GuShiio.com ① Sky Eye inspection shows that as of now, Baoneng Group has 96 pieces of information on persons subject to execution, with a total amount of execution exceeding 46.3 billion yuan. The latest piece of information on the person subject to execution was filed on February 25.
② The fund license is about to change ownership, which also means that the Baoneng financial sector is shrinking and its coordination with other financial licenses will be affected.
Financial Union, February 26 (Reporter Gao Ping)Yao Zhenhua, who was once famous in the capital market due to the “Baoneng Dispute”, and the Baoneng Department at his helm have attracted market attention in recent years due to their debt difficulties.
Sky Eye inspection showed that Yao Zhenhua added a new piece of information on the person subjected to execution, with an execution target of 3.67 billion yuan, which is the largest case executed since the beginning of 2025. At the same time, Sky Eye Inspection shows that as of now, Baoneng Group has 96 pieces of information on persons subject to execution, with a total amount of execution exceeding 46.3 billion yuan. The latest piece of information on the person subject to execution was filed on February 25.
Previously, Baoneng continued to expand its territory in the financial sector, once covering property insurance, life insurance, public offering, financial leasing, microfinance and other fields. However, the financial landscape of Baoneng, which is in debt difficulties, is also shrinking. Recently, the auction of the equity of Xinjiang Qianhai United Fund Management Co., Ltd.(hereinafter referred to as “Qianhai United Fund”) held by Jushenghua, a subsidiary of Baoneng Group, was successful. After the transaction is completed, Jushenghua will lose the fund company’s largest shareholder seat.
Regarding issues such as debt and financial sector development, a reporter from the Financial Union sent an interview letter to Baoneng, but as of press time, the other party had not responded yet. Industry interviewees believe that the imminent change of fund licenses also means that the Baoneng financial sector is shrinking and its coordination with other financial licenses will be affected. What changes will be made to the financial landscape of Baoneng in the future and how it will develop have attracted much attention from the market.
Yao Zhenhua was executed more than 4.7 billion yuan in the two months of the first year. The total amount of execution has approached 50 billion yuan
Specifically, Yao Zhenhua added a piece of information on the person subject to execution. The execution target is 3.67 billion yuan. The execution court is the Beijing Financial Court, and the first execution date is February 20.
According to Sky Eye, in addition to the huge execution case of 3.67 billion yuan, Yao Zhenhua has been continuously executed by many courts since the beginning of 2025. Overall, the total amount of execution by Yao Zhenhua as the person subject to execution exceeded 48.9 billion yuan. Among them, since 2025, the total amount implemented has reached 4.788 billion yuan.
Yao Zhenhua, as the leader of the Baoneng Department, was once famous in the capital market due to the “Battle for Baoneng”. Baoneng has also used its Qianhai Life Insurance and other companies to “sweep” the A-share market and gain control of many listed companies such as Zhongju High-tech. However, the Baoneng debt crisis broke out in 2021. In recent years, the assets of Baoneng Group have also continued to appear on auction platforms. In addition, control of its listed companies has also continued to be lost.
Regarding debt-related issues, a reporter from the Financial Union sent an interview letter to Baoneng. As of press time, the other party had not responded.
A reporter from the Financial Union noted that on December 17, 2024, Baoneng Group stated that since the company experienced temporary liquidity difficulties, it has communicated with various institutions and continuously made new progress in debt settlement. Settlement agreements have been signed with most creditors, and some have reached an intention to convert debts and issued preliminary plans. Among them, the asset management company with the largest existing balance has tens of billions of yuan. The two parties reached an intention to restructure, and signed an intention agreement on creditor’s rights and debt reorganization in mid-November.
Baoneng Group also stated that through debt reconciliation and other methods, it achieved debt conversion of more than 30 billion yuan in three months. At the same time, Baoneng Group also enhanced the company’s profitability through measures such as optimizing internal management and improving operational efficiency. Provide guarantees for the advancement of debt reconciliation work.
Baoneng’s debt problems seem to be continuing. A reporter from the Financial Union noted that as of press time, Sky Eye Inspection showed that Baoneng Group currently had 96 pieces of information on persons subject to execution, with a total amount of execution exceeding 46.3 billion yuan. The latest piece of information on the person subject to execution was filed on February 25. The total amount implemented since 2025 has reached 2.125 billion yuan.
The management scale of Qianhai Joint Fund has been shrinking in recent years by passively “reducing” its financial licenses
Under the debt dilemma, multiple assets of Baoneng Group were auctioned for disposal, and the financial landscape was also affected. Among them, Ju Shenghua’s equity in Qianhai Joint Fund was won by Shanghai Securities in a recent auction. After the equity auction is completed, Shanghai Securities will succeed Ju Shenghua as the largest shareholder of Qianhai Joint Fund.
In the introduction to Baoneng Group’s official website, regarding the industrial layout of financial technology and financial services, the name of Qianhai Joint Fund is listed among key financial institutions. Qianhai United Fund is a fund management company approved by the China Securities Regulatory Commission. It is a public fund manager with a registered capital of 200 million yuan. It mainly provides professional asset management services to various institutional and individual investors at home and abroad.
