Core Viewpoint - The sudden "disappearance" of Liu Peng, chairman of *ST Chuangxing, has brought the "Zhejiang Overseas Chinese System" billion-dollar fundraising fraud case back into the public eye, highlighting ongoing investigations and potential implications for the company and its assets [2][4]. Group 1: Liu Peng's Detention and Background - Liu Peng was detained by the Hangzhou Public Security Bureau on September 18, 2025, with the investigation being unrelated to the company [3]. - His detention is linked to the Zhejiang Overseas Chinese fundraising fraud case, where 25 mid-to-senior level personnel have already been arrested [4]. - Liu Peng is a key figure in the Overseas Chinese system and has been involved in significant financial dealings, including a 100 million yuan emergency loan to the Overseas Chinese system just before the fraud case emerged [4][6]. Group 2: Relationship with Zhejiang Overseas Chinese System - Liu Peng has a strong background in the Zhejiang Overseas Chinese system, having been a core member since 2015 and holding various significant positions [6][7]. - The Overseas Chinese system has multiple entities under its umbrella, including *ST Chuangxing and other businesses, which are still operational and managed by original personnel from the Overseas Chinese system [5][11]. - Despite the fraud case, the assets under the Overseas Chinese system, particularly those managed by Liu Peng, have not been subjected to unified regulatory oversight, raising concerns about asset loss and investor rights [5][12]. Group 3: Implications for *ST Chuangxing - Following the fraud case, *ST Chuangxing has undergone a change in control, with new major shareholders emerging, but the governance structure remains unstable [9][11]. - The company’s previous major shareholder, Zhejiang Overseas Chinese Industrial Co., has not yet fully disposed of its remaining shares, indicating ongoing uncertainty [9]. - Liu Peng's detention has raised questions about the future management and asset disposition of *ST Chuangxing, particularly regarding the fairness and transparency of asset handling amidst the ongoing investigations [13].

Core Viewpoint - The sudden detention of Liu Peng, chairman of *ST Chuangxing, has brought renewed attention to the "Zhejiang Overseas Chinese" fundraising fraud case, which involves significant financial misconduct and has already implicated numerous individuals within the organization [1][2]. Group 1: Liu Peng's Detention and Its Implications - Liu Peng was detained by the Hangzhou Public Security Bureau, and the investigation is reportedly linked to the previous fundraising fraud case involving the Zhejiang Overseas Chinese group [1][3]. - Prior to his detention, Liu Peng was involved in a 100 million yuan emergency loan from a subsidiary of Zhejiang Wuchan Group to the Overseas Chinese group, which may have contributed to his current legal troubles [1][3]. - Liu Peng is a key figure in the Overseas Chinese group, having held significant positions within the organization since 2015, and was entrusted with managing *ST Chuangxing, the only A-share listed company in the group [3][4]. Group 2: Background of the Zhejiang Overseas Chinese Group - The Zhejiang Overseas Chinese group has been linked to various entities, including *ST Chuangxing and other businesses such as Jiubianli and the "Yue Wang Tai" yellow wine brand, which are still operated by original personnel from the group [2][4]. - Despite the ongoing fraud investigation, the assets under the Overseas Chinese group, particularly those managed by Liu Peng, have not been subjected to unified regulatory oversight, raising concerns about potential asset loss and investor rights [2][8]. Group 3: Corporate Governance and Control Changes - Following the fraud scandal, *ST Chuangxing underwent a change in control, with Liou Shares becoming the largest shareholder in mid-2025, but the board has not yet been restructured, indicating instability in corporate governance [5][6]. - The ongoing operations of the Overseas Chinese group, particularly the commercial segment, have continued without significant disruption, which has raised questions about the fairness of asset management and the treatment of affected investors [7][9]. Group 4: Legal and Financial Risks - Legal experts have expressed concerns that the assets of the Overseas Chinese group, which are significant and interconnected with other entities, may be at risk of mismanagement or improper transfer without creditor oversight [10]. - The lack of regulatory scrutiny over the operations of the Overseas Chinese commercial segment, especially with the former leader still allegedly controlling operations from abroad, poses a significant risk to the integrity of the assets and the rights of investors [10].

