A report on Chinese protests against a fraudulent investment company stealing millions of yuan by B+D editor Mitchell Blatt.
On July 16, law enforcement officers were stationed outside the iapm mall on Huaihai Road in Shanghai and an ambulance was parked in front of the door. Exactly one month ago, the chief financial officer of Jinxing Investments (Shanghai Uprosper Asset Management Co) Ji Jianhua appeared at the firm’s offices and admitted that the firm’s boss was nowhere to be found.
Ever since then investors have been protesting. Inside the mall, which is home to luxury brands like Prada and Givenchy, a line of officers stood at attention in front of the escalators. Mall officials in blazers and ties milled around. A crowd of spectators had gathered at the edge of the second, third, and fourth floors, looking down into the atrium.
A group of retired Chinese people came marching out into the first floor, carrying signs, some with images of Xi Jinping, and waving Chinese flags. A protest. In Chinese, wei quan—“protecting [our] rights.”
”Come out, boss, and return my hard-earned savings!”
”Jinxing committed fraud, the common people suffer; Honest Judge Gongbao, uphold justice.”
[Under a picture of Xi Jinping]: “Weiquan is actually truly maintaining stability.”
Over ¥400 million Chinese yuan (US$60 million) have been stolen from about 2,500 investors who were attracted by street fliers and seminars. When it opened in November 2015, Jinxing/Uprosper Assets promised to be a safe investment option dedicated to “creat[ing] the top service brand in supply chain finance industry in China.” On its website it claimed to have partnerships with Chinese state-owned banks like China Construction Bank and Industrial and Commercial Bank of China. Its boss, a 37-year-old man named Wang Jian, held glitzy events at 5 star hotels and invited celebrities like 2008 and ’12 Chinese gold medalist boxer Zou Shiming to his offices. On its opening day it held a flamboyant ribbon-cutting ceremony with a dragon dance and flowers gifted by Shanghai district administrative governments.