Di Yi Cai Jing·2025-12-09 14:49Core Viewpoint - The "Xiangyuan System" is facing significant financial distress, leading to a sharp decline in the stock prices of its three listed companies, resulting in a market value loss of approximately 3.2 billion yuan over two trading days [1][2][3]. Group 1: Stock Performance and Market Impact - On December 9, Xiangyuan Cultural Tourism (600576.SH) fell by 7.51%, Haichang Ocean Park (02255.HK) dropped by 12%, and Jiaojian Co. (603815.SH) hit the daily limit down [1]. - The cumulative market value loss for the three companies over two trading days reached 3.2 billion yuan [2]. - Jiaojian Co. reported a market value of 60.53 billion yuan as of December 9, down 1.42 billion yuan from December 7 [2]. - Xiangyuan Cultural Tourism's stock price fell by 20.67% from December 4 to 9, with a market value of 62.32 billion yuan, down 759 million yuan from December 7 [3][4]. - Haichang Ocean Park's stock price dropped 36.23% from December 4 to 9, with a market value decrease of approximately 1.057 billion yuan [4]. Group 2: Financial Products and Default Issues - The rumors of the "Xiangyuan System" default began in late November, with reports of overdue products surfacing around December 4 [2]. - The financial products in question were traded on the Zhejiang Financial Asset Trading Center, with a total trading scale exceeding 10 billion yuan [4]. - On December 8, a meeting occurred between representatives from the Zhejiang provincial government and investors, where it was revealed that the company had a funding chain break and real estate assets valued over 30 billion yuan that are difficult to liquidate [4]. Group 3: Asset Holdings and Financial Health - As of the end of Q3, Xiangyuan Holdings held 274 million shares of Jiaojian Co., with a market value of approximately 442 million yuan for the unpledged shares [6]. - Yu Faxiang directly held 15.73 million shares of Jiaojian Co., valued at around 154 million yuan [6]. - Xiangyuan Holdings has total assets of 599.78 billion yuan and equity of 215.90 billion yuan as of the end of 2024, with a net profit of 57.5 million yuan [8].