Click to read the original text for details. Chengdu Yatang Group is now located in Building A3, Zone D, Xinglong Lake Science City, Tianfu New District, Chengdu. Its legal representative is Yang Dingping. In September 2016, it was introduced to Tianfu New District by relevant Sichuan provincial authorities as a key investment attraction enterprise. The core sector of Yatang Group is Yatang Finance, formerly known as Sousuodai. After Yang Dingping took over in 2012, it was renamed several times, and in January 2016 it was renamed Yatang Finance. In September 2016, it was re-registered in Chengdu as "Chengdu Yatang Financial Services Co., Ltd.", claiming to be a professional investment management institution focused on deep cultivation of the industrial chain. During its time in Shenzhen, Yatang Finance was suspected of self-financing, was long questioned by the industry, and was listed as a key monitoring platform by relevant Shenzhen authorities. After Yatang Group settled in Tianfu New District, it vigorously promoted and exaggerated its government background and leadership attention, signing agreements with various local governments in Sichuan. Under the guise of developing Yatang Xiaochao, it illegally self-financed in the name of Chengdu Yatang Finance. This escalated, and from June 2017, it began to meticulously plan and maliciously set up a major financial fraud. Based on the aftermath, the details are as follows:

1 Registered Yatang Finance in Chengdu in September 2016, approved on November 28, 2017. In the last three months, it used the endorsement of the Sichuan government to frantically raise funds, and within less than two months of approval, it announced liquidation. The information from Tianyancha for Chengdu Yatang Financial Information Services Co., Ltd. is as follows:

2 In June 2017, planned and set up the fraud Executives including Yang Dingping, Yang Pan, Zhang Changjiang, and Yan Rongkang registered a large number of shell companies.

3 Supply chain, equity, asset targets, and unlimited self-financing for executives The supply chain financed redwood furniture factories, equity financed Yatang Xiaochao subsidiaries in various regions, and asset targets provided financing for Yatang Finance users. After Yatang Finance processed all furniture factories in March 2017, it continued to use the supply chain to frantically raise funds. Subsequently, it gave executives financing limits of 500 or even unlimited amounts. After liquidation, it illegally misappropriated all asset target funds. Equity targets, supply chain targets, asset targets: Management's shareholder accounts used high financing limits (even unlimited) to illegally self-finance, extracting investor funds and obtaining high interest.

4 Yatang Finance used every means to deceive investors into investing. It used various fake promotional activities, such as points, red packets, wine, New Year goods, etc., and induced deposits via phone calls, text messages, emails, and private messages. In the last month, it frantically raised funds, with net capital inflow of over 800 million yuan. Before the liquidation, one week prior, Yatang's operations director Peng Juan (QQ name: Little Fish) instigated Yatang's senior customer service manager Xu Ruping (QQ name: Big Apple) to trick investors into recharging via e-commerce refunds to cash out credit cards. In the last month, it used various favorable activities and issued flash loans to induce deposits, totaling 1.22 billion yuan. After 16:00 on January 19, 2018, it used technical issues as an excuse to prohibit withdrawals, but on the 20th and 21st, it still issued flash loans to induce investors to deposit. The following is a statistic of Yatang Finance's investors from December 17, 2017, to January 21, 2018, showing flash activities that tricked investors into investing 1,011,111,093 yuan, with the new deposits disappearing without a trace.

5 Extensive promotion of officials' endorsements Yatang Big Data Center officially settled in Mindong New District, Meishan, Sichuan. Leaders from Yongzhou City, Hunan, visited Yatang for inspection and research. Liu Xiang, director of the Social Poverty Alleviation Network Leading Group Office of the State Council Poverty Allevation Office, and his team visited Yatang Group for research. Yatang was invited to attend the Chengdu New Economy Development Conference. He Ping, mayor of Bazhong, Sichuan, visited Yatang. Leaders from various departments of Tianfu New District visited Yatang for research. Sichuan Daily: "Yatang Xiaochao: From Sichuan to the Whole Country in New Retail" CCTV Finance in-depth focus: Yatang Xiaochao Chengdu Daily: "New Convenience Stores Develop Rapidly, Yatang Xiaochao"

6 Under the guise of installment repayment, it forcibly locked funds and illegally possessed them It forced Yatang Finance investors to sign agreements by offering the first installment interest (0.83% of principal).

7 Loss of Yatang's core assets Attached is the commitment Yatang Group made to investors after the incident, clearly stating that there were 800 million yuan worth of redwood furniture and the Guangzhou Huizhou redwood base (Shengshi Hong redwood base) with large redwood (Burmese rosewood) available for debt repayment. According to CCTV interviews at the time, on-site inspections by investors, and Yang Dingping's personal redwood insurance policy, the redwood was worth over 650 million yuan. Currently, due to the public security organs' failure to file a case and recover the stolen goods in a timely manner, this batch of redwood was transferred by criminals shortly after the incident (a few days before the Lunar New Year after the platform announced its exit), taking three days with large trucks, and its whereabouts are currently unknown.

8 Core members cashed out in advance The core members of the fraud group led by Yang Dingping, including Yang Dingping, Yan Rongkang, Zhang Changjiang, Sun Jingwen, Yang Pan, Peng Juan, Chen Shi, Gong Zhuqi, Chen Huili, Zhu Niantao, Zhu Xiao, Ge Xu, Wang Huajun, Yan Jinbiao, Yu Yihua, and related parties, had already withdrawn and transferred their principal and earnings (including profits from platform-granted financing limits) before the liquidation.

9 Deceived creditors into signing repayment agreements, but only executed one installment of interest (0.83% of principal), then refused to execute further. With the acquiescence of the Chengdu government, it used various tricks on creditors, such as debt-to-equity swaps, forced conversion of interest to equity, and debt extensions, refusing to repay. Over 20,000 Yatang Finance investors have suffered family breakdowns, lack of money for medical treatment, and even two investors have died with regret! It only issued a batch repayment announcement and stopped executing the agreement. Subsequently, it used various tricks on Yatang Finance investors, including debt-to-equity swaps, interest-to-equity conversions, and the upcoming debt extensions. To this day, it has not even apologized or disclosed basic account books to investors, which is utterly shameless. Debt-to-equity swap system Notice of forced interest-to-equity conversion (to be implemented at an opportune time)

10 Yang Dingping's personal life was extremely luxurious. He once used company funds to take all middle-level and above managers to celebrate his father's birthday, and after the celebration, they went on a trip. Under the premise that the company never made a profit, Yatang held several extravagant annual meetings to raise money. Custom-made liquor costing tens of thousands per bottle, for personal use and gifts.

Source: Fei Shuo Tian Xia

Extended Reading: Click the links below to review the highlights of the 1st, 2nd, 3rd, and 4th FMCG + Internet Conferences:

-END-