Core Viewpoint - The article discusses the financial troubles of Yike Group, highlighting the shift in their investment products from one-year to two-year terms, leading to a significant number of investors facing unpaid debts totaling approximately 5.8 billion yuan [1][2]. Group 1: Company Background - Yike Group, also known as Yike System, has diversified its operations from mining investments to financial investments, becoming a notable player in the capital market by investing in various financial institutions [2][13]. - The group has a history of issuing investment products, primarily one-year terms, which were previously paid on time, but shifted to two-year terms starting in 2023, resulting in halted payments in 2024 [1][5]. Group 2: Financial Products and Investor Impact - The investment products issued by Yike Group, such as the "Jinjia No. 2 Asset Project," had a minimum investment of 1 million yuan with an expected annual return of 9.0%, and were designed to support the liquidity of the issuer [5]. - Investors reported that the shift to two-year products was not well communicated, leading many to unknowingly invest in these longer-term products, which have since stopped paying returns [5][11]. Group 3: Legal and Regulatory Issues - Legal representatives indicated that the products issued by Yike Group did not comply with regulatory requirements, lacking proper registration with financial authorities, which raises concerns about their legitimacy [3][9]. - The group has faced scrutiny for its fundraising practices, which have been described as a form of illegal fundraising due to the absence of necessary approvals from regulatory bodies [9][10]. Group 4: Current Financial Situation - As of now, Yike Group's personal investor liabilities are reported to be around 5.8 billion yuan, while their realizable assets exceed 10 billion yuan [11][13]. - The company has made commitments to investors regarding repayment timelines, promising to pay at least 40% of the principal within 12 months and aiming for full repayment within 36 months, although many investors have yet to see any payments [11][10].

Core Viewpoint - The actual controller of Dengyun Co., Ltd. (002715.SZ), Yang Tao, was arrested on December 25, 2025, for illegal fundraising, leading to judicial freezing of shares held by the controlling shareholder Yike Ruihai Mining Co., Ltd. [2][12] Company Overview - Yike Ruihai is primarily engaged in mineral resource exploration, investment, and mergers, and has participated in multiple gold mining asset operations since its establishment [4][10] - The company has diversified into financial investments, acquiring stakes in various financial institutions, and is recognized as a new capital force in the market, referred to as the "Yike System" [2][10] Investment Products - Yike Ruihai issued investment products with a minimum investment of 1 million yuan and a 12-month term, offering an expected annual return of 9.0% [4] - Recent products have shifted to 24-month terms, with many investors unaware of this change, leading to halted repayments starting in 2024 [5][6] Financial Situation - The Yike System currently has personal investor liabilities of approximately 5.8 billion yuan, with liquid assets exceeding 10 billion yuan [10] - The company has significant gold reserves, with over 700 tons of gold identified in various mining operations, and a total economic value exceeding 200 billion yuan [10] Legal and Regulatory Issues - The products issued by the Yike System were not registered with the relevant financial regulatory authorities, making them illegal under Chinese law [7] - Investors have reported that the service institutions for these products have been deregistered, raising concerns about the legitimacy of the fundraising activities [7] Debt Repayment Agreements - An asset repayment agreement signed by investors indicates that Yike Ruihai plans to repay at least 40% of the principal within 12 months and aims for full repayment within 36 months [9] - Despite these commitments, investors have not received any repayment since the agreement was signed, leading to legal actions against the company [9]