On October 9, Xiangyuan Culture and Tourism announced that its actual controller, Yu Faxiang, had received a Case Filing Notice from the China Securities Regulatory Commission (CSRC) over suspected violations of information disclosure laws and regulations. The company said its production and operations were normal and unaffected.
On October 9, Jiaojian Shares announced that its actual controller Yu Faxiang has been placed under investigation by the CSRC for suspected violations of information disclosure laws and regulations, and that its daily production and operations are normal.
On the night of December 22, Yu Faxiang, the actual controller of the "Xiangyuan group" and a billionaire worth tens of billions of yuan, was subjected to criminal coercive measures by the Shaoxing Municipal Public Security Bureau on suspicion of committing a crime. The case is under investigation, and all three listed companies — Xiangyuan Culture and Tourism, Jiaojian Shares, and Haichang Ocean Park — have confirmed it in announcements.