Mei Ri Jing Ji Xin Wen·2025-12-22 16:12Core 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].