Core Viewpoint - The financial crisis involving Zhejiang businessman Yu Faxiang has escalated, leading to his criminal detention due to the inability to repay over 10 billion yuan in financial products linked to his company, Xiangyuan Holdings [2][8]. Company Overview - Yu Faxiang, born in 1971 in Zhejiang, is the chairman of Xiangyuan Holdings, which owns three listed companies: Haichang Ocean Park, Jiaojian Co., and Xiangyuan Cultural Tourism [3][4]. - Xiangyuan Holdings has focused on three main industries: cultural tourism, real estate, and construction since entering the cultural tourism sector in 2010 [5][6]. Financial Performance - Xiangyuan Holdings has faced significant financial challenges, with total assets of approximately 60 billion yuan and liabilities of 40 billion yuan, indicating a temporary cash flow crisis due to the downturn in the real estate sector [8]. - The company has experienced a continuous decline in revenue over the past three years, with revenues of 13.66 billion yuan, 11.84 billion yuan, and 10.73 billion yuan from 2022 to 2024, reflecting an average annual decline of 11.39% [9]. - The real estate segment has been particularly affected, with new construction areas dropping significantly from 615,300 square meters in 2022 to 96,500 square meters in 2024 [9]. Crisis Development - The crisis began on November 28, when multiple financial products guaranteed by Yu Faxiang and Xiangyuan Holdings failed to meet repayment obligations, leading to a total repayment amount exceeding 10 billion yuan [2]. - Following the crisis, Yu Faxiang's shares in Xiangyuan Cultural Tourism and Jiaojian Co. were frozen, and he was detained by the authorities [2][8]. Regulatory Response - A support task force was established on December 12 to assess the company's assets and liabilities, aiming to ensure the company meets its debt obligations and maintains normal operations [11]. - The task force's primary goal is to conduct a comprehensive audit of Xiangyuan Holdings' financial situation, although specific repayment plans have yet to be disclosed [13].

Core Viewpoint - The "Xiangyuan System" is facing a liquidity crisis due to over 10 billion yuan in financial products that have defaulted, leading to criminal measures against its principal, Yu Faxiang [1][6][19]. Group 1: Company Overview - Yu Faxiang controls three listed companies: Jiaojian Co., Xiangyuan Culture, and Ocean Park Haichang, creating a business empire with total assets exceeding 60 billion yuan [4][15]. - As of December 23, stock prices for Xiangyuan Culture, Jiaojian Co., and Ocean Park Haichang dropped significantly, with declines of 28%, 4.64%, and 6.25% respectively [4][15]. Group 2: Financial Crisis Details - The "Xiangyuan System" financial products were reported to have overdue payments in early December, revealing Yu Faxiang's liquidity risks [6][19]. - The total assets of Xiangyuan Holdings are reported at 60 billion yuan, with liabilities exceeding 40 billion yuan, exacerbated by a downturn in the real estate market and the cancellation of trading qualifications for its financing platform [21][19]. Group 3: Shareholder Information - As of December 16, Yu Faxiang and his associated entities hold 612 million shares of Xiangyuan Culture, representing 58.08% of the total share capital, with all shares being judicially frozen [20][21]. - The judicial freezing of shares is linked to debt risks associated with platforms related to Xiangyuan Holdings [21]. Group 4: Historical Context - Yu Faxiang's entrepreneurial journey began in 1992, transitioning from the renovation industry to real estate, and later expanding into cultural tourism [23]. - In June 2025, Xiangyuan Holdings made a significant acquisition of Ocean Park Haichang for 2.295 billion HKD, raising questions about the strategic direction of the company [24].

Core Viewpoint - The "Xiangyuan System" is facing a liquidity crisis due to over 10 billion yuan in financial products that have defaulted on payments, leading to the criminal investigation of Zhejiang businessman Yu Faxiang [1][6][8]. Group 1: Company Overview - Yu Faxiang, with a net worth exceeding 10 billion yuan, has been placed under criminal coercive measures by the Shaoxing Public Security Bureau due to suspected criminal activities [2][3]. - He controls three listed companies: Jiaojian Co., Xiangyuan Cultural Tourism, and Ocean Park Haichang, creating a business empire with total assets exceeding 60 billion yuan across various sectors including real estate, cultural tourism, and infrastructure [5][6]. Group 2: Financial Crisis Details - The Xiangyuan System's financial products were reported to have overdue payment issues in early December, with Yu Faxiang bearing joint guarantee responsibilities, exposing his liquidity risks [6][8]. - As of December 16, Yu Faxiang and his associated entities held 612 million shares in Xiangyuan Cultural Tourism, accounting for 58.08% of the company's total equity, with all shares being judicially frozen due to debt risks [7][8]. - The total assets of Xiangyuan Holdings are reported to be 60 billion yuan, with liabilities exceeding 40 billion yuan, exacerbated by a downturn in the real estate market and the cancellation of financing platform qualifications [8]. Group 3: Market Reaction - Following the news of Yu Faxiang's legal troubles, shares of Xiangyuan Cultural Tourism and Jiaojian Co. saw significant declines, with stock prices dropping by 28% and 4.64% respectively, while Ocean Park Haichang fell by 6.25% [5][6].

