From September 1 to 3, the Shanghai First Intermediate People's Court held a public hearing on a series of suspected fund-raising fraud cases involving Haiyin Holding Group, Haiyin Wealth Management, Wuniu Holdings, and related personnel. The court has completed investigations, arguments and final statements, and will decide at an optional date. Currently, it is in the first instance trial stage, and the indictment cannot be directly equated with an effective judgment. According to the Tianyancha App, Haiyin Holding Group Co., Ltd. was established in 2015 with a registered capital of 5 billion yuan and foreign investment in 12 enterprises; Haiyin Wealth Management Co., Ltd. was founded in 2006 with a registered capital of 305 million yuan and 70 foreign investments.

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