Core Viewpoint - The "People's Assets" platform is suspected of being a fraudulent scheme that misuses the names of legitimate institutions like the National Development Bank and the National Data Bureau to attract investors [1][2][9]. Group 1: Allegations and Responses - The National Development Bank issued a statement denying any association with the "People's Assets" platform, urging consumers and investors to be cautious [1][2]. - The National Data Bureau also clarified that it has never issued any certificates related to personal data asset ownership, labeling the claims made by the platform as fraudulent [2][3]. - Reports indicate that the "People's Assets" app is registered in Cambodia and is likely operated by an overseas team [1][4]. Group 2: Investor Experiences - Many investors, particularly older individuals, have been drawn into the "People's Assets" scheme, with one investor reportedly investing around 200,000 yuan without seeing returns [3][10]. - The app claims to offer high returns on minimal investments, such as promising over 80,000 yuan in returns for an initial investment of 600 yuan [6][7]. Group 3: App Functionality and Operations - The "People's Assets" app promotes itself as a "data asset confirmation service platform" and requires users to pay fees for converting their data assets into "original shares" [5][6]. - Users are incentivized to recruit others into the scheme through a multi-level referral system, which is characteristic of pyramid schemes [5][12]. Group 4: Legal and Ethical Concerns - Legal experts have identified the "People's Assets" platform as fitting the profile of a "funding plate," a type of illegal financial scam similar to a Ponzi scheme, due to its lack of real asset backing and reliance on misleading claims [9][12]. - The platform has been linked to various fraudulent activities, including the issuance of counterfeit electronic bank acceptance bills that falsely claim to be backed by the National Development Bank [8][9]. Group 5: The Role of "Luo Pan" Participants - Some investors, referred to as "Luo Pan" participants, are aware of the fraudulent nature of the platform but continue to engage with it, hoping to profit before it collapses [10][11]. - This group often operates in secrecy, using social media to promote the scheme while disguising their true intentions [11][12].

Group 1 - Equity investment refers to acquiring shares of a company, aiming for significant economic benefits through investments in both listed and unlisted companies [1] - Equity investment can occur at various stages of a company's lifecycle, including startup, growth, and expansion phases, with different investor focuses at each stage [1] - Private equity funds primarily invest in unlisted companies, aiming to recover investment returns through future public offerings or acquisitions [2] Group 2 - The profit points of private equity mainly arise from the price differences between the primary and secondary markets, with a strong influence from the IPO market [3] - Angel investments typically target very early-stage companies, often with minimal funding requirements, and investors usually acquire 10% to 30% equity [4] - Venture capital is suited for companies in early stages of development, where initial funding is insufficient for significant growth [5] Group 3 - Investment banks assist companies with public offerings, restructuring, mergers, and acquisitions, earning fees from successful financing [6] - M&A encompasses both mergers and acquisitions, with subtle differences in their definitions and implications [7][10] - M&A funds are more common in mature markets and focus on established companies, contrasting with angel and venture capital funds that target startups [11] Group 4 - Fund of Funds (FOF) is a type of investment strategy that invests in other funds rather than direct assets, distinguishing it from traditional funds [12] - The investment threshold for private equity funds varies, with common minimums of 3 million to 10 million depending on the fund size [22] - Private equity funds typically have a long duration of 5 to 8 years, divided into investment, exit, and extension periods [22] Group 5 - The valuation of a company is crucial in private equity transactions, determining the financing amount and investor equity stake [25] - Valuation methods include the price-to-earnings ratio and comparative analysis with similar companies in the industry [26] - Investment protection mechanisms, such as board veto rights, are essential for safeguarding private equity investors' interests [27]

Core Viewpoint - The article discusses the controversial practices and financial struggles of Beijing Shengshang Education Technology Co., Ltd. (Shengshang Education), highlighting its transition from a promising educational consulting firm to a company facing legal and financial challenges due to alleged fraudulent activities and poor management practices [1][4][6]. Company Overview - Shengshang Education was founded in 2014 by Yuan Li, focusing on providing strategic management and financial services to small and medium-sized enterprises [1][2]. - The company initially thrived in the booming education market, achieving significant revenue and profit growth, with 2019 revenues reported at 753 million yuan and a net profit of 173 million yuan [4]. Financial Performance - The COVID-19 pandemic severely impacted Shengshang Education's financial performance, with revenues dropping to 332 million yuan in 2020, a decline of 55.92% year-on-year, and net profit falling to approximately 50 million yuan, a decrease of over 70% [5]. - The company faced scrutiny from regulatory bodies due to numerous complaints regarding its business practices, including allegations of misleading advertising and potential pyramid scheme activities [6][9]. Legal Issues - In 2023, a court ruled that Shengshang Education engaged in false advertising, resulting in a compensation order of 100,000 yuan to Tsinghua University for damages [6]. - The company has faced multiple warnings and regulatory actions due to financial discrepancies and improper resource usage, leading to its decision to exit the New Third Board in 2021 [9]. Business Model and Strategy - Shengshang Education's business model has been criticized for its reliance on high tuition fees for courses that many former students claim did not provide value, leading to a negative reputation in the market [5][10]. - The company attempted to pivot its business strategy by entering the liquor market through a merger with Qidian International, rebranding itself as Qidian Guofeng and focusing on the production and sale of liquor products [10][11]. Market Position and Future Prospects - Despite the shift to the liquor industry, Shengshang Education's new venture has struggled, with reported liquor sales of 17.2 million yuan in mid-2025, a decline of 52.59% year-on-year, indicating challenges in establishing brand recognition and market presence [10]. - The company's founder, Yuan Li, has a history of capitalizing on market trends, but the sustainability of Shengshang Education's new strategies remains uncertain, especially in a challenging economic environment [11][14].