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"China Economic Weekly" reporter Song Jie | Shanghai Report
Editor: Chen Weishan
On May 30, Hengluo Zhihui (838527.OC) issued an announcement stating that Hu Liyong, the legal representative and chairman of the company, has lost contact with the company; according to relevant media reports, Hu Liyong may be on the run for illegal absorption of public deposits, and said that the company's business is currently suspended, and the recovery time will be determined separately depending on the situation.
, a company mainly engaged in real estate agency sales and listed on the New Third Board in August 2016 is just one of the many companies under Hu Liyong's name. The results found by a reporter from "China Economic Weekly" on -day eye check showed that there were 67 companies under Hu Liyong's name, of which 21 companies were legal representatives.
There are 4 Internet finance platforms associated with Hu Liyong, including Juhebao, Juruyi, Juruzhong Bar and Biyoupu. Juhebao and Juruyi are operated by Juhe Investment Management (Shanghai) Co., Ltd. (hereinafter referred to as "Juhe Capital"). Juruzhongba's operating entity is Shanghai Juru Asset Management Group Co., Ltd. (hereinafter referred to as "Juru Group"), and Biyoupu operating entity is Huixin Wealth Management Co., Ltd., which Juru Group holds stake. Juhe Capital is one of the members of Juru Group, and the legal representative of the two companies is Hu Liyong.
htmlOn April 16, Juru Group issued a "Supplementary Announcement on the Overdue Redemption of Some Products", saying that Juhebao's previous announcement of delayed redemption of several products was postponed for another 30 days, and installment redemption will begin as early as May 15. Biyoupu issued an announcement on May 2, saying, "The company is currently in the stage of due diligence and compliance rectification, and the platform-related business will be suspended during this period. The company is conducting equity mergers and acquisitions and asset restructuring. Funds from overseas have passed the quota procedures and are expected to arrive in the near future. At the same time, the company is actively contacting central enterprises that agree to provide support. For products that were previously delayed redemption, the company will start installment redemption starting from May 15."However, the products purchased by some investors have not been redeemed yet. The reporter saw in a QQ group called "Joru Group Victim Group" that hundreds of investors have reported the case to the police. Some investors revealed that the police asked investors to provide relevant evidence, and they have provided the police with detailed records such as transaction flows.
At present, Juhebao's official website can still be opened, and many targets are still in the bidding state. According to its official website data, as of June 7, the platform's cumulative transaction volume was 572 million yuan, the cumulative number of investment transactions was 4,687, and the cumulative number of investors was 2,844. However, since April, the investment amount, number of transactions, and number of people have all been zero. The reporter did not check the investment data of the other three Internet finance platforms associated with Hu Liyong.
"China Economic Weekly" reporter checked Hu Liyong's WeChat Moments and found that his last release status was on May 13. One of the three messages released shared a picture of Juhe Capital, accompanied by the words "Grateful for a Lifetime". As of June 7, the reporter tried various channels to contact it without success.
Visual China
owed more than 290,000 yuan in property fees, and Juhe Capital's office leasing contract was terminated
On May 29, the reporter came to Juhe Capital's office location at International Shipping Financial Building, No. 720 Pudong Avenue, Pudong New District, Shanghai, and saw a property seal and a lawyer's letter posted on the glass door. The lawyer's letter shows that as of May this year, Juhe Capital has owed 291,069 yuan in rent, and the law firm has sent letters many times but failed and has specially terminated the lease contract.
The property manager told reporters that many investors have recently come to ask about the situation, but he also learned from the media that Hu Liyong was missing, "We can't contact him either."
reporter then went to the headquarters of Juru Group, Heshenghui, No. 2218, Huangxing Road, Yangpu District, , Shanghai. Through the glass door, he found that there were no staff in the house. There were three signs of Juru Group, Jugu Fund, and Juhe Capital hanging on the wall, and cardboard boxes were scattered on the front desk. Staff from other companies on the same floor told reporters that it has been a long time since no one has come to Juru Group to work, and occasionally someone comes to sort out the things and leaves.
On the same day, the reporter called the Compliance petition reporting hotline and customer service hotline on the official website of Juru Group, both of which were in a state of interruption. A salesperson from Juru Group told the reporter of "China Economic Weekly" that he had not received commissions so far in February (the salesperson has no salary, only receives commissions), and he was unable to take out the labor manual if he wanted to change jobs.
