On December 4th, JD.com released a statement on its official Weibo account regarding Noah Wealth's malicious prosecution of JD.com, misleading investors and the public. Recently, the "Chengxing case" has attracted widespread media and public attention. JD, as an uninformed victim, was involved in a four-year malicious lawsuit, causing significant damage to the company's reputation and rights.
JD.com pointed out that in the process of contract fraud in the Chengxing system, Chengxing companies easily deceived Noah Wealth, known as the "global comprehensive financial platform," and its Gefei assets by using fake JD official seals, fake JD employees, fake JD systems, and false transaction data, and obtained huge financing from Gefei, which led to explosive explosions. Faced with more than two years of ongoing fraud, Gefei Asset's due diligence work has shown obvious deficiencies, and there are huge loopholes in investment and financing management. Executive Fang Jianhua accepted a huge bribe from Chengxing (which has been sentenced in the first trial), causing significant losses to investors and failing to fulfill corresponding responsibilities and obligations to investors.
According to public information, Noah Wealth has experienced more than ten similar incidents in recent years, facing problems in the redemption of billions of funds, and has repeatedly concealed information from investors. It has also been warned and punished by regulatory authorities, indicating its long-term serious risk control deficiencies. At present, the criminal case related to the Chengxing case has been sentenced in the first instance, and the actual controller of Chengxing, Luo Jing, and other fraud suspects have been sentenced to prison. Noah Wealth and Gefei Asset still disregard the trust of investors, refuse to examine their internal management issues, and maliciously launch a ridiculous and high amount lawsuit against third-party JD.com, attempting to confuse the public, continue to mislead investors and the general public, shift responsibility, and seek a "scapegoat" for themselves. We believe that the court will make a fair judgment on this case.
JD.com stated in a statement that it hopes Noah Wealth and Gefei Asset will face their own problems, show sincerity and rectification measures, especially to enhance the basic integrity and literacy of wealth management companies, and truly protect the rights and interests of investors.
Follow up on the Chengxing fraud case: The parties involved have become deadbeats
Recently, the once sensational "Chengxing style" fraud case has begun to ferment again. On November 27th, the topic of # Carving Two Carrots to Scam 30 Billion # surged on the hot search.
According to the Tianyancha app, on November 24th, the lawsuit filed by Shanghai Gefei Asset Management Co., Ltd., a subsidiary of Noah Wealth Holdings, against Chengxing and JD.com was heard in the Shanghai Financial Court.
△ Source: Tianyancha
Gefei Asset requires JD.com, Chengxing Holdings, Zhongcheng Industrial, Suzhou Shengjun and other companies to repay all the losses identified in the "Chengxing Series" criminal case of over 3.5 billion yuan.
Guangdong Zhongcheng Industrial Holdings Co., Ltd. and Suzhou Shengjun Marketing Management Co., Ltd. are both represented by Luo Jing as the legal representative and executive director, while Guangdong Chengxing Holding Group Co., Ltd. is chaired by Luo Jing. Guangdong Zhongcheng Industrial Holdings Co., Ltd. was suspended in July 2023.
Public information shows that Luo Jing, born in 1971, is a Hong Kong citizen of China. As a member of the Mulan Hui Women's Leadership Club in the domestic business community, Luo Jing was once known as the "Business Mulan". She has three listed companies under her umbrella: A-share company Boxin Holdings (600083. SH, now renamed "* ST Boxin"), Hong Kong based company Chengxing International Holdings (2662. HK, now renamed "Beautiful Development"), and Singapore based company CamsingHealthcare (BAC).
According to the risk information, Luo Jing has 41 personal risks and 525 peripheral risks. The boss has 4 equity freeze information at Shanghai Chengli Investment Management Consulting Co., Ltd. There are multiple consumer restriction orders and information on dishonest debtors under its name.
Tracing back to the "Chengxing fraud case":
The Chengxing fraud case can be traced back to 2015.
From February 2015 to June 2019, Chengxing Holdings and related companies fabricated supply chain trade with Suning and JD, and used it as underlying asset financing to defraud institutions such as Xiangcai Securities, Moshan Factoring, Shanghai Gefei, Yunnan Trust, and Anhui Zhongxin of more than 30 billion yuan in funds, ultimately resulting in a loss of more than 8 billion yuan. Among them, Noah Holdings (6686. HK) and its subsidiaries were involved in a case of approximately 3.5 billion yuan, Mainly from the "Genesis Core Enterprise Series Private Equity Fund" initiated and established by Shanghai Gefei Asset Management Co., Ltd.
In June 2019, Luo Jing, the female chairman of Chengxing International Holdings (Hong Kong Stock) involved in the case, was arrested by the Shanghai police.
The criminal judgment of the "Chengxing Case" confirms that through seal identification, video retrieval, and multiple confessions, it is confirmed that JD Company and Suning Company did not sign the underlying purchase and sales contracts involved in the case with Chengxing Group companies. Instead, "Chengxing Group" personnel fabricated the accounts receivable and creditor's rights of the two companies by forging seals and related purchase and sales contract underlying information, and used this to lure the victim units into financing cooperation.
In addition, JD.com has never received 21 "Accounts Receivable Confirmation Letters" from Chengxing Company for financing with Shanghai Gefei, and has not stamped them in the receipt column. The relevant "Purchase Contracts" are not JD's contract numbers. The "JD Company Contract Special Seal" on the "Notice Confirmation Letter Receipt" and 59 "Accounts Receivable Transfer Confirmation Letters (Receipts)" of the inspection and appraisal institution are not stamped with the same seal as the identical seals on the samples provided by JD Company for comparison.
According to the judgment, during the fraud process of Chengxing Group, no staff members from JD.com or other companies participated or were aware of it. The fraudulent activities related to JD.com were also carried out by Chengxing Group personnel through forging work permits, impersonating identities, and using couriers, with the cooperation of Fang Jianhua, Senior Deputy Director of the Gefei Foundation team.
The judgment shows that the Shanghai Second Intermediate People's Court made a first instance judgment on November 1, 2022, sentencing Luo Jing, the actual controller of Chengxing Company, to life imprisonment for committing contract fraud and bribery against non-state employees. Luo Lan was sentenced to 17 and a half years in prison for contract fraud, and 10 employees of the Chengxing family involved in the case were sentenced to imprisonment ranging from three years and four months to eight years.
At present, Luo Jing's criminal case is still in the second trial, and the aforementioned judgment has not yet taken effect.
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