Xu Jiayin destroyed the second generation of Northeast China's wealth of 4.2 billion
Source: Phoenix News Finance “Company Research Institute”
Recently, a ruling by the Hong Kong High Court brought back to the table an old account that had been sunk for five years.
Yingjia International Real Estate applied to the court for an injunction to stop Evergrande's liquidators from collecting the debt, but it was rejected.
The liquidators wanted HK$5.97 billion, with principal and interest.
And behind this huge dispute is a fixed growth game that took place during the peak of Evergrande Auto.
In 2021, a second-generation wealthy person from Northeast China paid out 4.2 billion yuan, and Evergrande shares in exchange were nearly zero. What was thought to be just a bridge loan was turned into a huge debt of nearly HK$6 billion hanging over an offshore shell company.
01 HK$5 billion cross-boundary bridge crossing, a seemingly seamless closed loop
On January 24, 2021, Evergrande Motor announced that it had completed the IPO with six subscribers, allocating a total of 952 million shares, at HK$27.3 per share, raising a total capital of HK$26 billion.
At that time, Evergrande Auto's market capitalization once surpassed 600 billion Hong Kong dollars, putting pressure on BYD and topping the domestic car companies' market capitalization list.
Heyirong International Trading Co., Ltd., controlled by Wang Kaiguo, born in 1989, is also one of the subscribers. It promised to invest HK$5 billion to win about 183 million new shares, with a 12-month sales ban.
The paper agreement has been settled, yet the financial problem is looming.
It is necessary to mobilize funds in the amount of HK$5 billion to participate in Hong Kong stock subscriptions. The formal foreign exchange approval cycle is long, and Xu Jiayin cannot wait.
Add up the two sides and come up with a quick way to pay. The whole process was implemented in three steps.
The first step is domestic loans.
In March 2021, Heyirong signed a RMB loan agreement with Evergrande, and Heyirong lent funds equivalent to HK$5 billion to Evergrande. From April 7 to 9, Heyirong remitted a total of RMB 4.2 billion to the Guangzhou Kailong Real Estate Co., Ltd. account designated by Evergrande in three transactions. Based on the exchange rate on the day of the transfer, it was just HK$5 billion.
The second step is overseas loans.
Also in March 2021, Guoxiong Holdings, a subsidiary of Evergrande, signed a loan agreement with Yingjia International Real Estate, wholly-owned by Wang Lihua. Guoxiong loaned HK$5 billion to Yingjia for a period of two years, repaid on a regular schedule without interest, and accrued interest on a 4% annual interest rate if overdue. From April 7 to 9, the HKD was also credited to the Yingjia account in three installments.
The third step is to complete the IPO.
After receiving HK$5 billion, Yingjia immediately transferred the full amount to Hongchang International Trade, another Hong Kong entity controlled by Wang Kaiguo. On April 9, Hongchang International successfully obtained Evergrande Motor's share certificate for 183 million new shares.
According to Yingjia International Real Estate's claim in the lawsuit, there was an internal agreement between Evergrande's former management and Yingjia International Real Estate that no actual repayment was required for the above loans.
However, on January 29, 2024, the Hong Kong High Court issued a winding-up order for China Evergrande. The liquidator took over the assets and contract files, and this loan agreement with complete procedures and complete settlement of funds was overturned.
The old management's verbal tacit agreement was not binding on the liquidators. The contract is written in black and white with a principal amount of HK$5 billion and 4% overdue interest. This is a real claim with legal effect.
In May 2025, Guoxiong Holdings officially issued a letter requesting Yingjia International Real Estate to repay nearly HK$6 billion in principal and interest.
Yingjia refused to comply with the contract and in turn applied to the Hong Kong High Court for an injunction in an attempt to prevent Guoxiong Holdings from filing a winding-up petition.
During the trial, Yingjia International Real Estate changed its arguments several times.
First, they claimed that the loan was a false transaction, then changed their rhetoric to saying that there was a special funding arrangement, and finally put forward the core statement: the two parties had an oral subsidiary agreement exempt from enforcement.
In response, presiding judge Chen Jingfen found that the oral subsidiary agreement claimed by Yingjia was “recently fabricated,” and rejected all of its defenses one by one. Chen Jingfen said that the loan contract signed in writing in the case and the funds were paid in full constituted a real claim. It was impossible to deny the legal effect of the formal contract based only on an oral agreement claimed by one party afterwards.
The execution of the judgment on August 7 means that Evergrande's liquidators can officially commence the winding-up procedure against Yingjia and recover nearly HK$6 billion in claims.
However, Yingjia itself is only an offshore shell company; it is still unknown how many actual assets it has that can be executed under its name.
These offshore shell companies often only assume the functions of holding shares and transferring capital, making it difficult to get a glimpse of the real trading context of Fujia.
To understand the private capital giant's layout in the A-share market, we also need to start with Wang Kaiguo, the core agent who was pushed to the front of the stage.
02 Secured 5 directors' seats at age 32, quietly exited at age 34
On April 21, 2021, Financial Street Holdings issued a director candidate announcement. The name “Wang Kaiguo” first appeared in the official disclosure documents of A-share listed companies.
Five days later, on April 26, Goldwind Technology issued the “Proposed Election of Non-Executive Directors” announcement on the Hong Kong Stock Exchange, once again publicizing this resume: 32 years old, bachelor's degree in business administration from Northeast University of Finance and Economics.
This is the first time that Wang Kaiguo has stood in the spotlight of the capital market with a complete resume.
It can be seen that in ten years, he has never left the Fujia system from Director of Operations to Group Vice President.
