收割了6800个百万富豪200亿，“雪松案”宣判

Core Viewpoint - The court has publicly announced the verdict regarding the case of fundraising fraud and illegal public deposit absorption involving Xuesong Holdings Group and its actual controller Zhang Jin, marking a significant legal development for the company [1][8]. Legal Proceedings - On February 10, 2026, the Guangzhou Intermediate People's Court announced the verdict in the case against Xuesong Holdings and Zhang Jin, with sentences ranging from life imprisonment to 14 years for various individuals involved [2][10]. - The company has not yet received the official judgment document, and the specific details will be based on the court's written ruling [2][10]. Company Background - Xuesong Holdings was once the largest private enterprise in Guangzhou after Evergrande and was listed among the Fortune Global 500 for four consecutive years [2][10]. - In 2021, Xuesong Holdings reported a revenue of 233.4 billion yuan, ranking 359th [2][10]. - The company faced significant issues in early 2022 when it was revealed that many of its financial products were overdue, involving approximately 20 billion yuan and around 6,800 investors, with an average investment of 2.94 million yuan per person [2][10]. Financial Misconduct - Investigations revealed that Xuesong Holdings had fabricated underlying assets for its financial products, leading to accusations of self-financing without real asset support [4][12]. - The company was accused of transferring approximately 100 million yuan overseas through underground banks and maintaining a "small treasury" of 8.4 billion yuan for personal luxury purchases [4][12]. Business Model Concerns - Xuesong Holdings acquired Zhongjiang Trust in 2019, rebranding it as Xuesong Trust, and launched various financial products promising high annual returns of 8% to 12% to attract small and medium investors [5][13]. - From January 2020, the company issued 1,490 financial products, raising 59.6 billion yuan, with 20 billion yuan unable to be repaid, indicating a closed-loop self-financing scheme [5][13]. Revenue Integrity Issues - Industry analysis has raised concerns about the legitimacy of Xuesong's revenue figures, noting a net profit of only 4.96 million dollars in 2020, with a net profit margin of 0.15%, indicating weak self-sustaining capabilities [6][14]. - Following the financial scandals, Xuesong Holdings, along with other companies like Evergrande, has fallen off the Fortune Global 500 list [6][14].