Core Viewpoint - The recent criminal measures taken against Yu Faxiang, the actual controller of three listed companies under the "Xiangyuan system," have raised concerns about the impact on these companies due to overdue financial products issued by Xiangyuan Holdings [1][3][4]. Group 1: Company Announcements - On December 22, Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK) announced that Yu Faxiang was taken into criminal custody by the Shaoxing Public Security Bureau due to suspected criminal activities [1][3]. - The three companies confirmed that they had not received any requests for assistance in investigations and that their control, management, and operations remained normal [1][3][4]. Group 2: Related Personnel Changes - Yu Honghua, associated with Yu Faxiang, resigned from his positions in the listed companies due to personal reasons [2][8]. - Yu Honghua has been involved in the "Xiangyuan system" since 1998 and held various positions, including financial director and board member [2][8]. Group 3: Financial Product Issues - The turmoil in the three listed companies stemmed from overdue financial products related to real estate cooperation projects, for which Yu Faxiang and Xiangyuan Holdings bear joint guarantee responsibilities [3][9]. - The overdue financial products were disclosed in a joint announcement by the companies on December 7 [3][9]. Group 4: Judicial Actions and Share Freezes - As of December 16, Yu Faxiang and related parties had a total of 612 million shares frozen, representing 58.08% of Xiangyuan Cultural Tourism's total shares [4][11]. - Jiaojian Co., Ltd. reported that 27.43 million shares were under judicial freeze, with additional shares facing potential full freeze [11][12]. Group 5: Company Independence and Financial Status - Both companies stated that they maintain independence in assets, business, and finance from their controlling shareholder, and there are no violations affecting company interests [12]. - Xiangyuan Holdings claims to have approximately 30-40 billion in real estate assets and is actively seeking new financing channels [12].

Core Viewpoint - The article discusses the legal troubles faced by Yu Faxiang, the actual controller of three listed companies under the "Xiangyuan System," due to overdue financial products, leading to his criminal detention and potential implications for the companies involved [3][5]. Group 1: Company Developments - Yu Faxiang has been taken into criminal custody by the Shaoxing Public Security Bureau for suspected criminal activities, as announced by Xiangyuan Cultural Tourism (600576.SH) and Jiaojian Co., Ltd. (603815.SH) [3][5]. - The companies confirmed that they have not received any requests for assistance in the investigation and that their operations remain normal, with no significant impact expected on their business [3][5]. - Yu Honghua, associated with Yu Faxiang, resigned from his positions in the listed companies due to personal reasons [3][4]. Group 2: Financial Issues - The crisis originated from overdue financial products issued by Xiangyuan Holdings, for which Yu Faxiang and the companies bear joint guarantee responsibilities [5]. - As of December 16, shares held by Yu Faxiang and the controlling shareholder of Xiangyuan Cultural Tourism have been judicially frozen, with a total of 612 million shares (58.08% of total shares) affected [6][7]. - Jiaojian Co., Ltd. reported that 27.43 million shares are under judicial freeze, with an additional 202 million shares marked for judicial action, indicating significant financial distress [6][7]. Group 3: Company Assets and Future Outlook - Xiangyuan Holdings claims to possess approximately 30-40 billion in real estate assets and is actively seeking new financing channels to address its financial challenges [7].

Group 1 - The actual controller of Xiangyuan Group, Yu Faxiang, has been taken into criminal custody by the Shaoxing Public Security Bureau due to suspected criminal activities, and the case is under investigation [2] - Yu Faxiang, born in 1971, is the chairman of Xiangyuan Holding Group and has a net worth of 14.5 billion yuan, ranking 465th on the Hurun Rich List [3] - Since the crisis began on November 28, the stock prices of Xiangyuan Cultural Tourism and Jiaojian Co. have plummeted, with declines of over 17% and 34% respectively [4] Group 2 - The total amount of unpaid financial products related to Xiangyuan Group exceeds 20 billion yuan, affecting nearly 10,000 investors [5] - Over 800 million shares of both companies have been frozen due to legal issues, with Xiangyuan Cultural Tourism's shares accounting for 58.08% of its total capital [6] - The freezing of shares is linked to financial loan guarantee disputes and debt risks associated with related platforms [6][7] Group 3 - The financial crisis was triggered by the overdue financial products issued by Xiangyuan Group, with a total scale exceeding 10 billion yuan [9] - The underlying assets of these products are tied to accounts receivable from various real estate projects, which have been affected by the downturn in the real estate market [9] - Investors have reported significant losses, with some investing hundreds of thousands to millions of yuan in these financial products, which are now unable to be withdrawn [10]

