人民财讯12月22日电，祥源文旅（600576）12月22日公告，公司收到公司实控人俞发祥家属通知，俞发 祥因涉嫌犯罪被绍兴市公安局采取刑事强制措施，案件正在调查过程中。截至目前，公司未收到有关机 关要求公司协助调查的通知，公司控制权未发生变化，公司生产经营一切正常，上述事项不会对公司正 常生产经营产生重大影响。 ...

祥源文旅12月22日晚间公告，公司实际控制人俞发祥因涉嫌犯罪被绍兴市公安局采取刑事强制措施，案 件正在调查过程中。截至公告披露日，公司未收到有关机关要求公司协助调查的通知，公司控制权未发 生变化。俞发祥未在公司担任任何职务，公司生产经营一切正常，上述事项不会对公司正常生产经营产 生重大影响。 ...

祥源文旅公告，公司于2025年12月22日收到公司实际控制人俞发祥家属通知，俞发祥因涉嫌犯罪被绍兴 市公安局采取刑事强制措施，案件正在调查过程中。截至本公告披露日，公司未收到有关机关要求公司 协助调查的通知，公司控制权未发生变化。俞发祥除为公司实际控制人外，未在公司担任任何职务，公 司董事和高级管理人员均正常履职，公司生产经营一切正常，上述事项不会对公司正常生产经营产生重 大影响。 ...

Core Viewpoint - A financial product redemption crisis exceeding 10 billion yuan has pushed Yu Faxiang, the actual controller of Xiangyuan Cultural Tourism, to the brink of collapse [1][8]. Group 1: Financial Crisis - On December 16, 2023, it was announced that all shares held by Yu Faxiang and Xiangyuan Holdings were judicially frozen due to the inability to redeem multiple financial products guaranteed by them [1]. - The Zhejiang Financial Assets Exchange Center reported that a significant amount of funds related to these financial products, amounting to over 10 billion yuan, faced default [5][20]. - The crisis has exposed Yu Faxiang's financial risks, with total assets of approximately 60 billion yuan against liabilities of 40 billion yuan, indicating a precarious financial situation [1][5]. Group 2: Company Background - Yu Faxiang, aged 55, has built a cultural tourism empire with total assets exceeding 60 billion yuan, spanning various sectors including tourism, infrastructure, and marine parks [1]. - The company has been heavily reliant on capital operations, with a history of aggressive financial strategies that have led to significant leverage [18]. - The company has faced challenges due to a downturn in the real estate market, which has strained its cash flow and financial stability [1][19]. Group 3: Government Intervention - A support task force organized by the local government has entered Xiangyuan Holdings to manage risk and protect investor interests [21]. - The task force aims to assess the company's operational status and categorize assets for targeted assistance in addressing debt risks [21]. Group 4: Regulatory Issues - In October 2023, the China Securities Regulatory Commission initiated an investigation into Yu Faxiang for alleged violations of information disclosure laws, which has further complicated the company's financial standing [6]. - The Zhejiang Financial Assets Exchange Center's cancellation of trading qualifications has severely restricted the company's financing options, exacerbating its liquidity issues [19].

Group 1 - The core issue revolves around the overdue repayment of multiple financial asset income rights products listed on the Zhejiang Financial Assets Exchange by Xiangyuan Holdings, which has sparked significant market discussion [1] - Xiangyuan Holdings' subsidiaries, including Jiaojian Co. and Xiangyuan Cultural Tourism, announced that approximately 40% of their shares are subject to judicial freezing [1] - Jiaojian Co. reported that 274 million circulating shares held by Xiangyuan Holdings and its actual controller, Yu Faxiang, are under judicial freezing and other restrictions [1] Group 2 - Xiangyuan Cultural Tourism disclosed that its controlling shareholder, Xiangyuan Tourism Development, has 390 million shares frozen, representing 99.06% of its holdings and 37.03% of the company's total equity [1] - Additionally, 398 million shares are under judicial freezing, accounting for 100.90% of its holdings and 37.71% of the total equity [1] - Following the financial turmoil at the Zhejiang Financial Assets Exchange, both Jiaojian Co. and Xiangyuan Cultural Tourism experienced significant declines in their stock prices [1]

