Core Viewpoint - The trial of Xuesong Holdings and its founder Zhang Jin, along with 19 other defendants, is set to take place, with serious allegations of financial misconduct including fraud and illegal fundraising [1][22]. Group 1: Legal Proceedings - The "Xuesong case" involves 19 individuals and one corporate entity, with charges ranging from fundraising fraud to illegal public deposit acceptance [4][26]. - The prosecution claims that Xuesong Holdings caused losses of approximately 20 billion yuan, affecting around 8,000 investors [6][26]. - The trial is scheduled for October 28 to November 1, 2024, with indications that the repayment rate for Xuesong's products may be as low as 3% [16][38]. Group 2: Company Background - Xuesong Holdings was formerly known as Junhua Group, founded by Zhang Bingsheng, and transitioned into its current form in 2015 under the leadership of his son, Zhang Jin [7][27]. - The company experienced rapid revenue growth from 2015 to 2020, with revenues increasing from 59.3 billion yuan in 2015 to 233.4 billion yuan in 2020 [9][29]. - In July 2018, Xuesong Holdings entered the Fortune Global 500 with revenues of 32.7 billion USD [10][30]. Group 3: Financial Misconduct - Xuesong Holdings has been accused of issuing fraudulent financial products and misusing funds, leading to significant financial distress [19][42]. - The company faced allegations of issuing 220 billion yuan in false fundraising through its trust subsidiary shortly after its acquisition [11][32]. - By early 2021, several financial products issued by Xuesong began to default, leading to a public apology from Zhang Jin regarding the inability to fulfill repayment obligations [14][36].