Core Viewpoint - The ongoing investigation into former controlling shareholder Yu Zengyun's alleged fundraising fraud continues to impact *ST Chuangxing (600193.SH), with recent developments involving the company's chairman Liu Peng being detained for questioning by the police, although the investigation is stated to be unrelated to the company itself [1][4]. Company Management Changes - During Liu Peng's inability to perform his duties, Yang Zhe, a board member and general manager, will act as the chairman and legal representative of the company. Yang Zhe faced opposition when appointed as president due to concerns over his lack of experience in senior management roles within listed companies [2][3]. - Yang Zhe, born in 1980 and holding a master's degree, has a military background and joined the company in October 2024, indicating he has been with the company for less than a year before taking on significant responsibilities [2]. Company Background and Business Operations - *ST Chuangxing, listed since May 27, 1999, primarily engages in construction engineering, mobile information services, and computing power services, with its main products being construction decoration, mobile information services, and computing power services [3]. - The company has faced significant challenges, including the disappearance of its former controlling shareholder Yu Zengyun and subsequent legal issues, leading to a crisis in the company's operations [4]. Financial Performance - In the first half of the year, *ST Chuangxing reported a revenue of only 374,000 yuan, a staggering 99% decrease year-on-year, with a net loss of 13.71 million yuan, which is approximately double the loss from the previous year. The company attributed this decline to a lack of new income from construction projects and adjustments in its software and information services due to financial pressures [5][6]. - Following the judicial auction of shares held by Huqiao Industrial, the new controlling shareholder, Wang Xiangrong, now controls 15.76% of the company, indicating a shift in ownership amidst ongoing financial difficulties [5]. Market Performance - As of September 18, the stock price of *ST Chuangxing was 4.28 yuan, with a market capitalization of 1.821 billion yuan. The stock has seen a cumulative increase of approximately 26% this year, despite recent declines [6].

Core Viewpoint - The ongoing investigation into former controlling shareholder Yu Zengyun's alleged fundraising fraud continues to impact *ST Chuangxing (600193.SH), with the recent detention of Chairman Liu Peng raising concerns about the company's governance and operational stability [1][6]. Group 1: Company Management Changes - Liu Peng has been detained by the Hangzhou Public Security Bureau, and during his absence, Yang Zhe, a board member and general manager, will act as chairman and legal representative [2][6]. - Yang Zhe faced opposition when appointed as president due to concerns over his lack of experience in senior management roles within listed companies [2][6]. - Yang Zhe joined *ST Chuangxing in October 2024, indicating he has been with the company for less than a year before taking on significant responsibilities [2][5]. Group 2: Financial Performance - In the first half of 2025, *ST Chuangxing reported revenue of only 374,000 yuan, a 99% decrease year-on-year, with a net loss of 13.71 million yuan, which is approximately double the loss from the previous year [8]. - The company attributed the revenue decline to a lack of new income from construction projects and adjustments in software and information service operations due to financial pressures [8]. Group 3: Shareholder Changes - Following the detention of Liu Peng, shares of *ST Chuangxing held by Huashang Industrial were auctioned, resulting in a total sale amount of 234 million yuan for 67 million shares [7]. - Wang Xiangrong, through his investment companies, has become the new controlling shareholder of *ST Chuangxing, holding 15.76% of the total shares after the auction [7]. Group 4: Market Performance - As of September 18, *ST Chuangxing's stock price closed at 4.28 yuan, down 2.28%, with a market capitalization of 1.821 billion yuan, although the stock has seen a cumulative increase of approximately 26% this year [9].

