On May 5, the Public Security Bureau of Haikou City, Hainan Province of the Communist Party of China issued a police bulletin saying that the public security department formally opened an investigation into the suspected illegal absorption of public deposits by Phoenix Financial, and that He Xin, the actual controller and chairman of Phoenix Financial, has been placed in criminal detention.
Since September 11 last year, a number of investment products under Phoenix Financial have been shelved, and since then the platform’s borrowing projects have been overdue on a large scale, with the progress of repayment almost at a standstill. Involving 70,000 investment lenders, funds up to 10 billion yuan. The lenders, who had no hope of payment, went around defending their rights and calling for the filing of a case against Phoenix Financial.
Until April 30, 2021, the Long Hua Branch of the Haikou Public Security Bureau officially opened a case against Phoenix Wisdom Information Technology (Haikou) Co. At present, the company’s legal representative and de facto controller He has been criminally detained in accordance with the law, and the case is under further investigation.
The notice also said that the national public security organs of the provinces have opened channels to receive cases, to the interests of the damaged people in the nearest local public security organs to report the case.
The official website shows that Phoenix Financial is the Phoenix Group’s intelligent financial services platform, in December 2014, which includes a number of investment services such as online loans, funds, wealth management, current, brokerage.
Public information shows that He Xin is not only the de facto controller of “Phoenix New Technology (Haikou) Group Co.
In February this year, there was a major personnel earthquake at Phoenix TV in Hong Kong, with a change of chairman and general manager. Phoenix founder Liu Changle and his family members, who have a Communist Party military background and close ties with Jiang Zemin’s family, all quit the management.
Reportedly, this personnel adjustment is related to its Phoenix Financial burst pot case. In recent years, a number of mainland investors out of trust in Phoenix TV, will lend funds to Phoenix Finance, by them to lend to people who need funds, and profit from it.
Phoenix TV has always been regarded as an overseas mouthpiece funded by the Chinese Communist Party, and is known as the “overseas CCTV” and the “second CCTV”.
According to public information, Phoenix was founded in Hong Kong in 1996 and opened a branch in the U.S. in 2001. Its founder and board chairman, Liu Changle, is a former Chinese Communist Party military officer and a member of the Standing Committee of the Chinese People’s Political Consultative Conference.
The mainland media has reported that in 2006, China Mobile Group officially announced its acquisition of a 19.9% stake in Phoenix TV, making it the second largest shareholder of Phoenix TV. Jiang Mianheng, who holds the title of “China’s telecom king,” has long been considered to be the person behind China Mobile’s control.
Singapore’s Lianhe Zaobao newspaper has also revealed that Jiang Zemin’s eldest son Jiang Mianheng is a strategic shareholder of Phoenix TV, with a 5% dry share (a free gift of shares), and is also in charge of Phoenix TV’s publicity strategy.
On July 4, 2011, Liu Changle personally led a strong Phoenix team to cover Chongqing, singing the praises of Bo Xilai and his “red-hot fight against the black”, praising Chongqing is “a hot spot that is ‘rising'”.
In recent years, Phoenix has been frequently purged by the Xi Jinping administration. For example, in September 2017, on the eve of the 19th National Congress of the Communist Party of China, Phoenix’s ace program “The Medaka Three” was suddenly taken off the air, causing much speculation. Hong Kong media reported that the suspension was “a directive from the top”.
Recent Comments