Group 1 - The "Xiangyuan system" has multiple income rights products that have not been redeemed, leading to ongoing concerns in the market [1] - On December 8, representatives from the Zhejiang Provincial Letters and Visits Office, Financial Office, and Zhejiang Financial Center met with investor representatives to address the situation [1] - Investors reported that the provincial office indicated that common demands would be compiled into a report for further action [1] Group 2 - On December 7, companies under the "Xiangyuan system," including Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK), issued announcements regarding the "default" incident involving Xiangyuan Holdings and its actual controller [1] - Some investors have reported significant investment amounts, with one stating an investment exceeding 4 million yuan and another claiming an investment of 6 million yuan [1]

Group 1 - The "Xiangyuan system" has multiple income rights products that have not been redeemed, leading to ongoing concerns in the market [1] - On December 8, representatives from the Zhejiang Provincial Petition Office, Financial Office, Zhejiang Financial Center, and "Xiangyuan system" met with investor representatives to address concerns [1] - Investors reported that the Petition Office indicated that common demands would be compiled into a report for further action [1] Group 2 - On December 7, companies under the "Xiangyuan system," including Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK), issued announcements regarding the "default" incident involving Xiangyuan Holdings and its actual controller [1] - Some investors have reported significant investments, with one stating an investment exceeding 4 million yuan and another claiming an investment of 6 million yuan [1]

Group 1 - The news reports that certain financial asset income rights products traded on the Zhejiang Financial Asset Exchange have failed to mature and be redeemed [1] - The guarantor for the unpaid financial products is Xiangyuan Holdings Group Co., Ltd. and its legal representative Yu Faxiang [1] - Xiangyuan Holdings, founded in 1992 and based in Shaoxing, Zhejiang, is a leading enterprise in the cultural tourism industry, with investments in over 50 cultural tourism projects [1] Group 2 - Xiangyuan Cultural Tourism announced on December 7 that there are overdue redemption situations related to financial products issued in cooperation with Xiangyuan Holdings' real estate projects [4] - Xiangyuan Holdings and its actual controller are responsible for the redemption obligations, while the overdue financial products are unrelated to Xiangyuan Cultural Tourism and its subsidiaries [4] - Similarly, Haichang Ocean Park and Jiaojian Co., Ltd. confirmed the existence of overdue redemption situations related to the same financial products, with no obligations for redemption or guarantees from their side [4]

Core Viewpoint - The financial products issued by the controlling shareholder, Xiangyuan Holdings, have defaulted, causing significant concern in the market despite the listed companies claiming no direct responsibility for the situation [1][10]. Group 1: Financial Crisis - Recent reports indicate that financial products on the Zhejiang Financial Assets Exchange have failed to pay out, with the total amount involved exceeding 200 billion yuan and potentially affecting over 10,000 investors [2][13]. - Xiangyuan Holdings, which operates in tourism, infrastructure, and real estate, reported revenues of 18.05 billion yuan and a net profit of 1.538 billion yuan in 2021, but has faced challenges due to a downturn in the real estate sector [2][13]. - The company has been issuing high-interest debt through the Zhejiang Financial Assets Exchange, with financing costs reaching 8%-9%, primarily backed by its real estate projects [4][15]. Group 2: Company Operations and Market Reaction - Three listed companies under Xiangyuan Holdings issued announcements stating that the overdue products are unrelated to their operations and that they bear no responsibility for repayment [10][21]. - Despite these assurances, the market reacted negatively, with stock prices for Xiangyuan Wenlv, Jiaojian Co., and Haichang Ocean Park dropping by approximately 4%, 10%, and 4% respectively [1][12]. - The operational performance of Xiangyuan Wenlv has been relatively stable, but its stock has declined by 17% over the past year, while Jiaojian Co. has seen consecutive declines in revenue and net profit [10][23]. Group 3: Regulatory and Legal Issues - Xiangyuan Holdings and its subsidiaries, including Xiangyuan Wenlv and Jiaojian Co., are under investigation by the China Securities Regulatory Commission for failing to disclose non-operating fund transactions in their financial reports [10][23]. - The investigation revealed that Xiangyuan Wenlv had provided 410 million yuan to Xiangyuan Holdings through prepayments for asset purchases, raising concerns about financial transparency [10][23]. Group 4: Founder Background - The founder of Xiangyuan Holdings, Yu Faxiang, has a compelling rags-to-riches story, having built his wealth through various ventures, including real estate, and was listed with a fortune of 13.5 billion yuan on the Hurun Global Rich List in 2024 [6][17][20].

