第一财经·2025-12-09 15:46Core Viewpoint - The "Xiangyuan System" default event is causing significant stock price declines for its three listed companies, leading to a substantial market value loss of approximately 3.2 billion yuan over two trading days [3][4]. Group 1: Stock Performance - Xiangyuan Cultural Tourism (600576.SH) dropped by 7.51% on December 9, while Haichang Ocean Park (02255.HK) fell by 12%, and Jiaojian Co., Ltd. (603815.SH) hit the daily limit down [3][4]. - The market capitalization of the three companies has decreased by 3.2 billion yuan over two trading days, with Jiaojian Co., Ltd. alone losing 1.424 billion yuan in market value [4][6]. - From December 4 to December 9, Xiangyuan Cultural Tourism's stock price fell by a cumulative 20.67%, and Haichang Ocean Park's stock price dropped by 36.23% during the same period [7]. Group 2: Default Event Details - The rumors of the "Xiangyuan System" default began in late November, with reports of overdue products surfacing around December 4 [5]. - On December 7, the three listed companies issued announcements stating that certain financial products related to real estate projects with Xiangyuan Holdings had overdue payments, clarifying that the companies would not bear any repayment obligations [5][6]. - The scale of the "Xiangyuan System" products traded on the Zhejiang Financial Asset Trading Center has exceeded 10 billion yuan, indicating a significant impact on investors [7]. Group 3: Financial Position of Xiangyuan Holdings - As of the end of Q3, Xiangyuan Holdings held 274 million shares of Jiaojian Co., Ltd., with a market value of approximately 442 million yuan based on the latest stock price [10]. - The financial report from October indicated that Xiangyuan Holdings had total assets of 599.78 billion yuan and a net profit of 5.75 billion yuan for 2024 [12][13]. - The company is facing a cash flow crisis, with a net cash flow from operating activities of -3.30 billion yuan for the first half of 2025 [13].