Core Viewpoint - The forced criminal measures taken against Yu Faxiang, the actual controller of three listed companies under the "Xiangyuan System," are linked to overdue repayment issues of financial products issued by the group, raising concerns about the stability of these companies and their operations [1][3]. Group 1: Company Actions and Announcements - On December 22, 2025, three listed companies, Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK), announced that Yu Faxiang was taken into criminal custody by the Shaoxing Public Security Bureau due to suspected criminal activities [1]. - The companies confirmed that they had not received any requests for assistance in investigations and that their control structure remained unchanged, with normal operations continuing [1][5]. - Yu Honghua, associated with Yu Faxiang, resigned from his positions in the listed companies for personal reasons, indicating potential shifts in management [1][2]. Group 2: Financial Product Issues - The crisis originated from overdue financial products linked to real estate projects managed by Xiangyuan Holdings, with Yu Faxiang and the company bearing joint guarantee responsibilities for these obligations [3]. - As of December 12, 2025, a work group from Shaoxing City was deployed to assist Xiangyuan Holdings in managing its assets and liabilities, ensuring compliance with debt responsibilities [4]. Group 3: Shareholder and Stock Implications - As of December 16, 2025, Yu Faxiang and related parties had a total of 612 million shares frozen, representing 58.08% of Xiangyuan Cultural Tourism's total share capital, with additional shares under judicial freeze [4]. - Jiaojian Co., Ltd. reported that 27.43 million shares were under judicial freeze, with 202 million shares marked for judicial action, indicating significant legal challenges ahead [4]. - Despite the freezing of shares, both companies asserted that their operations and governance structures remained independent from the controlling shareholder, although the high percentage of frozen shares could pose risks to control stability in the future [5].

Core Viewpoint - The investigation into Xiangyuan Holdings' financial situation has been initiated due to issues related to overdue financial products, leading to the detention of its actual controller, Yu Faxiang, on criminal charges [1][3]. Group 1: Company Actions and Announcements - Xiangyuan Wenlv (600576.SH) and Jiaojian Co. (603815.SH) announced on December 22 that Yu Faxiang has been taken into criminal custody, with the investigation ongoing [1]. - The companies confirmed that they have not received any requests for assistance from authorities and that their control and operations remain unaffected [1]. - Yu Honghua, associated with Yu Faxiang, resigned from his positions in the listed companies due to personal reasons [1]. Group 2: Financial Product Issues - The crisis originated from overdue financial products issued by Xiangyuan Holdings, which are linked to real estate cooperation projects [3]. - Yu Faxiang is responsible for the repayment obligations of these financial products, which has raised concerns about the company's financial stability [3]. Group 3: Shareholder and Asset Status - As of December 16, Yu Faxiang and related parties have had a total of 612 million shares frozen, representing 58.08% of Xiangyuan Wenlv's total share capital [4]. - Jiaojian Co. reported that 27.43 million shares are under judicial freeze, with an additional 202 million shares marked for judicial action [4]. - The companies maintain that their operations and governance remain independent from the issues faced by the controlling shareholder [5]. Group 4: Financial Health and Future Outlook - Xiangyuan Holdings claims to possess approximately 30-40 billion in real estate assets and is actively seeking new financing channels to address its financial challenges [5].

Core Viewpoint - The actual controller of three listed companies, Yu Faxiang, has been taken into criminal custody by the Shaoxing Public Security Bureau due to suspected criminal activities, and the case is under investigation [1][2][3]. Group 1: Company Announcements - Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park announced that their actual controller, Yu Faxiang, has been taken into criminal custody, and the companies have not received any notifications from authorities regarding cooperation in the investigation [2][3][5]. - All three companies confirmed that their control has not changed and that their operations remain normal, indicating no significant impact on their business activities [5]. Group 2: Background Information - Yu Faxiang, born in 1971 in Zhejiang Shengzhou, is the chairman of Xiangyuan Holding Group and oversees multiple listed companies, including Haichang Ocean Park, Jiaojian Co., and Xiangyuan Cultural Tourism [5]. - As of October 2025, Yu Faxiang was ranked 465th on the Hurun Rich List with a net worth of 14.5 billion yuan [5]. - The "Xiangyuan system" is currently facing issues with overdue financial products, which have been reported in connection with real estate projects involving Xiangyuan Holding [6]. - On December 16, 2025, it was announced that shares held by Yu Faxiang and Xiangyuan Holding in the companies have been judicially frozen [7].

三家公司均称，目前公司未收到有关机关要求公司协助调查的通知，公司控制权未发生变化。 此前，12月16日晚间，祥源文旅与交建股份披露，实控人俞发祥及控股股东等相关主体持有的公司股份 被司法冻结、轮候冻结。 12月22日晚，A股上市公司祥源文旅（600576）、交建股份（603815）相继公告称，公司实际控制人俞 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。港股公司海昌海洋公园发布 公告称，公司董事会主席、执行董事兼行政总裁俞发祥因涉嫌犯罪被绍兴市公安局采取刑事强制措施。 其中，祥源文旅的主营业务主要覆盖旅游行业、文化行业、商品销售行业，公司2025年前三季度实现营 收8.44亿元，同比增长35.29%；实现归母净利润1.56亿元，同比增长41.80%。交建股份主要从事公路、 市政基础设施建设领域相关的工程施工、勘察设计、试验检测等业务，公司2025年前三季度实现营收 30.21亿元，同比增长6.06%；实现归母净利润1.37亿元，同比增长36.40%。 （文章来源：上海证券报） 彼时，祥源文旅表示，该次冻结主要涉及以下事项：第一，上海金融法院司法冻结及轮候冻结事项为祥 源旅开（祥源文旅控股 ...

