2025-12-11 07:23:14

A provincial wealth management platform once regarded as a "model of stability" has now left tens of thousands of families trapped in a funds crisis. You may have heard of the name Zhejiang Financial Center—an entry threshold of 500,000, backed by provincial government approval, and supported by state-owned shareholders' halo. But quietly in January this year, it changed its name, and the app page now only displays "System Maintenance." Meanwhile, over 20 billion yuan in funds can no longer be redeemed normally.

How did things come to this point? Looking back, the clues were actually there all along. Starting in 2023, the original state-owned shareholders gradually withdrew, replaced by a private company called Hangzhou Mingzhi Investment as the controlling party. More importantly, the Shangyuan group behind it also surfaced. By October 2024, the platform's trading qualifications were revoked by regulators, but most investors were completely unaware of these changes.

What happened after the collapse? The chain reaction was swift. The stock price of Haichang Ocean Park, affiliated with Shangyuan, dropped 24% in two days, and the listed company immediately issued a statement distancing itself from the platform, emphasizing it would not assume redemption responsibilities. Shangyuan claims to have assets worth 60 billion yuan, but a closer look reveals that most of these are illiquid real estate and cultural tourism projects with no clear exit.

This incident has taught everyone three lessons. First, don’t blindly trust the words "state-owned background"; if the shareholder structure changes and the qualification is lost, you need to verify yourself. Second, low returns do not mean low risk; if the other party refuses to discuss the underlying assets, be extra cautious. Third, high thresholds are not a guarantee of safety; a 500,000 yuan capital verification can actually make people more complacent.

Shaoxing has already formed a special task force to investigate this matter, but time waits for no one. The locked-up funds are the retirement savings and lifelines of countless families. Wealth management has never been completely safe—only risks that have not yet been exposed.

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DefiOldTrickster

· 2025-12-13 09:18

It's another game with state-owned assets background. I’ve always said that platforms with high capital verification thresholds are most likely to deceive people. Isn't this just the old CeFi trick? Such things don't happen on the chain anymore.

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JustHereForAirdrops

· 2025-12-11 17:26

Once again, it's the same old "state-owned background" trick, truly impressive. 200 billion just disappeared like that, outrageous. High barriers are actually traps, got it. Xiangyuan's project pile-up is a paper tiger, one poke and it collapses. Even without regulatory qualifications, people are still playing; how much can they scam? Shareholders change, and then they run away; this process is so familiar. The 500,000 threshold fools people into thinking it's safe; the more expensive, the safer it seems, right? If the underlying assets are kept silent, then it's 100% suspicious. These days, there's really no such thing as absolutely safe investments, only unexploded bombs.

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SerLiquidated

· 2025-12-11 07:53

Damn, is it another trap backed by state-owned assets? 20 billion just gone like that? --- That's why I never touch those "stable" things; the safer they sound, the more dangerous they are. --- The 500,000 threshold has become a placebo, hilarious. --- Has everyone forgotten that the qualification disappears once the shareholder changes? How deaf can investors be? --- Here comes the Xiangyuan group again—these guys are really professional at cutting leeks. --- So now, you're supposed to check the underlying assets yourself? Ordinary people don't have that ability. --- Pension money just went down the drain like this; society is truly hopeless. --- High thresholds are actually a signal; just thinking about it is terrifying. --- It's "system maintenance" again—when will this joke get old? --- Xiangyuan's unfinished project still boasts about 60 billion; their imagination is truly rich.

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TestnetNomad

· 2025-12-11 07:52

Another "state-owned background" scam, this套路really is utterly rotten Damn, 20 billion just disappeared like that? The 500,000 threshold can still make people feel more at ease—amazing Xiangyuan's move was too ruthless, directly disassociating itself, piling unfinished projects into "assets"—truly a masterstroke Changing names quietly before fleeing, regulation is virtually nonexistent So, you still have to keep a close eye on the underlying assets. If the other side refuses to discuss, it's time to run How many people will wash out and get away this time?

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TokenVelocity

· 2025-12-11 07:51

Once again, state-owned assets backing has failed, which is truly outrageous.

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ZKProofster

· 2025-12-11 07:40

honestly, the "government-backed" narrative is just theater at this point. stock ownership structure changes? most retail investors won't even notice til the funds disappear. that's the actual design flaw—zero transparency requirement on material governance shifts. trustless verification would've caught this immediately, but nah, we're stuck with centralized promise-keeping lol

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OnlyUpOnly

· 2025-12-11 07:39

State-owned assets background also need to regularly monitor equity changes, otherwise you might really hit a mine.

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