Juhe Capital was delisted by NSX and had ever wanted to change the US to go public?
Some investors said that before the incident, Hu Liyong was full of honors and never breached his trust. "For many years, he has always paid the principal and interest of customers on time, winning the trust of the majority of middle-aged and elderly people. It may be due to investment mistakes, the surface was too large and the capital chain was broken, which caused it to be unable to repay as scheduled in April this year. However, Hu Liyong himself did not blame the debt and tried to raise funds to repay. Due to the large amount, he did not repay as planned, resulting in the second delay in redemption."
"China Economic Weekly" reporter checked Tianyan Check and found that there were 52 "peripheral risks" related to Hu Liyong, 275 warning reminders, including 11 administrative penalties and 14 abnormal operations, and most of the legal litigation is contract disputes.
day eye check shows that Hu Liyong is also one of the shareholders of Shanghai Zichen Information Technology Co., Ltd. (hereinafter referred to as "Shanghai Zichen"), and Shanghai Zichen is the major shareholder of Shanghai Lingwei Technology Co., Ltd. (hereinafter referred to as "Shanghai Lingwei"). Shanghai Lingwei's former name was Shanghai Jiaotong University Hanxin Technology Co., Ltd., which is the protagonist of the "Hanxin Falsification Gate" incident. The reporter checked the 2006 report and found that Hu Liyong was the vice president of Hanxin at that time and had been interviewed by the media.
sorted out Hu Liyong's entrepreneurial history and found that Juru Group was founded in 2008 with a registered capital of RMB 500 million. The official website said it is a comprehensive and diversified group company with financial enterprises as the leader, integrating tourism, education, energy and environmental protection, health care, Internet of Vehicles, Internet of Things, cultural media, and medical care. Total assets are 7 billion yuan and thousands of employees.
, Juru Group attracted media attention in 2016 for acquiring shares of the Australian National Stock Exchange (NSX). In April of that year, Hu Liyong said that in the next three years, he plans to bring 1,000 small and medium-sized enterprises in China to NSX for listing, helping Chinese companies enter the international financial market.
Juhe Capital was listed on NSX in August 2016. Juhe Capital's prospectus shows that its first issue of 160 million CDI (CHESS depositary equity), priced at AUD 1.5 per share.
"China Economic Weekly" reporter noticed that in 2016, Hu Liyong, the executive chairman of the Shanghai Island neighboring organization of Zhenghe Island , said at the Zhenghe Island celebration annual meeting that "starting a business must be prepared to go to hell at any time", and said that the company has gone from "Jihe" to "Jiugu" to "Jiuru", and from the difficult pioneering of entrepreneurship, it is really not easy to develop step by step. Every decision is crucial, and any small mistake may make you lose all your money.
reporter noticed that Juhe Capital was forced to delist on October 20, 2017.
On October 19, 2017, NSX issued an announcement stating that after conducting relevant investigations on Juhe Capital, NSX believes that Juhe Capital cannot fulfill its obligations to listed companies listed on NSX. Therefore, Juhe Capital is no longer suitable for listing on NSX.
NSX does not specify the specific reasons why Juhe Capital was forced to delist. However, Juhe Capital has previously received attention from the Australian Securities and Investment Commission (ASIC) due to abnormal stock trading. ASIC pointed out that between February 9 and 20, 2017, a non-Australian nationality related to Juhe Capital's management intends to push up Juhe Capital's opening share price through abnormal transactions. Avalon Pacific Capital, a broker that handles these stock transactions, was revoked from the qualifications of market participants. ASIC believes that Avalon Pacific Capital should have been able to detect the "false or misleading appearance" of the purpose of the relevant trading orders to cause the stock price to rise.
. Some investors have provided a recording, which is said to be an explanation made by Hu Liyong to investors who have negotiated with Juru Group. It said: "Juhe Capital has received a notice of acceptance from the US Securities and Exchange Commission on March 28 and will be listed on Nasdaq in July. Nasdaq will subscribe to Juhe Capital's original shares in the near future, and will raise 200 million US dollars in the United States before listing.”
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