On December 17th, Haiyin Wealth Management Co., Ltd. (hereinafter referred to as "Haiyin Wealth") announced on its official WeChat account that a special team has been established to coordinate project stakeholders in planning disposal plans for some products with redemption issues.
Haiyin Wealth stated, "Thank you to all investors for their trust and support over the years. Recently, due to the impact of the economic downturn, the project has been delayed, causing inconvenience to investors. According to the latest regulatory policies and industry guidance, Haiyin Wealth has voluntarily withdrawn and sorted out its existing business. The relevant plan will be provided to everyone before the end of the month. We hope that everyone does not believe rumors and does not spread them." The company also stated that in order to protect the rights and interests of every investor, a "Investor Consultation Reception Office" will be specially set up.
On December 14th, Haiyin Holdings, a US listed company under the "Haiyin Series", issued a statement acknowledging that some products have redemption issues. The asset managers of these products are unable to reach a deferred redemption agreement with relevant customers. Although the company only serves as a distributor of these asset-backed products, customers are now demanding that the company repay them.
According to the official website of Haiyin Wealth, the company was established in 2006. As of December 31, 2022, the company has established more than 170 wealth centers in more than 80 major cities in China, with over 2500 employees.