Capital tycoon Yao Zhenhua has already been executed with a total amount exceeding 48.9 billion.

Yao Zhenhua, who once made a name for himself in the capital markets because of the "Baowang dispute" and his helm of the Baoneng Group, has recently attracted market attention due to falling into debt troubles. Tianyancha shows that Yao Zhenhua has a new record of being an executed person, with an executed amount of 36.7 billion yuan, which is the largest case executed since the beginning of 2025. At the same time, Tianyancha shows that as of now, the Baoneng Group has 96 records of being executed persons, with a total executed amount exceeding 463 billion yuan. The latest record of being executed person was filed on February 25. Previously, the Baoneng Group continuously expanded its territory in the financial sector, covering areas such as property insurance, life insurance, public funds, financial leasing, and small loans. However, the Baoneng Group, which is in debt trouble, is shrinking its financial landscape. Recently, the executed person under the Baoneng Group, Ju Shenghua, successfully auctioned off the equity held by the Xinjiang Qianhai United Fund Management Co., Ltd. (referred to as "Qianhai United Fund"). After the transaction is completed, Ju Shenghua will lose the position of the largest shareholder of the fund company. Regarding debt and issues in the financial sector, Caishow Journal sent an interview letter to the Baoneng Group, but as of the time of publication, there had been no response. Industry insiders believe that the change of fund license ownership means that the Baoneng Group's financial sector is shrinking, which will affect cooperation with other financial licenses in the future. The future development of the Baoneng Group's financial map is being closely watched. At the beginning of the year, the total amount executed exceeded 47 billion yuan, and Yao Zhenhua's total amount executed is close to 500 billion yuan. Specifically, Yao Zhenhua's new record of being executed has an executed amount of 36.7 billion yuan, with the Beijing Financial Court as the executing court and the first execution date as February 20. According to Tianyancha, in addition to the huge execution amount of 36.7 billion yuan, since the beginning of 2025, Yao Zhenhua has been continuously executed by multiple courts. Overall, Yao Zhenhua as an executed person has a total executed amount of over 489 billion yuan. Among them, since 2025, the total amount executed reached 47.88 billion yuan. Yao Zhenhua, as the helm of the Baoneng Group, once gained a lot of fame in the capital markets due to the "Baowang dispute". The Baoneng Group also used companies like Qianhai Life under its control to "sweep" the A-share market and gained control of multiple listed companies such as Jonjee Hi-Tech Industrial and Commercial Holding. However, in 2021, the Baoneng Group faced a debt crisis. In recent years, assets under the Baoneng Group have continued to appear on auction platforms, and control of listed companies under the group has also been continually lost. Regarding debt-related issues, Caishow Journal sent an interview letter to the Baoneng Group, but as of the time of publication, there had been no response. Caishow Journal noted that on December 17, 2024, the Baoneng Group stated that since the company encountered temporary liquidity difficulties, it has been communicating with various institutions and has made new progress in debt resolution. Most creditors have signed settlement agreements, and some have reached debt restructuring intentions and issued preliminary plans. Among them, the asset management company with the highest outstanding balance, with hundreds of billions of yuan, has reached a restructuring intention with both parties, and a debt restructuring intention agreement was signed in mid-November. The Baoneng Group also stated that through debt resolution and other means, it has achieved over 30 billion yuan of debt restructuring within three months. At the same time, the Baoneng Group has enhanced its profitability by optimizing internal management, improving operational efficiency, and providing guarantees for the progress of debt resolution work. It seems that the debt problems of the Baoneng Group are still continuing. Caishow Journal noted that as of the publication, Tianyancha shows that Baoneng Group has 96 records of being executed persons, with a total executed amount exceeding 463 billion yuan. The latest record of being executed person was filed on February 25, with a total amount executed since 2025 reaching 21.25 billion yuan. Passive "reduction" of financial license holdings, the scale of management of Qianhai United Fund has shrunk in recent years. Under the debt crisis, several assets under the Baoneng Group have been auctioned off for disposal, and the financial landscape has also been affected. Among them, the equity held by Ju Shenghua in the Qianhai United Fund was auctioned off recently, and Shanghai Securities won the bid. After this equity auction is completed, Shanghai Securities will replace Ju Shenghua as the largest shareholder of Qianhai United Fund. In the introduction of the Baoneng Group's official website about the layout of financial technology and financial services, Caishow Journal found that among the key financial institutions cited, in addition to Qianhai United Fund, they also include Qianhai Life, Xinjiang