Core Viewpoint - Haichang Ocean Park (02255) has signed a non-binding strategic cooperation memorandum with the Henan Science and Technology Museum, aiming to create a benchmark project for "science popularization + cultural tourism" in the Central Plains region [1] Group 1: Strategic Cooperation - The memorandum outlines collaboration in areas such as cross-venue exhibition cooperation, co-creation of science popularization content, joint organization of themed activities, resource sharing, and brand promotion [1] - The partnership aims to integrate marine cultural tourism experiences with science education, providing an immersive learning experience for families [1] Group 2: Objectives and Goals - The collaboration seeks to establish a sustainable "scene + content" synergy model, addressing diverse needs, particularly for parent-child families [1] - The initiative aligns with the Henan provincial strategy for cultural tourism integration and national policies promoting cultural and tourism consumption [1] Group 3: Unique Resources and Contributions - The Henan Science and Technology Museum serves as a key platform for science education, while Zhengzhou Ocean Park focuses on marine culture and animal science [1] - The partnership aims to create a new ecological system of "science popularization + cultural tourism," contributing positively to the regional development of cultural tourism in Henan [1]

Core Viewpoint - The strategic cooperation memorandum signed between Haichang Ocean Park and Henan Science and Technology Museum aims to create a benchmark project for "science popularization + cultural tourism" in the Central Plains region, integrating marine cultural tourism experiences with science education [1] Group 1: Strategic Cooperation - Haichang Ocean Park's subsidiary, Zhengzhou Haichang Ocean Park, has signed a non-legally binding strategic cooperation memorandum with Henan Science and Technology Museum [1] - The collaboration will focus on cross-venue exhibition cooperation, co-creation of science popularization content, joint organization of themed activities, resource sharing, and brand promotion [1] Group 2: Objectives and Goals - The partnership aims to provide an integrated experience of "learning through entertainment" that meets the diverse needs of families, especially parents and children [1] - The initiative seeks to explore a replicable operational model for the integration of science popularization and cultural tourism, establishing an innovative industry example [1] Group 3: Alignment with Regional Strategy - The board believes this collaboration responds to Henan Province's strategy for the integration of cultural tourism and creative industries, as well as national policies promoting cultural and tourism consumption [1] - The unique complementary resources of both parties will empower the "supply side of science popularization" and the "demand side of cultural tourism," contributing positively to the regional development of cultural tourism in Henan Province [1]

Core Viewpoint - Haichang Ocean Park (02255.HK) has signed a non-binding strategic cooperation memorandum with the Henan Science and Technology Museum to enhance collaboration in various areas, aiming to create a benchmark project for "science popularization + cultural tourism" in the Central Plains region [1] Group 1: Strategic Cooperation - The memorandum outlines cooperation in cross-venue exhibitions, co-creation of science popularization content, joint thematic activities, resource sharing, and brand promotion [1] - The partnership aims to integrate marine cultural tourism experiences with science education, providing an immersive learning experience for families [1] Group 2: Objectives and Goals - The collaboration seeks to establish a sustainable "scene + content" synergy model, addressing diverse needs, particularly for parent-child families [1] - The initiative aligns with the Henan provincial strategy for cultural tourism integration and national policies promoting cultural and tourism consumption [1] Group 3: Unique Resources and Contributions - The Henan Science and Technology Museum serves as the main platform for science education in the province, while Zhengzhou Park focuses on marine culture and animal science [1] - The partnership aims to create a new ecological system of "science popularization + cultural tourism," contributing positively to the regional development of cultural tourism in Henan [1]

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. 海昌海洋公園控股有限公司 本公司欣然宣佈，本集團旗下全資子公司鄭州海昌海洋公園（「鄭州公園」）與河南 省科技館（「河南省科技館」）簽署無法律約束力的戰略合作備忘錄（「備忘錄」）。根 據備忘錄，雙方將在跨場館展項合作、科普內容共創、科普課程共創、主題活動 合辦、資源共享與互補、品牌聯合推廣等方向展開深入合作，旨在打造中原地區 「科普+文旅」標桿項目，深度融合海洋文旅體驗與科技科普教育；構建可持續的 「場景+內容」協同模式，為公眾提供「娛樂中學習、學習中沉浸」的一體化體驗， 尤其滿足親子家庭的多元需求；探索科普與文旅融合的可落地、可複製運營模 式，樹立行業創新範例。 董事會認為，為響應河南省文旅文創融合戰略及國家文化和旅遊消費促進相關政 策，河南省科技館作為全省科普教育主陣地，致力於普及科學知識、傳播科學思 想；鄭州公園作為中原地區大型海洋主 ...

