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

Reporter Feng Hao Source: Economic Reference Daily

Recently, multiple financial asset income rights products of Xiangyuan Holding Group Co., Ltd. (hereinafter referred to as “Xiangyuan Holdings”) listed on the Zhejiang Financial Assets Exchange Center Co., Ltd. (hereinafter referred to as “Zhejiang Financial Center”) platform have experienced overdue payments, drawing widespread attention from the market. On the evening of December 7, three listed companies under Xiangyuan Holdings—Jiaojian Co., Ltd. (603815.SH), Xiangyuan Cultural Tourism (600576.SH), and Haichang Ocean Park (02255.HK)—issued an urgent announcement, emphasizing that the overdue products are unrelated to the listed companies and their subsidiaries.

The announcement issued by Jiaojian Co., Ltd. on December 7 indicated that the company verified the related matters with Xiangyuan Holdings and the actual controller of the company and conducted a self-examination.

Jiaojian Co., Ltd. stated that there are some overdue payment situations regarding financial products issued on a certain platform related to real estate cooperation projects with Xiangyuan Holdings, and Xiangyuan Holdings and the actual controller of the company bear joint guarantee responsibility for the aforementioned payment obligations. Xiangyuan Holdings and the actual controller of the company are currently communicating with relevant parties regarding the specific situation of the overdue payments.

The financial products involved in this incident are unrelated to Jiaojian Co., Ltd. and its subsidiaries, and Jiaojian Co., Ltd. bears no payment or guarantee obligations, nor has the company provided any guarantees or credit enhancements for the payment of any financial management products.

The company’s production and operations are currently normal. The management team commits to adhere to the “Guidelines for the Governance of Listed Companies,” ensuring independence from the controlling shareholder and actual controller in terms of assets, personnel, finance, institutions, and business.

On the same day, Xiangyuan Cultural Tourism and Haichang Ocean Park also issued announcements to make declarations.

According to reports, on December 5, Xiangyuan Holdings’ Executive President Shen Baoshan stated in response to investor inquiries that there are currently about 2 to 3 products that have not been paid upon maturity, and the yield for investors purchasing one product may be 4% to 5%, while the yield on the Zhejiang Financial Center platform is 4% to 5%, and the company’s financing costs are about 8% to 9%.

It is noteworthy that the financial asset trading business qualification of the Zhejiang Financial Center was revoked last October. An announcement from the Zhejiang Provincial Local Financial Supervision Administration indicated that from the date of the announcement (October 31, 2024), there will no longer be any financial asset trading venues in Zhejiang Province. Furthermore, the cancellation of the financial asset trading business qualification of the Zhejiang Financial Center does not affect the company’s legal responsibilities that should be properly undertaken and continues to bear market entity responsibilities for the disposal of existing business; it does not affect the existing business financing entities’ responsibilities to continue to fulfill obligations such as timely payments as per contract agreements.

The official website of Xiangyuan Holdings shows that the company was founded in 1992, registered in Shaoxing City, Zhejiang Province, with Yu Faxiang as the legal representative. The company is a leading enterprise in the cultural tourism industry, primarily engaged in cultural tourism investment, construction, and operation, with three main business segments: cultural tourism, infrastructure, and real estate. Public information indicates that Xiangyuan Holdings is the indirect controlling shareholder of Xiangyuan Cultural Tourism, as well as the controlling shareholder of Jiaojian Co., Ltd. and Haichang Ocean Park.

Reporters from Economic Reference Daily noted that data from Tianyancha shows that several companies under Xiangyuan Holdings, 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 defendants and have previously been issued consumption restriction orders.

In addition, on December 5, the Shanghai Commercial Paper Exchange’s bill information disclosure platform released the “List of Continuously Overdue Items as of November 30, 2025,” which showed that multiple companies under Xiangyuan Holdings are 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 Cultural Tourism Development Co., Ltd.

(Edited by Wenjing)

Keywords:

Xiangyuan Holdings