The gold-like financial product "Qiaoxing Tianxia," which is already suspected of fraud, has not been shut down yet, and investors are still placing orders.

Two months after the crisis was triggered by the emigration of the actual controller of overseas Chinese, the illegal "backdoor" has still not been closed—the important platform "Qiaoxing Tianxia" under its control, which is suspected of illegal fundraising, is still operating. According to a reporter from First Financial News, investors are still purchasing "gold leasing" financial products on the platform.

First Financial Daily reported exclusively on a certain date that, according to authoritative sources, Yu Zengyun, the actual controller of the Overseas Chinese Group, Yang Yuxiao, the second-in-command, and Yu Zhiwei, the third-in-command, were taken into "criminal detention" by the police of Shangcheng District, Hangzhou, on suspicion of fund-raising fraud. Yu, Yang, and Yu have already left the country and are being pursued online.

The so-called "Overseas Chinese Group" refers to Overseas Chinese Holdings Group Co., Ltd. (hereinafter referred to as "Overseas Chinese Holdings") and its controlled enterprises. It is reported that multiple platforms under the Overseas Chinese Group, including Overseas Chinese Fund, Overseas Chinese Wealth, and Qiaoxing Tianxia, have raised billions of yuan by using "Moutai" and "gold" as the underlying assets.

At the beginning of this year, Yu and Yang were reported to be missing. On the 10th, Chuangxing Resources (600193.SH), controlled by Yu Zengyun, announced that it was unable to contact Yu Zengyun. On the 11th and 12th, both China National Gold Group Corporation (hereinafter referred to as "China Gold Group") and its subsidiary Zhongxin International Financial Leasing (Shenzhen) Co., Ltd. issued statements to disassociate themselves, claiming that the relevant agreements involved in the Qiaoxing Tianxia Gold Leasing were forged with a counterfeit seal.

Despite the scandal erupting nearly two months ago, there are still uninformed investors buying gold leasing financial products. Investor Jin Liang (pseudonym) told the First Financial Daily reporter that he recently logged into Qiaoxing Tianxia and found that on a certain date, people were still purchasing financial products that were suspected of being involved in a Ponzi scheme.

The screenshot provided by Jin Liang shows that an investor with a mobile phone number ending in "" placed an order to purchase 500 grams of gold leasing products around 2 PM on the afternoon of the 15th, with a total amount of over 100,000 yuan. According to reporters, on the 15th, the police in Shangcheng District, Hangzhou, filed a case for investigation into the illegal fundraising activities of the Overseas Chinese Group. However, the screenshot indicates that from late September to the present, dozens of gold leasing financial products have still been transacted. The largest single transaction was the purchase of 500 grams of gold leasing for 180 days on the 15th, costing over 1 million yuan.

Existing users can still log in and purchase financial products. What about newly registered users? A reporter entered the platform under the identity of a new user and found that they could still register and log in, but the "Gold Financial Management" module was no longer available. However, new users could still place orders to purchase gold products, and the shopping area remained operational for placing orders and making payments.

According to a previous report by Yicai, the Shangcheng District of Hangzhou has established a special task force for the overseas Chinese-related case. However, as of now, the official authorities have not publicly reported on the progress of the case. Earlier, Yicai reported that in addition to the three mentioned above, others from the overseas Chinese group have been taken into compulsory measures, and the police have also placed border controls on key individuals.

However, Jin Liang told reporters that since the crisis broke out in early October, he has not found any relevant warnings or announcements on the official websites of Overseas Chinese Holdings, Overseas Chinese Fund, or Overseas Chinese World. In response to the above situation, the reporter called the police in Shangcheng District, Hangzhou, but had not received a response by the time of publication.

Meanwhile, some ambiguous announcements labeled as "overseas Chinese system" have also surfaced on the internet. Judging from the content of these announcements, investors who participate in them out of urgency to redeem or refund are likely to suffer secondary harm. Jin Liang told reporters that after the explosion of the financial crisis at the beginning of the month, it was the regional head of Overseas Chinese World who verbally informed him that the overseas Chinese system had encountered a crisis, and the so-called "stop of redemption" has not been officially announced.

Reporters learned from some investor rights protection groups within the overseas Chinese community that investors in Sichuan, Hubei, Guangdong, and other regions were notified about the explosion of the Yaks Technology Company's financial crisis and potential inability to redeem products only about ten days ago, and the channels through which the notification was issued were not official.

After a suspected illegal fundraising organization is taken coercive measures, who should handle and how to dispose of the platforms or tools used by the organization? What are the general procedures and responsibilities defined and regulated? An anonymous lawyer in Beijing commented that, based on past cases, the public security cyber security department usually suspends registration on the involved online platforms, at least the functions and interfaces related to the alleged crime are closed, and an appropriate announcement is made to the users.

Public information shows that Qiaoxing Tianxia is a mobile app dedicated to providing overseas Chinese with discounted shopping, launched by Maoniutech (Hangzhou) Co., Ltd. (hereinafter referred to as "Maoniutech"). Qiaoxing Tianxia officially went live in [month and year]. According to available records, the legal representative of Maoniutech is Yang Yuxiao, with shareholders being Overseas Chinese Holdings and Hangzhou Overseas Chinese Currency Exchange Co., Ltd., a subsidiary of Overseas Chinese Holdings. The three shareholders behind Overseas Chinese Holdings are Guoyi Investment Management (Shanghai) Partnership (Limited Partnership), Zhejiang Yihua Industrial Co., Ltd., and China Overseas Chinese Public Welfare Foundation. The ultimate controlling shareholder of Overseas Chinese Holdings, after thorough investigation, is Yang Yuxiao.

Although China Gold has stated that it has no relationship with Qiaoxing Tianxia, as of the time of the reporter's submission, both the Qiaoxing Tianxia official website and Qiaoxing Tianxia itself introduce themselves as "Qiaoxing Tianxia is a global premium one-stop shopping platform created by Yak Technology in collaboration with a renowned technical team for overseas Chinese and overseas compatriots under the 'Belt and Road' initiative, with strong support from the China Overseas Exchange Association, Overseas Chinese Holdings, and China Gold."

As understood, the trading steps for the Qiaoxing Tianxia Gold Lease Financial Product mainly include: investors selecting the corresponding quantity and duration on the Qiaoxing Tianxia platform, submitting an order and signing the "Physical Gold Purchase Agreement" with the platform, and simultaneously signing the "User Gold Purchase and Lease Agreement" with the "Gold Lease Unit" (a subsidiary of China National Gold Group Corporation). The platform purchases gold from the Shanghai Gold Exchange and transfers it to the lease unit, with lease income calculated simultaneously.

Taking the lease of grams of gold (assuming the price is calculated in yuan per gram) for a period of days as an example, upon maturity, the investor will receive the principal amount in yuan, plus the lease income in yuan. If the investor chooses physical settlement, they will receive grams of gold and the income in yuan.

Unlike other platforms that place core features on the homepage, upon entering Qiaoxing Tianxia, the first page you encounter is the shopping mall's purchase page. To purchase gold leasing financial products, you must enter "My" to access the "Gold Leasing" option. Upon entering this interface, you can see that gold leasing starts at a minimum purchase of grams of gold, meaning the investment amount is only a few thousand yuan, with options for redemption periods of days, days, and days.

Compared to the offline "Dingxin" gold financial products of the overseas Chinese system, which require a ten thousand yuan investment threshold, Qiaoxing Tianxia has attracted numerous investors due to its small quotas, flexible terms, and convenient signing process. The number of affected individuals and the amount of unpaid funds may be the largest among all financing platforms within the overseas Chinese system.