“金字招牌”信仰崩塌，浙金中心是怎样陷入“祥源系”违约风暴的？

Core Viewpoint - The trust in "Zhejiang Financial Asset Trading Center" (now "Zhejiang Zhejin Asset Operation Co., Ltd.") has collapsed following the default of "Xiangyuan System" products, which were previously considered stable investments by many investors [2][5][11]. Group 1: Company Background - Zhejiang Financial Asset Trading Center was established in December 2013 and initially had a strong state-owned background among its shareholders, which included companies like Ningbo Urban Construction Investment Group [11]. - By the end of 2023, the state-owned shareholders had exited, with private company Hangzhou Minzhi Investment Management Co., Ltd. becoming the largest shareholder, holding 58.57% of the shares [11][12]. - The company changed its name to "Zhejiang Zhejin Asset Operation Co., Ltd." in January 2025, along with changes in its legal representative and management [12][13]. Group 2: Investor Sentiment and Experience - Investors had a long-standing belief in the stability of the platform, often equating investments with government bonds due to the perceived state-owned backing, leading to significant investments without awareness of the underlying risks [5][6][7]. - Many investors reported investing substantial amounts, with one individual investing 4.2 million yuan across 17 products, all linked to the "Xiangyuan System," with expected annual returns between 4.4% and 5.1% [6][7]. - The lack of communication regarding the withdrawal of state support and changes in the company's structure contributed to a false sense of security among investors [6][11]. Group 3: Product and Market Dynamics - Over 90% of the products on the platform were from the "Xiangyuan System," with the total trading scale of these products exceeding 12 billion yuan as of early December 2023 [13]. - The products were initially marketed as stable investments linked to government projects, which attracted investors who were risk-averse and preferred platforms with government affiliations [5][10]. - The cancellation of the financial asset trading business qualification by the Zhejiang Provincial Financial Management Bureau in October 2024 raised concerns among some investors, but many remained unaware of this change [12][13].