Therefore, to understand Wang Kaiguo, we must first understand the soil in which he grew up — Fujia Group.
The founder of Fujia is Wang Yizheng.
Born in 1968 in Zhuanghe, Dalian, he retired and transferred to the Dalian Real Estate Bureau in 1991, established Dalian Fujia Fire Engineering Co., Ltd. in 1998, and officially formed Fujia Group in 2000.
Starting with the fire protection project, Fujia's business map gradually extended to real estate, commerce, and hotels; in 2006, Wang Yizheng teamed up with the local state-owned Dahua Group to win the first large-scale petrochemical project involving domestic private capital, and is therefore known as “the first person in private petrochemicals.”
In 2011, 22-year-old Wang Kaiguo entered the Fujia system and became the operating director of Fujia Group Fujia Development Co., Ltd.
At this time, Fujia was in the midst of the expansion of real estate and petrochemical two-wheel drive, and young Wang Kaiguo also entered the fast track of promotion: in 2012, he was promoted to Assistant President of Fujia Group and also the president of the two core businesses of the Petrochemical Trading Division and the Real Estate Division; in 2017, at the age of 28, he was further promoted to Vice President of Fujia Group.
By 2018, Fujia Group had annual sales revenue of 42.7 billion yuan and annual tax payments of 7.8 billion yuan, ranking among the top 500 Chinese enterprises for ten consecutive years.
At this point, Wang Kaiguo had been the group's vice president for a year and was deeply involved in the business operations of this leading private enterprise in Dalian. However, the outside world would not notice. In a few years, this young executive will become a key front desk figure in the operation of Fujia Capital.
The turning point in Wang Kaiguo's career came at the same time as Fu Jia's financial layout.
The shareholding situation of Harmony Health Insurance after the transfer of shares in March 2020 Source: Internet
In 2020, Fujia Group transferred 51% of Harmonious Health Insurance's shares from Anbang for about 19 billion yuan, and Wang Yizheng became the actual controller of this insurance company; while Anbang Insurance's Harmonious Health itself held shares in many listed companies such as Financial Street and Goldwind Technology, which is equivalent to opening up a financial channel for Fujia to connect with the capital market.
After winning Harmonious Health, Fujia needed to appoint directors and representatives to listed companies in which it held shares. Wang Kaiguo, who has been deeply involved in the Fujia system for ten years and accompanied the company's business expansion throughout the process, became the core candidate for this role.
From spring to early fall of 2021, in just a few months, Wang Kaiguo's name appeared intensively in many listed company announcements, completing a quick capital card.
In February, he became the deputy general manager of Harmony Health Insurance Asset Management Center; in March, he became the actual controller and executive director of Heyirong International Trade Co., Ltd.
Entering April, the pace of deployment suddenly accelerated.
On April 21, Financial Street Holdings announced that Shareholder Harmonious Health nominated Wang Kaiguo as a non-independent director candidate for the 9th board of directors; on May 12, after review and approval by the shareholders' meeting, Wang Kaiguo officially became a non-independent director of Financial Street.
At about the same time, on April 26, Goldwind Technology's board of directors reviewed and passed the Harmonious and Healthy Director Recommendation Bill, which was simultaneously disclosed to the public. On June 28, Goldwind Technology's shareholders' meeting voted to pass, and Wang Kaiguo officially took office as a non-executive director.
In July, the deployment extended to Wanda Information.
On July 19, the board of directors of Wanda Information decided to appoint Wang Kaiguo as the company's senior vice president, and Harmonious Health nominated him as a non-independent director candidate; on August 23, after review and approval by the Extraordinary General Meeting of Shareholders, Wang Kaiguo added another seat as a director of a listed company.
From February to August, they won five heavyweight directors' and executive positions within six months. This is not just an ordinary career transition, but also represents a systematic arrangement of forces in the capital market after the “Fuka System” completed a harmonious and healthy acquisition.
As for the specific relationship between Wang Kaiguo and Wang Yizheng, Fujia Group has never officially disclosed it.
According to public equity information, Fujia Group has a total direct shareholding of about 98% by Wang Yizheng through Dalian Furong Trading and personal ownership. Wang Kaiguo did not appear on the Fujia Group's direct shareholder list; external reports mostly refer to it as Wang Yizheng's “left and right arm,” but according to Blue Whale Finance reports, the two are uncle and nephew.
After Wang Kaiguo intensively appeared on the board of directors of listed companies, he quickly resigned after not staying for long.
Announcement on Wang Kaiguo's resignation Image source: Internet
After being in office for just over a year, on September 9, 2022, Financial Street Holdings announced that Wang Kaiguo resigned as a director of the company and all positions due to personal reasons, and that he did not hold any position within the Financial Street system after his resignation.
More than a month later, on October 11, Goldwind Technology also issued an announcement. Wang Kaiguo resigned as a director and related committee due to “personal career development reasons.”
So far, several directors' seats taken intensively in 2021 have been vacated one after another in the second half of 2022.
Wang Kaiguo, 34, chose to retreat courageously from the rapids during his career rise, and almost completely disappeared from public view.
The four words “personal reasons” in the announcement became all footnotes to this rapid rise and fall. After leaving the game, there was no answer as to where he went or where he worked.
He joined Fujia at age 22, stood in front of the capital operation desk at age 32, and quietly retreated at age 34.
In this wave of private capital expansion in China, Wang Kaiguo is a young sample that was quickly pushed into the spotlight and quickly retreated from behind the scenes. His real relationship with the core of the Fujia series and his role after his retreat have all become unsolved mysteries in this capital layout.
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