From November 19 to 20, 2025, the Shanghai Second Intermediate People's Court held a public hearing in the first instance to hear a series of cases involving defendants Hehe Asset Management Co., Ltd., Shanghai Hehe Enterprise Management Co., Ltd., Shangzhi Fengyuan Fund Sales Co., Ltd., defendants Lin Qiang, Zhang Zhenjie, E Changjun, Liang Jiaming, Ye Gang, Wang Hongliang, Cao Wei, Zhang Chun's fund-raising fraud, illegal absorption of public deposits, and money laundering. The Public Prosecution Service alleges that from January 2019 to August 2023, defendant Lin Qiang, along with Zhang Zhenjie, E Changjun, Liang Jiaming, Ye Gang, Wang Hongliang, Cao Wei, Zhang Chun and others during the actual operation of the defendant's “Peace and Cooperation” company, violated legal regulations and regulatory documents such as the “Securities Investment Fund Law of the People's Republic of China” and “Administrative Measures on Private Equity Asset Management Business of Securities and Futures Management Agencies”, knowing that the “Peace and Cooperation” company was not approved by the national financial supervisory authority and still used fictitious investment note discounts and other business as a pretext. Promotion meetings, word of mouth, etc. The method is public publicity. It uses methods such as splitting private wealth management products into rolling distributions, etc., and using promises of 6% to 10.5% annualized income as bait, and illegally distribute and sell wealth management products by fraudulently using Hehe Asset Management Co., Ltd.'s asset management products that were originally registered by the China Securities Investment Fund Industry Association and listed and filed with financial asset trading institutions in various provinces and cities across the country. The total amount raised was more than RMB 100 billion, and the total amount of unpaid principal was more than RMB 30 billion. Most of the capital is used to pay principal and interest, and a small portion is used for company operations, foreign investment, and personal extravagance.

From November 19 to 20, 2025, the Shanghai Second Intermediate People's Court held a public hearing in the first instance to hear a series of cases involving defendants Hehe Asset Management Co., Ltd., Shanghai Hehe Enterprise Management Co., Ltd., Shangzhi Fengyuan Fund Sales Co., Ltd., defendants Lin Qiang, Zhang Zhenjie, E Changjun, Liang Jiaming, Ye Gang, Wang Hongliang, Cao Wei, Zhang Chun's fund-raising fraud, illegal absorption of public deposits, and money laundering. The Public Prosecution Service alleges that from January 2019 to August 2023, defendant Lin Qiang, along with Zhang Zhenjie, E Changjun, Liang Jiaming, Ye Gang, Wang Hongliang, Cao Wei, Zhang Chun and others during the actual operation of the defendant's “Peace and Cooperation” company, violated legal regulations and regulatory documents such as the “Securities Investment Fund Law of the People's Republic of China” and “Administrative Measures on Private Equity Asset Management Business of Securities and Futures Management Agencies”, knowing that the “Peace and Cooperation” company was not approved by the national financial supervisory authority and still used fictitious investment note discounts and other business as a pretext. Promotion meetings, word of mouth, etc. The method is public publicity. It uses methods such as splitting private wealth management products into rolling distributions, etc., and using promises of 6% to 10.5% annualized income as bait, and illegally distribute and sell wealth management products by fraudulently using Hehe Asset Management Co., Ltd.'s asset management products that were originally registered by the China Securities Investment Fund Industry Association and listed and filed with financial asset trading institutions in various provinces and cities across the country. The total amount raised was more than RMB 100 billion, and the total amount of unpaid principal was more than RMB 30 billion. Most of the capital is used to pay principal and interest, and a small portion is used for company operations, foreign investment, and personal extravagance.