The Zhejiang Financial Assets Exchange (ZJFAE), a regional financial asset trading platform, became entangled in the default crisis of the ‘Xiangyuan Group’ due to its deep business ties with the conglomerate. The Xiangyuan Group—a network of affiliated companies centered around Xiangyuan Holding Group—operates across tourism, real estate, and finance. Starting in 2023, the group faced multiple debt defaults amid severe liquidity stress, triggering widespread concerns over its solvency.ZJFAE had served as a key fundraising channel for several Xiangyuan-affiliated projects, issuing private placement notes or income rights transfer products targeted at retail investors. These offerings often listed Xiangyuan entities as borrowers or guarantors and were sometimes marketed as ‘low-risk, high-yield’ investments, attracting significant participation from individual investors. However, when Xiangyuan’s cash flow collapsed, these products defaulted, sparking mass investor complaints and placing ZJFAE under intense reputational and regulatory scrutiny.Although ZJFAE is a licensed local exchange, the incident exposed serious weaknesses in its risk controls and inadequate product disclosures. In response, Chinese regulators intensified oversight of regional financial exchanges, mandating reductions in non-standard financing and banning sales of high-risk products to retail investors. The ZJFAE case has since become a cautionary tale about the perils of unchecked expansion and neglecting underlying asset quality on local financial platforms.
浙金中心（浙江金融资产交易中心）作为地方性金融资产交易平台，近年来因与‘祥源系’企业的深度合作而卷入其违约风暴。祥源系是以祥源控股集团为核心的多家关联企业，业务横跨文旅、地产、金融等多个领域。2023年起，祥源系因流动性紧张陆续出现多笔债务违约，引发市场对其整体偿债能力的担忧。浙金中心曾为祥源系旗下多个项目提供融资通道，通过发行定向融资工具或收益权转让产品，向个人投资者募集资金。这些产品往往以祥源系企业作为融资方或担保方，部分甚至被包装成‘低风险高收益’理财产品，吸引大量散户参与。然而，随着祥源系资金链断裂，相关产品无法按时兑付，导致投资者集中维权，浙金中心也因此面临声誉和合规双重压力。值得注意的是，浙金中心虽为持牌地方金交所，但其产品信息披露不充分、风控机制薄弱等问题在此次事件中暴露无遗。监管层随后加强了对地方金交所的整顿，要求压降非标融资规模、严禁向个人投资者销售高风险产品。浙金中心的案例成为地方金融平台盲目扩张、忽视底层资产质量的典型教训。
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