Qianhai United Property Insurance Co., Ltd., and futures companies. Qianhai United Fund is a fund management company approved by the China Securities Regulatory Commission, a public fund manager with a registered capital of 200 million yuan. It mainly provides professional asset management services to various institutions and individual investors at home and abroad. Regarding the impact of losing the position of the largest shareholder of Qianhai United Fund, Caishow Journal sent an interview letter to the Baoneng Group, but as of the time of publication, there had been no response. Wang Pengbo, a senior analyst at Boto Financial Analysis, said in an interview with Caishow Journal that losing control of a fund company may have a significant impact on cooperation with other financial licenses, and it will also weaken its influence in the financial field. It is understood that since the first listing of the equity held by Ju Shenghua in the Qianhai United Fund in March 2024, the starting price has dropped from 47.07 million yuan to 37.66 million yuan. After several consecutive auctions, Shanghai Securities finally won the bid recently. However, the transaction price of 37.66 million yuan is significantly lower than the starting price, as well as a large discount compared to the appraisal value of 67.25 million yuan. Looking back, Qianhai United Fund was officially established in August 2015, with Ju Shenghua investing 60 million yuan, holding a 30% stake and becoming the largest shareholder. Wind data shows that from its establishment until 2020, the total assets under management of Qianhai United Fund once reached a peak of 49.6 billion yuan. However, the scale has shown a downward trend since then, with the latest data showing that the management scale of Qianhai United Fund is only 9.75 billion yuan. Where is the Baoneng Group's financial sector heading? In addition to funds, the Baoneng Group's financial sector also covers property insurance, life insurance, financial leasing, and small loans, with a wide range of investments in the financial field. On the Baoneng Group's official website, in the introduction of the layout of financial technology and financial services, Caishow Journal found that among the examples of key financial institutions, besides Qianhai United Fund, they also include Qianhai Life, Xinjiang Qianhai United Property Insurance Co., Ltd., and futures companies.Company (referred to as "Qianhai Insurance"), Shenzhen Guangjin Joint Investment Limited Company (referred to as "Guangjin").According to reports, Qianhai Life Insurance was established in February 2012, and it is one of the shareholders of Jusheng Hua under Baoneng Group. While obtaining a life insurance license, Baoneng Group's financial territory continues to expand. Qianhai Property Insurance was established in 2016, and one of the initiators among the 5 initiating companies of Qianhai Property Insurance is Jusheng Hua under Baoneng Group. As a result, Baoneng Group has obtained licenses for both property insurance and life insurance in the insurance field. In addition, Baoneng Group also owns Shenzhen YueShang Small Loans Co., Ltd., which was established in January 2012 with a registered capital of 200 million yuan. According to Tianyancha, as of now, Jusheng Hua, a subsidiary of Baoneng Group, has invested in 9 financial companies, including Yunxin Credit Assessment Co., Ltd. According to Baoneng Group's official website, Qianhai Life Insurance is the first national financial insurance licensed institution headquartered in the Qianhai Shekou Free Trade Zone, with a registered capital of 8.5 billion yuan and over a hundred branch institutions in Shenzhen, Guangdong, Shanghai, Jiangsu, Sichuan, Hubei, Shandong and other regions. Qianhai Property Insurance is a national financial insurance licensed institution with a registered capital of 1 billion yuan, providing risk protection services such as property insurance, liability insurance, short-term health insurance, accidental injury insurance, etc., to individuals, families, and businesses, serving over 20 million customers in internet business. Guangjin's business sectors include financing leasing asset trading, commercial factoring, asset management, etc. From a development perspective, under the background of the liquidity crisis faced by the Baoneng Group, the operation of some of its financial institutions is not optimistic. Wind data shows that except for a profit of 0.01 billion yuan in 2016 and 0.23 billion yuan in 2022, Qianhai Property Insurance has incurred losses in the remaining years from 2016 to 2023. From 2017 to 2021, Qianhai Property Insurance had net losses of 133 million yuan, 221 million yuan, 130 million yuan, 72 million yuan, and 18 million yuan respectively, and a net loss of 89 million yuan in 2023. In addition, as of the end of December 2021, the total assets of Qianhai Life Insurance were 372.056 billion yuan, with 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 for 2022 and 2023. According to Tianyancha, from 2021 to 2024, the number of legal cases involving Qianhai Life Insurance has been increasing year by year, reaching 63 cases in 2024. As of now, 81.17% of the cases involve the role of the defendant. In addition, according to Tianyancha, Jusheng Hua's 2 billion yuan equity in Guangjin Co., Ltd. has been frozen, with a frozen period from October 7, 2023 to October 6, 2026.