As of today, Zhejiang United Investment Company has been suspended for several months, and the arrest of chairman Zhou Ying and president Meng Ying and others has attracted the attention of investors.
Regarding the progress of the case, according to the circular issued by the Gongshu District Bureau of the Hangzhou Municipal Public Security Bureau, on July 21, 2021, five criminal suspects in the case, Zhou X, Meng X, Ma X, Pan X, and Yang X, were criminally detained by the Gongshu District Bureau of the Hangzhou Municipal Public Security Bureau on suspicion of illegally absorbing deposits from the public. On August 26, 2021, Zhou and Meng were arrested by the Gongshu District People's Procuratorate in accordance with law.
However, Zhejiang United Investment Company recently announced that Zhou Ying and Meng Ying, former executive directors of the company, were removed from the board on September 30, 2021. Ying Zhou is the legal representative and/or member of senior management of a PRC subsidiary. Meng Ying is also a member of the senior management of a subsidiary in the PRC. The Company has not received any official documents from the PRC Public Security Authority or any relevant authorities of the PRC government stating that either the Company or any of its PRC subsidiaries were involved in the arrest of Zhou Ying and Meng Ying.
According to official information, in 2017, Zhou Ying, chairman of Zhejiang United SME Holding Group, signed an agreement with Yu Xiwan, the former majority shareholder and chairman of the builder fraser Group, to complete the acquisition of a Hong Kong listed company and a backdoor listing by acquiring all 75% of the equity of fraser. Meng Ying serves as an Executive Director and Compliance Officer of the Company.
It is understood that Zhou Ying has been engaged in the financial investment industry and has invested or managed several Chinese companies engaged in various fields such as equity investment, asset management, film entertainment and culture and education. In 2014, Zhou Ying founded Zhejiang United SME Holding Group, which is mainly engaged in corporate management consulting services and has been the chairman of the board of directors ever since. In 2016, Zhou Ying was awarded the "Top Ten Outstanding Figures of Asian Financial Brands", in 2014, she was awarded the titles of "China's Outstanding Honest Entrepreneurs" and "2016 China's Top Ten Emerging Young Entrepreneurs in the Yangtze River Delta", "2015 Zhejiang Entrepreneurs Innovative Figures", "2015 Zhejiang Top Ten Leading Figures in Financial Investment" and "The 13th Hangzhou Top Ten Outstanding Youth". Meng Ying, executive vice president of United Holding Group, was also previously judged by the 10th Zhejiang Businesswoman Jie.
Zhejiang United Investment Holding Group has a number of subsidiaries, involving third-party wealth, asset management and disposal, community finance and information technology, industrial companies and import and export companies. The group's capital management company received a notice from the Zhejiang Securities Regulatory Bureau in 2019 for non-compliance, due to failure to truthfully disclose to investors possible conflicts of interest and major matters that may affect the legitimate rights and interests of investors, some funds were priced out of the actual rate of return of the underlying assets, and some funds did not provide investors with asset certification documents and income supporting documents that met the conditions of qualified investors. (@Zhengguan News)
