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, multiple financial asset receivables return-right products listed on the platform of Zhejiang Financial Assets Exchange Center Co., Ltd. (hereinafter referred to as “Zhejiang Financial Assets Center”) by Sunshine Yuan Holdings Group Co., Ltd. (hereinafter referred to as “Sunshine Yuan Holdings”) have experienced delayed settlement and redemption, drawing widespread attention from the market. On the evening of December 7, three listed companies under Sunshine Yuan Holdings Group—Jiaojian Co., Ltd. (603815.SH), Sunshine Yuan Culture & Tourism (600576.SH), and Haichang Ocean Park (02255.HK)—issued emergency announcements, all emphasizing that the overdue products have nothing to do with the listed companies and their participating or controlling subsidiaries.

According to an announcement issued by Jiaojian Co., Ltd. on December 7, the company verified the relevant matters and conducted a self-audit with Sunshine Yuan Holdings and the company’s actual controller.

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

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

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

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

According to reports, on December 5, Shen Baoshan, executive president of Sunshine Yuan Holdings, said in response to investors’ questions that, currently, there are about 2 to 3 products that have not been redeemed upon maturity. For an investor purchasing one product, the yield may be 4% to 5%, the yield on the Zhejiang Financial Assets Center platform is 4% to 5%, and the company’s financing cost is approximately 8% to 9%.

It is worth noting that the qualification for Zhejiang Financial Assets Center’s financial asset trading business was revoked last October. A public notice from the Zhejiang Provincial Local Financial Administration shows that, starting from the date of the announcement (October 31, 2024), Zhejiang Province no longer has financial-asset-type trading venues. In addition, after Zhejiang Financial Assets Center’s qualification for its financial asset trading business was cancelled, this does not affect the company’s obligation under law to properly assume the legal relationships it should undertake, and it continues to bear the market-entity responsibility for disposing of existing businesses. It also does not affect the financing entities of existing businesses from continuing to assume responsibilities such as timely redemption in accordance with the contract.

Sunshine Yuan Holdings’ official website 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, primarily guided by investment, development, and operations in culture and tourism. It mainly has three business segments: culture and tourism, infrastructure, and real estate. Public information shows that Sunshine Yuan Holdings is the indirect controlling shareholder of Sunshine Yuan Culture & Tourism, and 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 Sunshine Yuan Holdings—including Sunshine Yuan Real Estate Group Co., Ltd., Anhui Sunshine Yuan Urban Renewal Co., Ltd., and Anhui Sunshine Yuan Park City Development Co., Ltd.—have been listed as persons subject to enforcement, and restriction on consumption orders had also been issued against them.

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

(Editor: Wen Jing)

Keywords:

                                                            Sunshine Yuan Holdings