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 income rights products listed on the Zhejiang Financial Asset Exchange Center Co., Ltd. (hereinafter referred to as “Zhejiang Jin Center”) platform by Xiangyuan Holdings Group Co., Ltd. (hereinafter referred to as “Xiangyuan Holdings”) have defaulted on payments, attracting widespread market attention. 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 urgent announcements, all emphasizing that the overdue products are unrelated to the listed companies and their subsidiaries or affiliates.

Jiaojian Co., Ltd. announced on December 7 that it has verified the matter with Xiangyuan Holdings and its actual controllers through internal checks.

Jiaojian stated that some financial products involving cooperation with Xiangyuan Holdings’ real estate projects issued on a certain platform have experienced overdue payments. Xiangyuan Holdings and its actual controllers bear joint guarantee responsibilities for these payment obligations. Xiangyuan Holdings and its actual controllers are currently communicating with relevant parties to handle the specific overdue payments.

The financial products involved in this incident are unrelated to Jiaojian and its subsidiaries or affiliates. Jiaojian does not assume any payment or guarantee obligations, nor has it provided guarantees or credit enhancement for any financial investment products.

The company’s production and operations are currently normal. The management team commits to following the “Corporate Governance Guidelines” and ensuring independence from the controlling shareholders and actual controllers in terms of assets, personnel, finance, organizational structure, and business operations.

On the same day, Xiangyuan Cultural Tourism and Haichang Ocean Park also issued statements.

According to reports, on December 5, Shen Baoshan, Executive President of Xiangyuan Holdings, responded to investor inquiries, stating that currently about 2 to 3 products have not been paid upon maturity. The yield for investors purchasing a product may be around 4% to 5%, the return on Zhejiang Jin Center platform is 4% to 5%, and the company’s financing costs are approximately 8% to 9%.

It is noteworthy that Zhejiang Jin Center’s financial asset trading business qualification was canceled in October last year. According to an announcement from the Zhejiang Provincial Financial Supervision Bureau, as of the date of the announcement (October 31, 2024), there will no longer be any financial asset trading venues in Zhejiang Province. Additionally, the cancellation of Zhejiang Jin Center’s qualification does not affect the company’s legal obligations and responsibilities in properly handling existing legal relationships, nor does it affect the ongoing responsibilities of existing financing entities to make payments as per contractual agreements.

Xiangyuan Holdings’ official website shows that the company was founded in 1992, with its registered address in Shaoxing City, Zhejiang Province. The legal representative is Yu Faxiang. The company is a leading enterprise in the cultural tourism industry, mainly 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 and the controlling shareholder of Jiaojian Co., Ltd. and Haichang Ocean Park.

The “Economic Information Daily” reporter noted that Tianyancha data 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 persons subject to enforcement and have been issued consumption restriction orders.

Additionally, on December 5, the Shanghai Bills Exchange’s bill information disclosure platform published the “List of Overdue Bills as of November 30, 2025,” which includes multiple companies under Xiangyuan Holdings, such as Anhui Xiangyuan Urban Renewal Co., Ltd., Anhui Xiangyuan Park City Development Co., Ltd., and Funan County Xiangyuan Ecological Cultural Tourism Development Co., Ltd., involving at least 10 companies.

(Edited by: Wen Jing)

Keywords: Xiangyuan Holdings