Who is responsible for the overdue financing of Noah Wealths $3.4 billion debt collection?

category:Finance
 Who is responsible for the overdue financing of Noah Wealths $3.4 billion debt collection?


Chengxing International

Guangzhou Chengxing is not a member company of the Group

On July 8, Chengxing International Hong Kong shares collapsed, opening down more than 40%, with the largest drop of 90%, and finally closing down 80.39%, with its share price less than HK$1.

In addition, Chengxing International Holdings announced last night that it had noticed unusual fluctuations in the companys share price and volume and that an article in the media claimed (including) that the group had forged a contract with Jingdong.

On July 8, Noah Fortune reissued its statement that its Goffer Assets Credit Fund provided supply chain financing for third-party companies related to Chengxing International Holdings, totaling 3.4 billion yuan. As fund managers of these funds, Goffer Assets has initiated various legal proceedings and is committed to taking the best action to fulfil its obligations and protect the interests of fund investors.

On the evening of July 8, Noahs wealth suddenly collapsed and its closing share price plunged by 20%.

Jingdong said that Guangdong Chengxing Holding Group Co., Ltd. is a general supplier of Jingdong, and has certain business in Jingdong. Without knowing anything about it, Chengxing is suspected of forging contracts with Jingdong and other companies for fraud. In this regard, Jingdong has also reported the case to the local public security organs.

Map/Visual China

Source: Han Yukun_NBJ11142, responsible editor of Beijing Youth Daily