"Xiamen Unicorn Headquarters Empty, 1,600 Companies Trapped in 1.3 Billion Debt"

By the end of April 2026, a shocking explosion rocked the plastics industry! Once a star unicorn with the halo of "Specialized, Refined, Peculiar, Innovative" and "High-Tech Enterprise," with an annual transaction volume of 33.5 billion yuan—Xiamen Jin Su Bao—completely collapsed overnight. The headquarters was deserted, senior executives disappeared en masse, the actual controller Huang Xiangyong was arrested for contract fraud, leaving behind a mess of 1,600 companies and 1.3 billion yuan in unpaid debts, with countless small and medium factories' lifeline funds suddenly frozen.
Two days of dramatic change: from "Opening a New Chapter" to an empty headquarters
The collapse of Jin Su Bao happened so quickly that it caught everyone off guard.
On April 23, the platform's official account was still loudly tweeting "Opening a New Chapter," showcasing performance and making grand promises, creating an illusion of booming business;
On April 25, when clients and reporters tried to contact again, all responsible persons' phone numbers were unreachable. Someone rushed to the Xiamen headquarters, only to find: the door was locked, all workstations were empty, documents scattered everywhere, water cups still on desks, and senior executives had long vanished.
On the same day, the actual controller Huang Xiangyong was arrested by Tianjin Binhai police for contract fraud. From a high-profile announcement to the arrest of the actual controller, only two days had passed—like a surreal dream.
How glorious was the peak: achieving 33.5 billion yuan in transactions in five years, linking over 5,000 factories
Many people haven't heard of Jin Su Bao, but in the plastics industry, it was undoubtedly a "star."
Founded in Xiamen in 2020, in just five years, it built a B2B platform connecting over 5,000 upstream and downstream factories, with a transaction volume surpassing 45 billion yuan, and a peak annual transaction volume of 33.5 billion yuan. It also received numerous certifications such as High-Tech Enterprise, Specialized, Refined, Peculiar, and Gazelle Enterprise, and was recognized as a "Benchmark Unicorn" in the industry.
Its most attractive tactic was low prices: plastic raw materials on the platform were 200-300 yuan cheaper per ton than market prices. The plastics industry itself operates on thin margins, with gross profit rates of only 0.5%-1.5%. This price difference was highly tempting for small and medium factories that are meticulous about costs.
More importantly, the platform required full payment before delivery. After initial normal shipments, it gradually gained the trust of enterprises. Many factories paid hundreds of thousands or even millions of yuan, sometimes borrowed money, to get the low-priced goods.
The truth behind the explosion: misappropriating prepayments to short futures, leading to liquidation and total loss of capital
Behind the seemingly glamorous facade, there were risks and lies.
After the Spring Festival this year, many companies that had paid in full found that their orders were delayed indefinitely, customer service kept delaying, and various excuses were made to dismiss concerns.
On April 17, Jin Su Bao finally issued an announcement: "Taking a Stand"—delayed shipments due to rising raw material prices and huge losses from shorting futures, unable to sustain the capital chain.
The truth was quickly uncovered: the platform never used customers' prepayments for inventory but instead used them to short futures for speculation. Unexpectedly, raw material prices surged this year, causing the short positions to be wiped out, resulting in massive losses in both futures and spot markets, and the capital chain completely broke.
By the time of the explosion, the total unfulfilled orders amounted to 1.3 billion yuan, directly involving 1,600 companies across industries such as packaging, injection molding, building materials, and daily chemicals. Some bosses ordered over 500,000 yuan worth of goods, paid the money, but never received the goods, still had to repay loans, and their companies were pushed into despair.
Even more outrageous, the company claimed only 35 million yuan remained in Huang Xiangyong's personal account, intending to use it for restructuring. With a 1.3 billion yuan hole, trying to cover it with just 35 million yuan was obvious "a strategic retreat."
Industry alarm: two major giants collapsed within half a year, the real economy must wake up
This is not the first explosion in the plastics industry. By the end of 2025, the so-called 240 billion yuan annual transaction giant Mengda Group had already collapsed. In just half a year, two industry internet giants fell one after another, sounding a heavy warning to the entire real economy.
Many bosses only realized afterward: there are no free lunches in the sky; the so-called "low prices" are often bait targeting your principal. The plastics industry is fundamentally a solid real economy, but some platforms deviate from their core, not earning through services, but engaging in misappropriation of funds and speculative gambling, ultimately straying from the original industrial purpose, harming both others and themselves.
For the 1,600 trapped companies, recovering 1.3 billion yuan in debts is destined to be difficult. But this incident also sends a clear signal: industry internet is not a "lawless zone," and financial speculation must be avoided. Doing solid work in the real economy and safeguarding capital security are the long-term paths.
This explosion not only exposes industry chaos but also serves as a profound warning. I hope all practitioners in the real economy can learn from this, view low prices rationally, protect their "money bags," and avoid repeating the same mistakes.
Jin Su Bao left behind not only a 1.3 billion yuan hole but also a trust lesson that the entire industry needs to repair.