Core Viewpoint - The ongoing investigation into former controlling shareholder Yu Zengyun's alleged fundraising fraud continues to impact *ST Chuangxing (600193.SH), with current chairman Liu Peng being detained for questioning by the police, although the investigation is unrelated to the company [1][4]. Group 1: Company Management Changes - Liu Peng, who has held various positions in companies under Yu Zengyun, is currently under police investigation, leading to his inability to perform his duties as chairman of *ST Chuangxing, with Yang Zhe stepping in as acting chairman [1][2]. - Liu Peng's previous roles include executive president of Huqiao Fund Management Co. and vice president of Huqiao Commercial Group, indicating a close association with Yu Zengyun's business operations [2][3]. Group 2: Shareholding and Control Changes - Following the detention of Liu Peng, Huqiao Industrial Co., which acquired 102 million shares of *ST Chuangxing, became the controlling shareholder, with Yu Zengyun as the actual controller [2][4]. - After Yu Zengyun's disappearance and subsequent investigation, a portion of *ST Chuangxing's shares held by Huqiao Industrial was auctioned, resulting in a total sale amount of 234 million yuan for 67 million shares, leading to a new controlling shareholder, Wang Xiangrong [5]. Group 3: Financial Performance - In the first half of 2025, *ST Chuangxing reported a revenue of 374,000 yuan, a 99% decrease year-on-year, and a net loss of 13.71 million yuan, which is approximately double the loss from the previous year [6]. - The company attributed the revenue decline to a lack of new income from construction projects and adjustments in its software and information services due to financial pressures [6].

Core Viewpoint - The Zhejiang Overseas Chinese financial risk incident has seen significant developments, with key suspect Yu Zhiwei expected to be transferred to the prosecution soon, following the arrest of 25 mid-to-senior level personnel involved in the case [2][4]. Group 1: Case Progression - The core suspect Yu Zhiwei, who played a significant role in the Zhejiang Overseas Chinese group, is anticipated to be prosecuted by September this year [3][4]. - The investigation has expanded, with 25 individuals, including those still abroad, being arrested, indicating a broadening scope of the inquiry [4][5]. - Key technical personnel from Muniu Technology, including the technical head Wang, have been detained, which may provide crucial evidence for the case [3][4]. Group 2: Financial Operations and Fraud - The Zhejiang Overseas Chinese group has been implicated in a fundraising fraud scheme exceeding 7 billion yuan, masquerading as legitimate investment opportunities in gold and other assets [2][5]. - The transition of 150 million yuan in P2P platform business to the Qiaohang Tianxia APP without regulatory compliance has been identified as a pivotal moment in the accumulation of financial risks [3][7]. - The fraudulent operations involved the creation of a false narrative around gold investment, which was later discredited by the China Gold Group, revealing the extent of the deception [5][6]. Group 3: Regulatory and Legal Implications - The actions of the Zhejiang Overseas Chinese group have raised concerns about regulatory oversight, particularly regarding the transition of P2P business to avoid compliance with mandated shutdowns [16][17]. - Legal experts have indicated that the group's actions represent a clear evasion of regulatory requirements, highlighting deficiencies in oversight mechanisms [16][17]. - The case has prompted investigations into the involvement of high-ranking officials within the China Gold Group, with several executives facing legal repercussions [6][19].

Core Viewpoint - The Zhejiang Overseas Chinese financial risk event, which has been ongoing for nearly a year, is making significant progress with the core suspect, Yu Zhiwei, expected to be transferred to the prosecution soon. The case involves over 7 billion yuan in fraudulent fundraising activities [3][6]. Group 1: Case Developments - Yu Zhiwei, a key figure in the Zhejiang Overseas Chinese system, is set to be prosecuted, with 25 mid-to-senior level personnel already arrested [3][6]. - The investigation has revealed that the Huashiao Bao P2P platform did not comply with regulatory requirements for clearing its business, instead transferring 150 million yuan of outstanding business to the Qiaohang Tianxia APP, marking a turning point in the accumulation of risks [4][10]. - The technology team of Muniu Technology, under Yu Zhiwei's direction, engaged in systematic fraud, including the forgery of electronic signatures and the creation of false transaction records [6][7]. Group 2: Investment Products and Fraud Mechanism - The investment logic behind the online and offline gold financial products was based on the premise that investors would receive rental income from gold leased to Zhongxin International, which later collapsed when it was revealed that the agreements were forged [7][8]. - Despite the fraudulent nature of the agreements, the strategic cooperation framework between China Gold Group and Huashiao Fund was confirmed to be real, complicating the narrative of the fraud [8][9]. - Investors were misled into believing they could redeem physical gold at China Gold's stores, with 79 investors reportedly having made 159 withdrawals totaling 23,250 grams of gold [8][9]. Group 3: Regulatory Oversight and Compliance Issues - The transfer of Huashiao Bao's business to Qiaohang Tianxia was seen as a regulatory evasion tactic, as P2P platforms were required to complete their business clearance by the end of 2020 [26][27]. - The complexity of the ownership structure, involving multiple layers of shareholding and related companies, has raised concerns about regulatory oversight and compliance [27][31]. - The lack of timely intervention by regulators allowed the fraudulent operations to continue, leading to a larger accumulation of risks that ultimately resulted in the financial collapse [26][27].

