply with the “Guidelines for Corporate Governance of Listed Companies,” ensuring independence from the controlling shareholder and actual controller in areas such as assets, personnel, finance, institutions, and business.

On the same day, Xiangyuan Culture & Tourism and Haichang Ocean Park also issued announcements to make statements.

According to reports, on December 5, Shen Baoshan, executive president of Xiangyuan Holding, said in response to investors’ questions that, at present, there are about 2 to 3 products that have not been redeemed upon maturity. The yield for an investor who purchases a product may be 4% to 5%. The yield for the Zhejiang Jin Center platform is 4% to 5%, and the company’s financing cost is about 8% to 9%.

It is worth noting that the Zhejiang Jin Center’s qualification for financial assets exchange business was canceled last October. A public notice from the Zhejiang Provincial Department of Local Financial Regulation shows that, starting from the date of announcement (October 31, 2024), Zhejiang no longer has any financial-asset-related trading venues. In addition, after the cancellation of Zhejiang Jin Center’s qualification for financial assets exchange business, it does not affect the company’s legal obligation to properly assume the legal relationships it should bear, and it continues to assume the market entity responsibility for disposing of existing businesses. It also does not affect the existing business financing subjects continuing to assume responsibilities such as timely redemption in accordance with the contract.

Xiangyuan Holding’s official website shows that the company was founded in 1992, is registered in Shaoxing, Zhejiang Province, and its legal representative is Yu Faxian. The company is a leading enterprise in the culture and tourism sector, primarily guided by cultural tourism investment, construction, and operations. It mainly has three business segments: culture and tourism, infrastructure construction, and real estate. Public information indicates that Xiangyuan Holding is the indirect controlling shareholder of Xiangyuan Culture & Tourism, as well as the controlling shareholder of Jiaojian Co., Ltd. and Haichang Ocean Park.

A reporter from Economic Information Daily noted that, according to Tianyancha data, multiple companies under Xiangyuan Holding—including Xiangyuan Real Estate Group Co., Ltd., Anhui Xiangyuan Urban Renewal Co., Ltd., and Anhui Xiangyuan Park City Development Co., Ltd.—have been listed as persons subject to enforcement, and restriction of consumption orders have also been issued against them.

In addition, on December 5, the Shanghai Bills Exchange’s bill information disclosure platform released the “List of Continuously Delinquent Bills as of November 30, 2025,” which shows that multiple companies under Xiangyuan Holding are on the list, involving at least 10 companies, including Anhui Xiangyuan Urban Renewal Co., Ltd., Anhui Xiangyuan Park City Development Co., Ltd., and Funan County Xiangyuan Ecological Culture and Tourism Development Co., Ltd., among others.

(Editor: Wen Jing)

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                                                            Xiangyuan Holding