Core Viewpoint - The actual controller of Xiangyuan Cultural Tourism, Yu Faxiang, has been taken into criminal custody by the Shaoxing Public Security Bureau, leading to significant financial and operational implications for the company and its affiliates [1][2]. Group 1: Company Background and Financial Issues - Yu Faxiang, born in 1971, is the chairman of Xiangyuan Holding Group and has a net worth of ¥145 billion, ranking 465th on the Hurun Rich List as of October 2025 [1][2]. - Xiangyuan Cultural Tourism and Jiaojian Co. announced that their controlling shareholder's shares have been judicially frozen, with over 600 million shares of Xiangyuan Cultural Tourism and 27.4 million shares of Jiaojian Co. affected [2][4]. - The crisis began on November 28, when multiple financial products issued by Xiangyuan Holding defaulted, with a total outstanding amount exceeding ¥100 billion, linked to unsold and halted real estate projects [2][7]. Group 2: Shareholder and Asset Management - The total shares frozen for both companies exceed 800 million, with significant portions of their total share capital affected [3][4]. - The Shaoxing government has deployed a support team to assist Xiangyuan Holding in managing its debts and ensuring normal operations [5]. - Both companies maintain that their operations remain independent from their controlling shareholder, despite the high percentage of frozen shares potentially impacting control stability [4][5]. Group 3: Investor Impact and Market Reaction - Investors have reported significant losses, with some investing hundreds of thousands of yuan in financial products that are now unable to be redeemed [9]. - The financial products, which were marketed as low-risk with expected annual returns of 4%-5%, are now in default, leading to a liquidity crisis for the company [7][9]. - The Zhejiang provincial authorities have established a task force to investigate the asset situation and protect investor rights [9].

Core Viewpoint - The actual controller of Xiangyuan Holdings, Yu Faxiang, has been taken into criminal custody by the Shaoxing Public Security Bureau due to suspected criminal activities, leading to significant financial and operational implications for its listed companies, Xiangyuan Cultural Tourism and Jiaojian Co., Ltd. [1][6] Group 1: Company Background - Yu Faxiang, born in 1971 in Zhejiang Shengzhou, is the chairman of Xiangyuan Holdings Group, which owns multiple listed companies including Haichang Ocean Park and Jiaojian Co., Ltd. [3] - As of October 2025, Yu Faxiang ranked 465th on the Hurun Rich List with a net worth of ¥145 billion, a decrease of approximately 55 places from the previous year [4]. Group 2: Financial Issues - On December 16, both Xiangyuan Cultural Tourism and Jiaojian Co., Ltd. announced that their controlling shareholder's shares had been judicially frozen, with over 600 million shares of Xiangyuan Cultural Tourism and 274 million shares of Jiaojian Co., Ltd. affected [6]. - The financial crisis began on November 28, when multiple financial products issued by Xiangyuan Holdings through Zhejiang Jin Center defaulted, with the total amount due exceeding ¥100 billion, linked to unsold and stalled real estate projects [8]. Group 3: Shareholder Impact - The total shares frozen for Xiangyuan Cultural Tourism's three major shareholders amount to 612 million, representing 58.08% of the total share capital, while 462 million shares are under judicial preservation [6]. - For Jiaojian Co., Ltd., the controlling shareholder holds 274 million shares, accounting for 44.32% of the total share capital, with significant portions also frozen or under judicial preservation [6]. Group 4: Government Intervention - A working group from the Shaoxing government has been deployed to assist Xiangyuan Holdings in addressing its financial issues, ensuring the company continues its normal operations while investigating its assets and liabilities [7]. - The freezing of shares is primarily due to financial disputes related to loan guarantees and debt risks associated with affiliated platforms [7].

Core Viewpoint - The actual controller of the "Xiangyuan System," Yu Faxiang, has been subjected to criminal coercive measures by the police due to suspected criminal activities, impacting multiple listed companies under his control [3][4][5]. Group 1: Company Announcements - Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park announced that Yu Faxiang has been taken into criminal coercive measures, and the case is under investigation [3][4][5]. - All three companies confirmed that they have not received any requests from authorities for assistance in the investigation, and their control has not changed [7]. - The companies stated that their production and operations remain normal and that the situation will not significantly impact their business [7]. Group 2: Background Information - Yu Faxiang, born in 1971 in Zhejiang Shengzhou, is the chairman of Xiangyuan Holding Group and has a net worth of 14.5 billion yuan, ranking 465th on the Hurun Rich List as of October 2025 [7]. - The Xiangyuan Group, founded in 1992, primarily focuses on cultural tourism investment and has developed over 50 projects across 17 provinces, including 6 World Heritage sites and numerous national scenic areas [9]. - Reports indicate ongoing issues with defaults on financial products related to real estate projects associated with Xiangyuan Holding, with Yu Faxiang and the holding company bearing joint guarantee responsibilities for these obligations [8].