非法集资超千亿！“和合系”案件一审开庭：300余亿元未兑付，揭露“高材生”林强诈骗、洗钱始末

Core Viewpoint - The "Hehe System" illegal fundraising case involves over 100 billion yuan in illegal fundraising, with more than 30 billion yuan in unpaid principal, and is characterized as a massive Ponzi scheme [1][5][6]. Group 1: Case Overview - The trial for the "Hehe System" illegal fundraising case was held from November 19 to 20, 2025, with the court set to announce a verdict later [2]. - The public prosecution alleges that Lin Qiang and others illegally raised over 100 billion yuan through the issuance and sale of financial products without regulatory approval [4][5]. - The illegal fundraising activities included splitting private equity products into multiple phases and allowing participants to purchase in groups to circumvent restrictions [4][5]. Group 2: Financial Details - The total amount of illegal fundraising reached over 100 billion yuan, with more than 30 billion yuan in unpaid principal [1][5]. - Lin Qiang, the actual controller of the "Hehe System," is accused of laundering over 800 million yuan through domestic transfers and cross-border asset movements [1][5]. Group 3: Company Background - Lin Qiang, who has nearly 20 years of experience in the financial industry, was previously associated with various financial institutions before founding the "Hehe System" [6]. - The "Hehe System" includes multiple business areas such as equity investment, securities investment, and real estate [6]. Group 4: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has taken administrative measures against Hehe Futures, including revoking its business license due to serious violations [11][12]. - The CSRC initiated an investigation into Hehe Futures for its failure to manage its subsidiary, Hehe Asset Management, effectively [11][12].