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].