又一巨头暴雷！收割2400亿元，百万人资金打水漂，创始人主动投案

Core Insights - The article discusses the downfall of a once-prominent Chinese B2B platform, Mengda Group, which has trapped millions of business owners and raised 240 billion yuan, revealing it as a "financial black hole" [1] Group 1: Company Background - Mengda Group was established in 2010 and became a giant in the plastic chemical industry, claiming to serve over 1 million clients and facilitating online trade worth over 240 billion yuan [5][4] - The company was recognized as a "national high-tech enterprise" and ranked among the top 10 B2B platforms in China, showcasing its strong market position [5][4] - Mengda's business model expanded from B2B to B2C, including e-commerce live streaming, which was marketed as a response to government calls for boosting consumption [9][11] Group 2: Crisis Development - The crisis began on September 4, 2025, when a judicial procedure led to the freezing of Mengda's accounts, triggering panic among clients and a subsequent run on withdrawals [16][18] - By October 24, 2025, Mengda's founder publicly acknowledged the liquidity crisis, stating that the company had to mobilize cash resources from all subsidiaries to address the withdrawal surge [21][18] - Within 37 days, the company's reputation collapsed, leading to a significant loss of trust among clients and investors [26] Group 3: Business Model Analysis - Mengda's platforms, "Liuke Yunbang" and "Xiaogu Shoufu," were found to operate under a model that blurred the lines between service and investment, effectively creating a "funding pool" [27][31] - The reliance on continuous inflow of new funds to sustain operations and meet withdrawal demands exposed the vulnerabilities of their business model [31] - The company's shift from serving the real economy to financial speculation ultimately led to its downfall, as it failed to maintain the integrity of its operations [35][36]