Core Insights - The "Xiangyuan System" faced a significant market shock on December 23, with three listed companies experiencing substantial stock price declines due to the criminal investigation of their actual controller, Yu Faxiang [1][3]. Group 1: Company Announcements - Xiangyuan Cultural Tourism (600576.SH), Jiaojian Co., Ltd. (603815.SH), and Ocean Park Holdings (02255.HK) all confirmed that their actual controller, Yu Faxiang, was subjected to criminal coercive measures by the Shaoxing Public Security Bureau [1][3]. - The companies emphasized that there was no change in control and that operations were normal, expecting no significant impact on business [3]. Group 2: Financial Crisis Background - The crisis stems from a financial product default issue that began in late November 2025, where several financial asset income rights products guaranteed by Xiangyuan Holdings and Yu Faxiang faced payment failures [3][4]. - On December 7, the companies acknowledged overdue payments related to these financial products but clarified that they bore no responsibility for the guarantees [3]. Group 3: Regulatory and Government Response - The Shanghai Stock Exchange issued regulatory letters to Xiangyuan Cultural Tourism and Jiaojian Co., Ltd. regarding information disclosure [3]. - A significant portion of shares held by the actual controller and major shareholders were judicially frozen to prevent further risk spread, with local government intervention initiated to assess the financial situation of Xiangyuan Holdings [4]. Group 4: Profile of Yu Faxiang - Yu Faxiang, born in 1971, founded Weixiang Decoration Company, the predecessor of Xiangyuan Holdings, in 1992, and later expanded into the cultural tourism sector [4]. - He successfully controlled multiple companies, including Xiangyuan Cultural Tourism and Jiaojian Co., Ltd., and made significant investments in Ocean Park Holdings, completing a comprehensive capital matrix [4].