The ‘hundred-billion crisis’ of Zhejiang Financial Asset Exchange (ZJFAE) refers to a large-scale default and investor rights protection incident that has emerged in recent years. As a regional financial asset trading platform, ZJFAE issued numerous private placement financing products that attracted substantial investment from individual investors. However, due to opaque underlying assets, inadequate risk controls, and liquidity issues among cooperating entities—such as real estate developers or local government financing vehicles—many products failed to repay on schedule, with total exposure estimated at tens of billions of RMB. Regulatory authorities later uncovered violations including improper sales practices, shadow banking-style fund pooling, and insufficient disclosure. The crisis exposed systemic risks such as regulatory arbitrage by local exchanges and the misuse of financial products as high-yield deposit alternatives. In response, national regulators have accelerated the cleanup and rectification of financial asset exchanges. Currently, affected projects remain under resolution, and investor recovery efforts face significant challenges. The incident serves as a warning: non-standard financial products carry high risks, investors should be wary of high-return promises, and regulators must enforce stricter,穿透-style (look-through) oversight.
浙金中心（浙江金融资产交易中心）百亿危机，是指近年来围绕该平台出现的大规模兑付困难和投资者维权事件。该中心作为地方性金融资产交易平台，曾发行多款定向融资产品，吸引大量个人投资者参与。然而，部分项目底层资产不透明、风控缺失，加之合作方（如房企或地方融资平台）出现流动性问题，导致产品无法如期兑付，涉及金额高达百亿元。监管部门随后介入调查，发现存在违规销售、资金池运作、信息披露不充分等问题。此次危机暴露出地方金交所监管套利、产品异化为高息揽储工具等系统性风险，也促使国家加快对金交所的清理整顿。目前，相关项目仍在处置中，投资者追偿难度较大。事件警示：非标金融产品风险高，投资者应谨慎对待高收益承诺，监管需强化穿透式管理。
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