山东菏泽成武郜城定融爆雷：零参保公司陷入兑付危机，投资者追债无门

Core Viewpoint - The article highlights the substantial default of targeted financing products issued by two urban investment companies in Chengwu County, Shandong Province, which has raised concerns among investors regarding the repayment of interest and principal [1][5]. Group 1: Default Details - Investors reported that the targeted financing products issued by Chengwu Gaocheng Urban Construction Investment Co., Ltd. have faced difficulties in interest payments since September 2025, with one investor stating that their investment of 1 million yuan was due in October 2025 but has not received any payments [6]. - Chengwu Wenting Urban Construction Investment Co., Ltd. has also been linked to a series of defaulted projects since March 2025, yet these issues have not been prioritized for resolution by the provincial government [6][12]. Group 2: Company Transparency Issues - Chengwu Gaocheng was established in October 2019 with a registered capital of 100 million yuan, controlled by the Chengwu County Finance Bureau, but reported zero insured employees in 2024, raising concerns about its operational transparency [9]. - Chengwu Wenting, founded in 2012, also reported zero insured employees from 2016 to 2019, and despite showing 19 employees in 2024, its business scope and financial scale appear mismatched [9][10]. Group 3: Broader Financial Risks - As of October 31, 2025, Chengwu Wenting's subsidiary had overdue bills totaling 16.39 million yuan, indicating a broader risk of financial contagion within the region [12]. - The complexity of financing chains, including the issuance of targeted financing products through shell companies, has been noted as a common practice in certain counties in Shandong, leading to increased risk exposure [12]. - The provincial government's debt resolution plan has favored key areas, leaving Chengwu County without prioritized support, exacerbating the slow arrival of debt resolution funds [12].