Core Viewpoint - The announcement by the Shaoxing City support team for Xiangyuan Holdings Group indicates a proactive approach to manage liquidity risks and protect investor rights amid overdue payment issues faced by the group [2][5]. Group 1: Company Financials and Risks - Xiangyuan Holdings has total assets of approximately 60 billion RMB and liabilities of about 40 billion RMB, indicating a significant liquidity pressure due to high debt levels [4]. - The liquidity pressure is exacerbated by ongoing investments in the cultural tourism and real estate sectors, alongside declining external financing capabilities [4][10]. - The overdue payment situation involves financial products linked to real estate projects, with Xiangyuan Holdings and its actual controllers bearing joint guarantee responsibilities [5][7]. Group 2: Market Reactions and Governance - Three listed companies under the Xiangyuan Group—Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park—issued announcements to clarify their independence from the overdue payment issues, emphasizing their commitment to corporate governance [5][8]. - The market's trust in these announcements will be tested by the duration of the liquidity risks faced by the controlling shareholder, raising concerns about potential indirect financial impacts on the listed companies [8][11]. Group 3: Asset Liquidity and Valuation - Xiangyuan Holdings' asset portfolio includes real estate, cultural tourism, and infrastructure, with significant exposure to market fluctuations affecting their liquidity [10][12]. - The high pledge ratios of shares, such as 95.63% for Xiangyuan Cultural Tourism, limit financial maneuverability and increase vulnerability to market volatility [11]. - The recent performance of Haichang Ocean Park, with a revenue drop of 14.2% year-on-year and a loss of approximately 296 million RMB, highlights the challenges in generating cash flow from large-scale projects [12][13]. Group 4: Leadership and Future Outlook - The liquidity crisis ultimately points to the actions of the controlling shareholder, Yu Faxiang, who has a history of expanding Xiangyuan Holdings across multiple sectors [16][20]. - The ability of Xiangyuan Group to manage asset disposals and debt negotiations will be crucial in alleviating the payment pressures and ensuring the operational independence of its listed companies [20].