Group 1 - Recent overdue payments of multiple financial asset income rights products listed on the Zhejiang Financial Assets Exchange by Xiangyuan Holdings have sparked market discussions [1] - As of December 16, it was announced that the shares of the controlling shareholder and actual controller of Xiangyuan Holdings have been judicially frozen, with approximately 40% of the shares of both Jiaojian Co. and Xiangyuan Cultural Tourism being affected [1] - Jiaojian Co. reported that 274 million circulating shares held by Xiangyuan Holdings and its actual controller Yu Faxiang have been judicially frozen, with Yu Faxiang's 15.73 million circulating shares also frozen [1] Group 2 - Xiangyuan Cultural Tourism indicated that its controlling shareholder, Xiangyuan Tourism Development, has had 390 million shares frozen, accounting for 99.06% of its holdings and 37.03% of the company's total equity; an additional 398 million shares are under judicial preservation, representing 100.90% of its holdings and 37.71% of the total equity [1] - In early December, several investors who purchased financial asset income rights products issued by the Xiangyuan system in Shaoxing, Zhejiang, discovered that these products had not been paid upon maturity [1] - Following the incident at the Zhejiang Financial Assets Exchange, the stock prices of both Jiaojian Co. and Xiangyuan Cultural Tourism experienced significant declines [1]

Core Viewpoint - The article discusses the financial crisis faced by Xiangyuan Group and its subsidiaries, Xiangyuan Culture and Jiao Jian Co., due to the freezing of shares and the inability to repay financial products, leading to significant stock price declines and investor concerns [2][3][12]. Group 1: Financial Crisis and Share Freezing - Xiangyuan Group's major shareholder and actual controller, Yu Faxiang, has had shares frozen due to legal issues related to financial product guarantees, affecting both Xiangyuan Culture and Jiao Jian Co. [2][5][9] - Following the crisis, Xiangyuan Culture and Jiao Jian Co. saw stock price drops of over 20% and 30%, respectively [3]. - As of the announcement date, Yu Faxiang and his associates had a total of 612,433,915 shares frozen, representing 58.08% of Xiangyuan Culture's total share capital [5][6]. Group 2: Debt Risk and Investor Impact - The financial products linked to Xiangyuan Group, which promised annual returns of 4% to 5%, have faced repayment issues, with the total amount involved exceeding 10 billion [12][13]. - Investors have reported being unable to withdraw funds from the platform associated with these financial products, leading to significant financial distress for many [13][19]. - The Zhejiang provincial government has established a task force to investigate the situation and assist affected investors [14][16]. Group 3: Government Response and Support Measures - A support team was deployed to Xiangyuan Group to assess its assets and liabilities and ensure the company continues its operations [17]. - The government aims to help the company manage its debt crisis while maintaining investor rights and stabilizing the social environment [16][17]. - The investigation into the financial issues will also include any potential criminal activities related to the case [18].

Core Viewpoint - The ongoing payment crisis at Zhejiang Financial Asset Trading Center (now Zhejiang Zhejin Asset Operation Co., Ltd.) has led to significant judicial freezes on shares held by its core related party, Yu Faxiang, affecting multiple listed companies under Xiangyuan Holdings [2][4]. Group 1: Judicial Freezes and Impact on Companies - Yu Faxiang's shares in listed companies have been judicially frozen, with Xiangyuan Holdings and its actual controller facing high percentages of frozen shares, raising concerns about potential impacts on company control stability [2][4]. - Xiangyuan Wenlv announced that its controlling shareholder, Xiangyuan Tourism Development Co., Ltd., has approximately 390 million shares frozen, accounting for 99.06% of its holdings and 37.03% of the company's total share capital [4]. - The total number of shares frozen for Xiangyuan Wenlv and its related parties amounts to 612 million shares, representing 58.08% of the total share capital [5]. Group 2: Financial Crisis and Government Intervention - Since November 28, multiple financial asset products guaranteed by Yu Faxiang and Xiangyuan Holdings have faced payment defaults, with an estimated total payment scale exceeding 10 billion [2]. - A working group has been established to assist Xiangyuan Holdings in addressing its asset and liability situation, ensuring the company fulfills its debt responsibilities and maintains normal operations [9][10]. - The local government has taken measures to support Xiangyuan Holdings, which has actively sought government assistance to mitigate its current debt crisis [10]. Group 3: Market Reaction - Following the announcements regarding the judicial freezes and the ongoing crisis, shares of Xiangyuan Wenlv and Jiaojian Co. have seen significant declines, with Jiaojian Co. dropping over 8% and Xiangyuan Wenlv nearly 2% [10].

