近期，祥源控股通過浙江金融資產交易中心（簡稱浙金中心）發行的理財產品出現大規模逾期兌付，涉及金額超過140億元人民幣，導致上萬名投資者無法提現，引發大規模維權潮。投資者原本以為這些產品有政府背景或國資擔保，然而隨著事件暴露，實際情況完全出乎預料，市場信任遭受重創。

事件最新進展顯示，浙江省政府於2025年12月8日成立專項工作專班介入調查，紹興市越城區設立投資者接待登記點，以處理投資者訴求。此前一天，即12月7日晚，祥源控股旗下三家上市公司——祥源文旅、交建股份及海昌海洋公園——發布公告，聲明與逾期理財產品無關，不承擔兌付及擔保責任，試圖將上市公司運營與理財產品風險隔離。

回顧事件脈絡，浙金中心自2013年12月成立以來，初期由國資股東主導，業務聚焦於政府基建項目融資。然而到2019年，國資逐步退出，由民營企業杭州民置投資成為控股股東，與祥源系關聯密切。2024年10月31日，浙江省地方金融管理局取消浙金中心的金融資產交易資質，但平台仍以存量業務名義運營。2025年11月28日，部分理財產品首次出現兌付逾期。隨後，12月1日，首款產品「金融資產收益權（萬捷長興）」正式逾期，立即引發投資者大規模維權行動。12月3日，浙金中心關閉提現功能，祥源系產品全面崩塌，投資者資金被鎖定。

面對資金鏈斷裂的事實，祥源控股執行總裁沈保山於12月5日承認公司資金鏈已斷裂。據其披露，企業總資產約595.68億元，負債超過378.31億元，融資成本高達8%-9%，遠超理財產品收益率，使得產品無法兌付。到12月8日，初步統計涉案金額已超過140億元。事件曝光後，投資者才發現這些理財產品並非國資保障，而是祥源系私營企業運營。多數投資者此前誤以為投入的是「政府債」，將全部身家投入其中，而實際上產品背後股東隱秘捆綁、業務資質已被撤銷，導致超百億元理財產品集中逾期，引發投資者維權與市場信任危機。

這起事件不僅揭示金融產品背後資質管理與信息披露的缺陷，也反映出投資者對國資標籤過度信任的風險，對浙江乃至全國金融市場的穩定性造成了極大衝擊。

Recently, wealth management products issued by Xiangyuan Holdings through the Zhejiang Financial Assets Exchange Center (commonly known as Zhejin Center) have experienced large-scale overdue payments, involving over 14 billion yuan, leaving tens of thousands of investors unable to withdraw their funds and triggering a massive wave of protests. Many investors had believed these products were backed or guaranteed by the government or state-owned enterprises. However, as the situation unfolded, the reality was far from expectations, severely undermining market trust.

The latest developments show that on December 8, 2025, the Zhejiang provincial government established a special task force to investigate the matter, while Yuecheng District in Shaoxing set up a reception and registration point for affected investors. On the evening of December 7, three listed companies under Xiangyuan Holdings—Xiangyuan Cultural Tourism, Jiaojian Co., and Haichang Ocean Park—issued announcements stating that they were not related to the overdue products and would not assume any repayment or guarantee responsibilities, attempting to separate the operational risks of the listed companies from the wealth management products.

Looking back at the timeline, Zhejin Center was established in December 2013, initially led by state-owned shareholders and focused on financing government infrastructure projects. By 2019, state-owned capital gradually exited, and the private enterprise Hangzhou Minzhi Investment became the controlling shareholder, closely associated with the Xiangyuan Group. On October 31, 2024, the Zhejiang Local Financial Regulatory Bureau revoked Zhejin Center’s financial asset trading qualifications, yet the platform continued to operate under the pretense of handling existing businesses. On November 28, 2025, some wealth management products began to experience delayed payments. On December 1, the first product, the “Financial Asset Income Right (Wanjie Changxing),” officially defaulted, triggering large-scale protests by investors. On December 3, Zhejin Center disabled withdrawal functions, leading to a complete collapse of Xiangyuan’s products and locking investors’ funds.

Facing the broken funding chain, Xiangyuan Holdings’ CEO Shen Baoshan admitted on December 5 that the company’s capital chain had collapsed. According to his disclosure, the company’s total assets were approximately 59.568 billion yuan, liabilities exceeded 37.831 billion yuan, and financing costs reached 8%–9%, far exceeding the returns of the wealth management products, rendering them impossible to redeem. By December 8, preliminary statistics showed that the total amount involved had surpassed 14 billion yuan. Investors then realized that these products were not state-backed but operated by private Xiangyuan-related entities. Most investors had mistakenly believed they were investing in “government bonds” and had put their entire savings into these products. In reality, shareholders were secretly linked, business qualifications had been revoked, and more than 10 billion yuan of wealth management products defaulted simultaneously, sparking protests and a serious crisis of market trust.

This incident not only highlights shortcomings in regulatory oversight and information disclosure in financial products but also underscores the risks of investors over-relying on the perceived security of state-backed labels. It has had a significant impact on financial stability in Zhejiang and across the national market.