Core Viewpoint - The financial turmoil of the "Xiangyuan System" has led to significant market value losses for its three listed companies, revealing a critical liquidity crisis within the group [1][12]. Group 1: Financial Issues - The overdue financial products of the Xiangyuan System are linked to real estate debt projects, indicating a severe liquidity problem [2][4]. - The stock prices of Xiangyuan's listed companies dropped significantly, with Xiangyuan Culture down 3.62%, Jiaojian Shares down 10.02% (limit down), and Haichang Ocean Park down 1.92% on December 8 [1][12]. - The overdue financial products are categorized as low-risk with yields of only 4%-5%, yet the Xiangyuan System's financing costs are much higher, at 8%-9% [4][16]. Group 2: Company Structure and Operations - Xiangyuan Holdings, established in 1992, has a business structure that includes tourism, real estate, and infrastructure, with total assets exceeding 250 billion [6][15]. - The company’s real estate sales decline is a primary reason for its inability to meet payment obligations, as highlighted by the CEO during an investor communication meeting [15]. - The company has a total asset of 600 billion and total liabilities exceeding 400 billion, indicating a high leverage situation [15][19]. Group 3: Market and Expansion Strategy - Xiangyuan's real estate projects are primarily located in lower-tier cities, which have been under significant pressure due to the declining real estate cycle [16]. - Despite challenges in the real estate sector, Xiangyuan has been aggressively expanding its cultural tourism projects, acquiring multiple assets across various provinces [16][17]. - The company has also ventured into high-tech fields, such as low-altitude tourism, indicating a diversification strategy amidst financial difficulties [17]. Group 4: Leadership and Historical Context - The founder, Yu Faxiang, has a history of leveraging both real estate and capital markets for expansion, which has led to the current crisis as the market conditions have shifted [18][19]. - The Xiangyuan System's reliance on high leverage and capital operations has been effective during favorable market conditions but has exposed vulnerabilities during downturns [19].

Core Viewpoint - Xiangyuan Holdings is facing a liquidity crisis due to the inability to redeem guaranteed financial products, leading to a significant drop in stock prices of its listed companies [1][2] Group 1: Stock Performance - On December 8, the stock prices of Xiangyuan Holdings' subsidiaries, including Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park, fell by 3.62%, 10.02%, and 3.85% respectively [1] - The decline in stock prices is attributed to the company's financial difficulties related to unredeemed financial products [1] Group 2: Financial Product Issues - Xiangyuan Holdings and its actual controller, Yu Faxiang, guaranteed several financial asset income rights products issued by Zhejiang Jin Center, which have not been redeemed upon maturity [1] - The Zhejiang Jin Center app has disabled the withdrawal function, indicating severe liquidity issues [1] - The financial products in question were linked to the company's real estate projects, with yields ranging from 4% to 5% [1] Group 3: Company Response and Clarification - A representative from Xiangyuan Holdings stated that the company is experiencing temporary cash flow difficulties due to issues in the real estate sector and is hoping for government support [1] - On December 7, the listed companies issued announcements clarifying that the financial products are unrelated to them and that they bear no responsibility for redemption or guarantees [1] Group 4: Background and Context - Signs of financial strain within the Xiangyuan group have been evident, with over 37 million yuan in overdue balances reported as of November 30, 2025 [2] - Xiangyuan Holdings, founded by Yu Faxiang in 1992, primarily operates in the cultural tourism sector, with real estate being a significant part of its business model [2] - The "land-based tourism" business model has become unsustainable amid the ongoing adjustments in the real estate industry [2] Group 5: Regulatory Environment - The Zhejiang Jin Center lost its financial asset trading business qualification as announced by the Zhejiang Provincial Financial Supervision Administration in October last year [2] - Following this announcement, the app only allows for the transfer and purchase of existing products [2] - The major shareholder of Zhejiang Jin Center has changed to private capital, and it was renamed to "Zhejiang Zhejin Asset Operation Co., Ltd." earlier this year [2]