Regarding issues such as the impact of losing Qianhai Joint Fund’s largest shareholder seat, a reporter from the Financial Union sent an interview letter to Baoneng. As of press time, the other party had not responded. Wang Pengbo, a senior analyst in the financial industry at Broadcom Analytics, said in an interview with a reporter from the Financial Union that in terms of coordination with other financial licenses, losing control of the fund company may have a significant impact. In addition, its influence in the financial field will also be weakened.
It is understood that since Ju Shenghua’s equity in Qianhai Joint Fund was first listed in March 2024, the starting price has shrunk from 47.07 million yuan to 37.66 million yuan. After many unsuccessful bids, it was finally won by Shanghai Securities recently. While the transaction price of 37.6622 million yuan was significantly reduced from the starting price, it was also significantly discounted from the evaluation value of 67.254 million yuan.
Looking back in the past, Qianhai Joint Fund was officially established in August 2015. Among them, Ju Shenghua invested 60 million yuan, accounting for 30% of the equity, becoming the largest shareholder.
Wind shows that from its establishment to 2020, the total asset management scale of Qianhai Joint Fund once reached a high of 49.6 billion yuan. However, the scale has since shown a downward trend. The latest data shows that the management scale of Qianhai Joint Fund is only 9.75 billion yuan.
Where is the Baoneng Financial Sector heading?
In addition to funds, the Baoneng Financial Sector also covers property insurance, life insurance, financial leasing, microfinance and other fields, and the financial sector has a broad layout.
In the introduction to the industrial layout of financial technology and financial services on the official website of Baoneng Group, a reporter from the Financial Union found that among the examples of key financial institutions, in addition to Qianhai Joint Fund, also include Qianhai Life Insurance and Xinjiang Qianhai Joint Property Insurance Co., Ltd.(referred to as “Qianhai Property Insurance”), Shenzhen Guangjin Joint Investment Co., Ltd.(referred to as “Guangjin Institute”).
It is understood that Qianhai Life Insurance was established in February 2012, with Jushenghua, a subsidiary of Baoneng Group, as one of the shareholders. While obtaining a life insurance license, Baoneng’s financial landscape continues to expand. Qianhai Property Insurance was established in 2016. Among the five sponsors of Qianhai Property Insurance, one of the sponsors is Jushenghua, a subsidiary of Baoneng Group. As a result, Baoneng has dual licenses for property insurance and life insurance in the insurance field.
In addition, Baoneng also has Shenzhen Yueshang Microfinance Co., Ltd., which was established in January 2012. It is a financial institution approved by the Financial Office of the Shenzhen Municipal Government specializing in microfinance business with a registered capital of 200 million yuan. Sky Eye Inspection shows that as of now, there are 9 surviving companies in the financial industry in Jushenghua Foreign Investment Enterprise under Baoneng Group, including Yunxin Credit Rating Co., Ltd.
According to the official website of Baoneng Group, Qianhai Life Insurance is the first national financial and insurance licensed institution headquartered in the Qianhai Shekou Free Trade Zone, with a registered capital of 8.5 billion yuan. It has opened more than 100 branches in Shenzhen, Guangdong, Shanghai, Jiangsu, Sichuan, Hubei, Shandong and other places.
Qianhai Property Insurance is a national financial and insurance licensed institution with a registered capital of 1 billion yuan. It provides risk protection services such as property insurance, liability insurance, short-term health, and accident insurance to individuals, families, and enterprises. It serves more than 20 million Internet business customers. The business segment of Guangjin Exchange includes financial leasing asset trading, commercial factoring, asset management, etc.
From the perspective of development, it is difficult to say that the operations of some of its financial institutions are optimistic in the context of the liquidity crisis. Wind shows that Qianhai Property & Casualty Insurance suffered losses in 2016-2023 except for a profit of 01 million yuan in 2016 and a profit of 23 million yuan in 2022. 2017-2021 In 2023, Qianhai Property & Casualty Insurance lost net profit of 133 million yuan, 221 million yuan, 130 million yuan, 72 million yuan, and 18 million yuan respectively. In 2023, the net profit loss was 89 million yuan.
In addition, at the end of December 2021, Qianhai Life Insurance had total assets of 372.056 billion yuan and net assets of 28.514 billion yuan, ranking 9th in the market, with a market share of 3.09%. However, since April 2022, Qianhai Life Insurance has suspended the disclosure of solvency reports, and has not disclosed annual reports in 2022 and 2023.
Sky Eye Inspection shows that from 2021 to 2024, the number of judicial cases involved in Qianhai Life Insurance is basically increasing year by year, reaching 63 in 2024. Among the cases involved so far, 81.17% are defendants. In addition, according to Tianyan, Ju Shenghua’s 200 million yuan equity interest in Guangjin Institute was frozen for a period from October 7, 2023 to October 6, 2026.
Reporters from the Financial Union will continue to pay attention to what changes will be made to the financial landscape of Baoneng and how it will develop in the future.
