【Epoch Times May 8, 2026】Zhongzhi Enterprise Group Co., Ltd. (Zhongzhi Group) announced that 316 of its affiliated companies have been declared bankrupt and are undergoing liquidation, marking the end of its trillion yuan financial empire. The news was widely reported by mainland Chinese media on May 6th.
On April 30th, Zhongzhi Group released a “Asset Introduction Announcement for 316 Companies under Zhongzhi Group” stating, “On April 10, 2026, the Beijing First Intermediate People’s Court ruled for the substantive merger and bankruptcy liquidation of Zhongzhi Group and its 316 affiliated companies, appointing Zhongzhi Group as the substantive merger and bankruptcy liquidation administrator on the same day.”
According to a report from Sina Finance on May 6th, the administrator for Zhongzhi Group is the Beijing Dacheng Law Firm, responsible for asset inventory and disposal.
The announcement also mentioned that Zhongzhi Group’s existing assets include real estate across the country, shares of listed and unlisted companies, financial products such as trusts and funds, external debts, and mining rights in Yunnan and Gansu provinces. These assets have been concurrently listed on judicial auction platforms such as Taobao and JD.com. Creditors are required to file claims online before June 10, 2026, failing which they will forfeit their right to repayment. The timing of the first creditors’ meeting will be notified separately.
This ruling signifies the ultimate liquidation of the trillion-yuan financial empire that once spanned the finance, real estate, and mining sectors.
Public information indicates that Zhongzhi Enterprise Group Co., Ltd. is a limited liability company primarily engaged in commercial services, including asset investment, asset management, and mineral sales. It was founded in 1995 and is headquartered in Chaoyang District, Beijing, with Jie Zhikun as the founder.
On December 18, 2021, Jie Zhikun passed away suddenly. Officially, the cause of death was cited as a sudden heart attack, but there were rumors suggesting suicide or being “taken by a heart attack”.
In June 2023, Zhongzhi Group’s four wealth management companies (Hengtian Wealth, Xinhua Wealth, Datang Wealth, Gaosheng Wealth) faced a crisis. Their fixed financing products began to default one after another. By November, massive debts and financial risks were exposed, with the group announcing in an open letter that it was severely insolvent, with total debts amounting to 3.6 trillion yuan, posing significant ongoing operational risks.
At that time, lawyers analyzing the situation noted that based on the wording and operating patterns of Zhongzhi Wealth companies, the company was suspected of engaging in illegal fundraising. The fixed financing products issued by Zhongzhi Group lacked corresponding underlying assets, with funds mainly used to cover liquidity gaps in Zhongzhi projects, essentially involving refinancing and pooling funds for investments, showcasing typical self-financing characteristics.
In 2024, Zhongzhi Group applied for bankruptcy liquidation to the court due to severe issues of mixed assets, intertwined debts, and personnel across its affiliated companies. The administrator initially applied for the consolidation and liquidation of 248 companies in June 2024, added 68 more in February 2026, expanding to a total of 316 for unified liquidation of all affiliated entities. The formal bankruptcy liquidation process commenced in June 2025.
In response, Manager Magazine under Shenzhen Manager Media Co., Ltd. stated on May 7th that Zhongzhi Group operated at the regulatory edge for a long time, relying on complex equity structures and related party transactions, engaging in non-standard businesses and inflexible payment commitments. Ultimately, under market fluctuations, the risks concentrated and erupted. The closure of Zhongzhi Group symbolizes the clearing of shadow banking risks.