Core Insights - Haichang Ocean Park has launched the "See Sanya" immersive night tour project in collaboration with Sanya Manpu Cultural Tourism Development Co., enhancing the park's competitive edge and visitor experience [1] Group 1: Project Launch - The "See Sanya" immersive night tour project officially opened on December 6, 2023, located on the west side of Sanya Park [1] - The project features a core model of "Li ethnic culture + interaction + emotion," providing a high-interaction night tour experience lasting up to 5 hours with over 50 performances throughout the day [1] Group 2: Expected Impact - The board believes that the collaboration will significantly enhance Sanya Park's competitiveness through increased visitor flow, brand recognition, and product innovation [1] - The project aims to extend visitor stay and activate nighttime consumption potential, filling a gap in local cultural night performances [1] Group 3: Financial Performance - Following the launch of the immersive night tour project, Haichang Ocean Park reported a substantial week-on-week revenue increase of 35.2% [2]

董事会认为，合作方曾在宁夏成功打造"看见贺兰"沉浸式演艺小镇，此次引入演艺项目将显著提升三亚 公园的综合竞争力，从客流、品牌、产品创新三大维度，为三亚公园带来立竿见影的乘数效应。演艺项 目以黎族文化为核心，为游客提供可沉浸、可互动、可消费的深度夜游体验，延长游客停留时间并激活 夜间消费潜力。同时，演艺项目填补了三亚本土文化夜间演艺空白，与海昌IP形成"海洋+民俗"双核驱 动，提升品牌差异化与话题传播度，助力三亚公园为海南国际旅游消费中心再添一座夜游新地标。 演艺项目位于三亚公园西侧，以"黎族文化+互动+情绪"为核心的模式，打造"高浓度互动"夜游新场景， 为游客提供长达5小时的沉浸式夜游盛宴，全天连续50余场演艺，170余名原创NPC全程陪伴互动。 智通财经APP讯，海昌海洋公园(02255)发布公告，三亚海昌梦幻海洋不夜城(三亚公园)与三亚漫葡文旅 发展有限公司(合作方)合作，引入"看见三亚"沉浸式夜游部落(演艺项目)，已于12月6日正式开业。 ...

海昌海洋公園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2255） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 HAICHANG OCEAN PARK HOLDINGS LTD. 承董事會命 自願性公布 三亞海昌夢幻海洋不夜城的最新進展 本公告乃由海昌海洋公園控股有限公司（「本公司」，連同附屬公司統稱為「本集 團」）自願刊發，旨在向本公司的股東及潛在投資者公開本集團旗下主題公園的最 新進展。 本公司欣然宣布，三亞海昌夢幻海洋不夜城（「三亞公園」）與三亞漫葡文旅發展有 限公司（「合作方」）合作，引入「看見三亞」沉浸式夜遊部落（「演藝項目」），已於 12月6日正式開業。 演藝項目位於三亞公園西側，以「黎族文化+ 互動+ 情緒」為核心的模式，打造 「高濃度互動」夜遊新場景，為遊客提供長達5小時的沉浸式夜遊盛宴，全天連續 50餘場演藝，170餘名原創NPC全程陪伴互動。 董事會認為，合作方曾在寧夏成功打造「看見賀蘭」沉浸式演藝小鎮，此次引入 ...

经济观察报 记者 老盈盈 12月初，多名在浙江金融资产交易中心股份有限公司（下称"浙金中心"）购买了由浙江绍兴祥源系发售的金融资产收益权产品的投资者，发现产品出现了到 期未兑付的情况。投资者表示，涉及的产品可能多达数百个，据其不完全统计，总的待兑付资金或达上百亿元。 由投资者提供的视频显示：12月5日，祥源控股集团有限责任公司（下称"祥源控股"）执行总裁沈保山在浙金中心对投资者表示，公司总资产约为600亿元， 而总负债约为400亿元，原本资产可以覆盖负债，但是由于地产行业出现问题，目前公司出现了暂时性的现金流紧张，寄希望于政府为公司增信，以稳定旗 下相关上市公司资产价格。 12月8日，经济观察报记者致电浙江省地方金融管理局，接电话人士表示，正在对相关融资产品展开全面排查梳理，后续有任何工作进展可再关注。同日， 经济观察报记者以投资者身份致电绍兴市公安局越城区分局，接电话人士表示，有关部门已经成立工作专班进行调查。 未能兑付 投资者朱女士对经济观察报记者表示，他们在浙金中心平台投了将近10年，几代人的积蓄都投进去了，总共约有三百多万元，此前从未遇到过未兑付问题。 此次发现异常是在12月2日，家人告知有资金未能按 ...