昔日广州首富梦碎：张劲领刑无期，雪松控股百亿非法集资帝国崩塌

Core Viewpoint - The illegal financial operations of Snowball Holdings Group and its actual controller Zhang Jin have been concluded with a court ruling, marking a significant warning against blind expansion and crossing financial boundaries in private capital [1][10]. Group 1: Legal Proceedings and Outcomes - On February 10, 2026, the Guangzhou Intermediate People's Court publicly sentenced Zhang Jin to life imprisonment and imposed a fine of 1.1 billion yuan on Snowball Holdings for multiple charges including fundraising fraud and illegal public deposit absorption [1][10]. - The case involved nearly 8,000 investors and hundreds of billions in funds, highlighting the severe consequences of financial misconduct [1][10]. - The court found that Snowball Holdings illegally raised funds exceeding hundreds of billions through over 350 unauthorized financial products, violating financial regulations and criminal laws [10]. Group 2: Company Background and Expansion - Zhang Jin, born in 1971, founded Junhua Group in 1997, which later evolved into Snowball Holdings, aiming for ambitious "trillion" targets in sales, assets, and market value [3][4]. - In 2016, Snowball Holdings achieved 157 billion yuan in revenue, becoming the top private enterprise in Guangzhou and consistently ranked in the Fortune Global 500 for four consecutive years [3][4]. Group 3: Financial Misconduct and Crisis - Starting in January 2020, Snowball Holdings began issuing unauthorized financial products under the guise of "supply chain finance," raising approximately 59.6 billion yuan through these schemes [4][5]. - By 2021, the company faced liquidity issues as multiple financial products defaulted, leading to a public apology from Zhang Jin acknowledging the inability to pay interest on these products [5][6]. - The situation escalated into a judicial investigation in May 2023, with authorities taking action against Zhang Jin and other key figures [6][8]. Group 4: Market Reaction and Future Implications - Following the court ruling, the stock of ST Snowball experienced a surge, with three consecutive trading limits reached, closing at 5.05 yuan per share, despite the company forecasting a loss of 174 million to 245 million yuan for 2025 [11][13]. - The collapse of Snowball Holdings serves as a cautionary tale for the market, emphasizing the importance of adhering to legal and regulatory frameworks in capital operations [13].