Core Insights - The "Xiangyuan System" faced a significant market shock on December 23, with three listed companies experiencing substantial stock price declines due to the criminal investigation of their actual controller, Yu Faxiang [1][3]. Group 1: Company Announcements - Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK) all confirmed that their actual controller, Yu Faxiang, was subjected to criminal coercive measures by the Shaoxing Public Security Bureau [1][3]. - The companies emphasized that there was no change in control and that operations were normal, expecting no significant impact on business [3]. Group 2: Financial Crisis Background - The crisis stems from a financial product default issue that began in late November 2025, where several financial asset income rights products guaranteed by Xiangyuan Holdings and Yu Faxiang faced payment failures [3][4]. - On December 7, the companies acknowledged overdue payments related to these financial products but clarified that they bore no responsibility for the guarantees [3]. Group 3: Regulatory and Government Response - The Shanghai Stock Exchange issued regulatory letters to Xiangyuan Cultural Tourism and Jiaojian Co., Ltd. regarding information disclosure [3]. - A significant portion of shares held by the actual controller and major shareholders were judicially frozen to prevent further risk spread, with local government intervention initiated to assess the financial situation of Xiangyuan Holdings [4]. Group 4: Profile of Yu Faxiang - Yu Faxiang, born in 1971, founded Weixiang Decoration Company, the predecessor of Xiangyuan Holdings, in 1992, and later expanded into the cultural tourism sector [4]. - He successfully controlled multiple companies, including Xiangyuan Cultural Tourism and Jiaojian Co., Ltd., and made significant investments in Ocean Park Holdings, completing a comprehensive capital matrix [4].

俞发祥目前手握交建股份（603815）、祥源文旅（600576）、海昌海洋公园等3家上市公司。 因"祥源系"超百亿元金融产品陷入兑付危机，浙商大佬俞发祥被推至风口浪尖。 12月22日晚，交建股份（603815.SH）、祥源文旅（600576.SH）等先后公告称，公司实控人俞发祥因涉嫌犯罪被绍兴市公安局 采取刑事强制措施，案件正在调查过程中。 值得一提的是，俞发祥目前手握交建股份、祥源文旅、海昌海洋公园（02255.HK)等3家上市公司，打造了一个横跨A股和H股， 涵盖地产、文旅、基建等多个板块，总资产超600亿元的文旅商业帝国。 从二级市场表现看，截至12月23日发稿，祥源文旅股价下跌2.96%、交建股份下跌4.52%，海昌海洋公园下跌5.21%。 尽管俞发祥并未在交建股份、祥源文旅担任任何职务，但其在另一家实控的港股上市公司海昌海洋公园中担任执行董事。 对此，海昌海洋公园22日当晚也紧急发布公告称，由于执行董事兼行政总裁俞发祥涉嫌犯罪被采取刑事强制措施，执行董事欧 阳明拟代为行使董事会主席、执行董事兼行政总裁之职责，直至另行通知为止。 "祥源系"金融产品在今年12月初被曝出现逾期兑付危机。 由于这些产品由祥 ...

(海昌海洋公园资讯) 作为合作启动的重要举措，郑州海昌以小海狗"吉米"为联动载体，将海洋生态保护理念与科学知识体系 相结合，联合河南省科技馆推出系列活动，涵盖科普剧《北极熊的三大法宝》、"神奇的液氮"科学实 验、"吉米"行为展示与保育讲解、海洋生态科普及小海狗公开见面会五大环节。活动通过场景化、互动 化形式融入科学知识，打破传统科普单向传播模式，助力公众尤其是青少年直观感受海洋魅力、理解海 洋生态保护意义。 郑州海昌相关负责人表示，河南省科技馆拥有系统的科学知识体系，郑州海昌具备特色海洋文化资源， 双方优势互补，此次资源共享与IP共创，将为海洋科普拓展传播渠道、丰富表达形式。河南省科技馆负 责人指出，启迪公众探索热情是科技馆的核心职能，引入海洋生命元素，旨在让科学知识更具象可感， 引导公众在认知生命奇迹的过程中，增强对自然与科技的关注，这是创新科普形式的有益探索。 近日，郑州海昌海洋公园与河南省科技馆正式签署战略合作协议，双方将以"海洋+科学"为核心，通过 资源整合与内容共创，探索体验式科普路径，推动科普形式从静态传播向动态实践转型，推进科教与文 旅融合发展。 ...