Core Viewpoint - The forced criminal measures taken against Yu Faxiang, the actual controller of three listed companies under the "Xiangyuan System," are linked to overdue repayment issues of financial products issued by the group, raising concerns about the stability of these companies and their operations [1][3]. Group 1: Company Actions and Announcements - On December 22, 2025, three listed companies, Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK), announced that Yu Faxiang was taken into criminal custody by the Shaoxing Public Security Bureau due to suspected criminal activities [1]. - The companies confirmed that they had not received any requests for assistance in investigations and that their control structure remained unchanged, with normal operations continuing [1][5]. - Yu Honghua, associated with Yu Faxiang, resigned from his positions in the listed companies for personal reasons, indicating potential shifts in management [1][2]. Group 2: Financial Product Issues - The crisis originated from overdue financial products linked to real estate projects managed by Xiangyuan Holdings, with Yu Faxiang and the company bearing joint guarantee responsibilities for these obligations [3]. - As of December 12, 2025, a work group from Shaoxing City was deployed to assist Xiangyuan Holdings in managing its assets and liabilities, ensuring compliance with debt responsibilities [4]. Group 3: Shareholder and Stock Implications - As of December 16, 2025, Yu Faxiang and related parties had a total of 612 million shares frozen, representing 58.08% of Xiangyuan Cultural Tourism's total share capital, with additional shares under judicial freeze [4]. - Jiaojian Co., Ltd. reported that 27.43 million shares were under judicial freeze, with 202 million shares marked for judicial action, indicating significant legal challenges ahead [4]. - Despite the freezing of shares, both companies asserted that their operations and governance structures remained independent from the controlling shareholder, although the high percentage of frozen shares could pose risks to control stability in the future [5].