Core Viewpoint - The Zhejiang Overseas Chinese financial risk incident continues to evolve, with key personnel facing prosecution and significant evidence emerging regarding fraudulent operations and regulatory evasion [1][3][4]. Group 1: Case Developments - The core suspect, Yu Zhiwei, is expected to be transferred to the prosecution by September 2024 [3]. - A total of 25 mid-to-senior level personnel from the Overseas Chinese system have been approved for arrest, with investigations expanding [4]. - Key technical personnel from Niuniu Technology, including the technical head Wang, have been detained, which may provide crucial evidence for the case [4]. Group 2: Regulatory Evasion - The P2P platform Huachao Bao failed to comply with regulatory requirements and transferred 150 million yuan of existing business to the Qiaohang Tianxia APP, marking a turning point in the accumulation of risks [2][8]. - This transfer occurred during a nationwide "zeroing" of P2P platforms, indicating a significant regulatory oversight issue [2][15]. Group 3: Investment Operations - The investment logic behind the online and offline gold financial products was based on investors purchasing gold and authorizing Zhongxin International to operate it, which later collapsed when the agreements were found to be fraudulent [5][7]. - Despite the appearance of a closed-loop operation, the key agreements related to the repurchase of financial products were deemed fake by Zhongxin International and China Gold Group [7]. Group 4: Internal Communications and Strategies - Internal documents revealed a standardized script used by Huachao Bao to justify the transfer of clients and business to Qiaohang Tianxia, citing regulatory uncertainties [13]. - The script emphasized that the new platform was compliant and not a P2P platform, while concealing the actual withdrawal of services [13][15]. Group 5: Structural Complexity - The operational structure of Huachao Bao involved multiple layers of shareholding and related companies, complicating the regulatory landscape [17][18]. - The original operator of Huachao Bao, Zhejiang Junzheng Yingyun Network Technology Co., has connections to the Overseas Chinese system, indicating a deeper entanglement in the financial misconduct [17][18].

Group 1 - The article reports on a case of fundraising fraud involving individuals Wang Mouqing and Cui Moudong, who developed and operated the "Shupai" APP to illegally solicit funds from the public with promises of high returns [1] - The investigation began in March 2024, and multiple suspects have been taken into custody as part of the legal proceedings [1] - The police have provided instructions for victims to report their involvement, including necessary documentation such as identification and transaction records [2][3] Group 2 - Participants in the fraudulent scheme are encouraged to cooperate with the police investigation and to report any relevant information truthfully [3] - The authorities have warned against spreading rumors or participating in illegal gatherings, emphasizing that such actions will lead to legal consequences [3]

Core Viewpoint - The article reports on a recent investigation by the Public Security Bureau of Linyi City, Shandong Province, regarding a fundraising fraud case involving individuals Wang Mouqing and Cui Mouldragon, who operated the "Shupai" app to illegally solicit funds from the public with promises of high returns [1]. Group 1 - The suspects, Wang Mouqing and Cui Mouldragon, developed and operated the "Shupai" app since March 2024, using a platform auction model to attract investments under false pretenses [1]. - The investigation has led to the implementation of criminal coercive measures against multiple suspects, and efforts are underway for case handling, judicial auditing, and asset recovery [1]. Group 2 - Participants in the fundraising scheme are encouraged to report to the police with necessary documentation, including identification and proof of transactions, to assist in the investigation [4]. - The police have outlined two methods for reporting: in-person registration and postal reporting, emphasizing the importance of providing truthful information to avoid legal consequences [4][5].