For the extension of the extension of investment products in distributing some investment products, Haiyin Fortune, which was once the largest real estate wealth wealth wealth management product distributor in China, said that the company has set up a special group and will give a disposal plan before the end of the month.
Comprehensive Securities Times and Bloomberg reported that Haiyin Wealth Sunday (December 17) issued an announcement on the WeChat public account on the evening of the WeChat public account to respond to the company's product redemption issues.
Announcement stated that the project has been delayed due to the recent economic downturn.Haiyin Wealth has established a special group to actively coordinate the planning and disposal plan of the project. "The relevant plan will be given to everyone before the end of the month."The announcement did not disclose the amount involved.
Bloomberg reported that the extension of Haiyin Wealth Products is another sign of the Chinese property crisis that is hurting the middle -class families.Haiyin and China Real Estate Giant Evergrande and Sunac China have cooperated.
The rumors of the delay of the product delayed by the sea banking distribution surfaced last week, which led to the stock price of Hywin Holdings LTD., which was listed in the United States, plummeted.
Haiyin Holdings last Thursday (14th) acknowledged that some asset support products had a redemption problem. As of last Friday (15th), the company's stock price had fallen by 59%.
Data show that Haiyin Fortune was officially established in 2006 and headquartered in Shanghai.It was listed in the United States in March 2021 and became the second third -party wealth management company in China to go public in the United States.The prospectus disclosed it as "the largest domestic real estate fixed income product provider".
The data submitted to the US Securities Regulatory Commission in October this year showed that as of the end of June 2023, Haiyin Fortune had 185 wealth management centers in 91 cities in China, 1749 financial management, 40,0006627 active customers.
The company's annual report shows that Haiyin Holdings' revenue from July 1, 2022 to June 30, 2023 was 2.092 billion yuan (RMB, S $ 397 million).RMB 120 million, a decrease of 49.01%year -on -year.