Core Viewpoint - The ongoing financial crisis involving Zhejiang Jin Asset Operation Co., Ltd. has led to the judicial freezing of shares held by Yu Faxiang, the actual controller of Xiangyuan Holdings, affecting two listed companies under his control, Xiangyuan Cultural Tourism and Jiaojian Co., Ltd. [1][2] Group 1: Share Freezing Details - Yu Faxiang's direct and indirect holdings in listed companies have entered judicial freezing status, with Xiangyuan Cultural Tourism's controlling shareholder, Xiangyuan Tourism Development Co., Ltd., having approximately 390 million shares frozen, accounting for 99.06% of its holdings and 37.03% of the total share capital [2][3] - The total number of shares frozen for Xiangyuan Cultural Tourism and its associated parties amounts to 612 million shares, representing 58.08% of the company's total share capital [3] - Jiaojian Co., Ltd. reported that Xiangyuan Holdings holds 274 million shares, with 452 million shares frozen, which is 7.31% of the total share capital [3] Group 2: Causes of Judicial Freezing - The freezing of shares is primarily due to pre-litigation preservation procedures related to financial loan guarantee contract disputes and debts associated with a platform linked to Xiangyuan Holdings [4] - The freezing actions involve multiple legal entities, including the Shanghai Financial Court and the Shaoxing Public Security Bureau, indicating a complex web of financial obligations and disputes [4] Group 3: Government Intervention - A workgroup has been established to assist Xiangyuan Holdings in addressing its asset and liability situation, ensuring the company fulfills its debt responsibilities and maintains normal operations [6][7] - The local government is actively investigating the debt risks associated with Xiangyuan Holdings, responding to public concerns and complaints [6][7] - The online service platform of Zhejiang Jin Asset is currently suspended for fund transactions while basic services remain operational, pending the outcome of the investigation [7] Group 4: Market Reaction - Following the announcements, shares of Jiaojian Co., Ltd. fell over 8%, while Xiangyuan Cultural Tourism's stock dropped nearly 2%, reflecting investor concerns regarding the stability of the companies involved [7]

Core Viewpoint - The "Xiangyuan System" is facing a liquidity crisis due to the inability to redeem over 200 financial products, with total outstanding funds exceeding 10 billion yuan, leading to significant stock price declines for its listed companies [1][2]. Group 1: Financial Crisis Details - Xiangyuan Group's financial products, which were marketed as low-risk with expected annual returns of 4%-5%, are linked to accounts receivable from various real estate projects [2]. - Since November 28, multiple financial asset income rights products guaranteed by Xiangyuan Group have failed to meet redemption obligations, resulting in a total outstanding amount exceeding 10 billion yuan [1][2]. - The Zhejiang Jin Asset Operation Co., Ltd. has had its trading qualifications revoked, cutting off the "borrow new to repay old" channel, exacerbating the liquidity crisis [2]. Group 2: Impact on Listed Companies - Both Xiangyuan Cultural Tourism and Jiaojian Co., Ltd. have seen their stock prices drop over 20% and 30%, respectively, following the financial turmoil [1]. - The controlling shareholder of Xiangyuan Cultural Tourism has had 99.06% of its shares judicially frozen, which represents 37.03% of the company's total share capital [5]. - The controlling shareholder of Jiaojian Co., Ltd. has had 44.32% of its shares frozen, with 7.31% being judicially frozen and 4.43% pledged [9][10]. Group 3: Government and Regulatory Response - Local government and relevant departments have initiated investigations and measures to address the debt risks associated with Xiangyuan Group [5][8]. - A working group from Shaoxing City has been deployed to assist Xiangyuan Group in managing its assets and liabilities to ensure normal operations [5][8].