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, Zhejiang Financial Assets Exchange Co., Ltd. (hereinafter referred to as “Zhejiang Financial Center”) has seen multiple financial asset income-right products listed and traded on its platform issued by Xiangyuan Holding Group Co., Ltd. (hereinafter referred to as “Xiangyuan Holding”) experience overdue repayment, drawing widespread attention from the market. On the evening of December 7, three listed companies under Xiangyuan Holding Group—Jiaojian Co., Ltd. (603815.SH), Xiangyuan Culture and Tourism (600576.SH), and Haichang Ocean Park (02255.HK)—issued emergency announcements, all emphasizing that the overdue products are not related to the listed company and its participating or controlling subsidiaries.

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

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

The financial products involved in this incident are not related to Jiaojian Co., Ltd. and its participating or controlling subsidiaries. Jiaojian Co., Ltd. does not assume any repayment or guarantee obligations, nor does it provide any guarantee or credit enhancement for the repayment of any financial wealth-management product.

The company’s production and operations are currently running normally. The company’s management commits to comply with the “Code of Corporate Governance for Listed Companies,” ensuring independence from controlling shareholders and actual controllers in terms of assets, personnel, finances, institutions, and business.

On the same day, Xiangyuan Culture and 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 currently there are about 2 to 3 products that have not been repaid upon maturity. The yield for an investor purchasing one product may be 4% to 5%; the Zhejiang Financial Center platform yield is 4% to 5%; and the company’s financing cost is about 8% to 9%.

It is worth noting that the business qualification for financial-asset trading of the Zhejiang Financial Center was canceled last October. A public notice from the Zhejiang Provincial Local Financial Administration shows that, effective from the date of publication of the notice (October 31, 2024), Zhejiang no longer has any financial-asset trading venues. In addition, after the Zhejiang Financial Center’s qualification for financial-asset trading was canceled, it does not affect the company’s legal proper assumption of the legal relationships it should bear and its continued responsibility as the market entity for the disposition of existing businesses; it also does not affect the financing subjects for existing businesses continuing to bear responsibilities such as timely repayment in accordance with the contract.

The official website of Xiangyuan Holding shows that the company was founded in 1992, with its registered address in Shaoxing City, Zhejiang Province, and its legal representative is Yu Faxiang. The company is a leading enterprise in the culture-and-tourism industry, led by culture-and-tourism investment, construction, and operation. 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 and Tourism, as well as the controlling shareholder of Jiaojian Co., Ltd. and Haichang Ocean Park.

A reporter from Economic Information Daily noted that Tianyancha data shows that 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 they have previously had consumption restriction orders issued.

In addition, on December 5, according to the “List of Continuously Overdue Items as of November 30, 2025” published by the Shanghai Bill Exchange’s bill information disclosure platform, multiple companies under Xiangyuan Holding were listed, 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.

(Editor: Wen Jing)

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                                                            Xiangyuan Holding