On August 18, 2026, the news of “Xu Jiayin owes 4.2 billion yuan from Northeast second-generation wealthy” surged in the hot search rankings. Behind this hot search is a transaction from five years ago involving Evergrande Auto: In 2021, a company controlled by the Northeast wealthy Wang Kaiguo subscribed to around 5 billion Hong Kong dollars of Evergrande Auto’s new shares, setting up a domestic and overseas fund “bridging” arrangement. This loan was originally considered as a verbal agreement by the relevant parties, requiring no actual repayment. However, as Evergrande undergoes liquidation, the old accounts are being brought back to light.
Recently, the Hong Kong High Court rejected the injunction application filed by Yingjia International Property, allowing Evergrande’s subisidiary Guoxiong Holdings (controlled by the liquidator) to continue with the liquidation process and recover the aforementioned loan.
In early 2021, Evergrande Auto’s stock price was at its peak. In January of that year, Evergrande Auto completed a new share placement, raising a total of 26 billion Hong Kong dollars. Among them, Heyi Rong International Trading Co., Ltd., controlled by Wang Kaiguo, pledged to invest around 5 billion Hong Kong dollars, subscribing to approximately 183 million new shares.
To complete this subscription, in March 2021, Evergrande signed a renminbi loan agreement with Heyi Rong. From April 7th to 9th, Heyi Rong transferred a total of 4.2 billion yuan to a designated account of Evergrande’s Guangzhou Kelong Real Estate Co., Ltd., which, based on the exchange rate on the transfer date, equated to precisely 5 billion Hong Kong dollars.
In March 2021, Yingjia International Property, wholly owned by Wang Lihua, signed a loan agreement with Guoxiong Holdings, a subsidiary of Evergrande. Guoxiong provided Yingjia with a 5 billion Hong Kong dollar loan for a duration of 2 years, with interest-free repayment and interest calculation at an annual rate of 4% in case of default. From April 7th to 9th, this Hong Kong dollar loan was also split into three payments and transferred to Yingjia’s account.
Upon receiving the 5 billion Hong Kong dollars, Yingjia further transferred the funds to another Hong Kong company, Hongchang International trading, controlled by Wang Kaiguo, which then completed the subscription of around 183 million new shares of Evergrande Auto.
In the lawsuit, Yingjia International Property argued that there was an internal consensus between the former Evergrande management and Yingjia International Property that the loan did not require actual repayment.
However, on January 29, 2024, the Hong Kong High Court issued the Evergrande China Liquidation Order. The liquidator took over the assets and contract documents, bringing this loan agreement to light.
In May 2025, Guoxiong Holdings under Evergrande officially demanded Yingjia International Property repay the 5 billion Hong Kong dollar principal, totaling about 5.97 billion Hong Kong dollars with interest.
As Evergrande Auto later faced difficulties and its stock price plummeted, the value of the subscribed shares almost hit zero.
Yingjia refused to fulfill the contract, and applied for an injunction at the Hong Kong High Court, attempting to halt Guoxiong Holdings’ liquidation proceedings.
During the litigation, Yingjia put forward various defenses, including that the transactions were part of a special fund arrangement and argued that there was a verbal agreement between the parties that the loan did not require actual repayment.
Ultimately, the court did not accept these defenses.
On August 7, the Hong Kong High Court rejected Yingjia’s injunction application. According to reports from Phoenix Finance, the court believed that there were formal loan documents signed by both parties, and the funds had been actually transferred, rendering Yingjia’s claimed verbal arrangement insufficient to overturn the legal effect of the written contract.
This means that Guoxiong Holdings can continue with the liquidation proceedings against Yingjia and pursue the unrecovered loan amount of about 5.97 billion Hong Kong dollars.
However, Yingjia is an offshore company, and the extent of its assets available for execution, as well as how much of this nearly 6 billion Hong Kong dollar debt can ultimately be recovered, is still pending further liquidation proceedings.
With the incident making it to the top of the hot search rankings, Wang Kaiguo has re-entered the public eye, with online discourse referring to him as the “Northeast second-generation wealthy.”
Public records show that Wang Kaiguo joined Dalian Fu Jia Group in 2011 and served as the Vice President of the Group.
Around 2020, Fu Jia Group made a significant entry into the capital markets. During this time, Fu Jia Group spent about 19 billion yuan to acquire 51% equity of Harmony Health Insurance from the Anbang Group.
Subsequently, Wang Kaiguo began frequently appearing in announcements of listed companies.
In 2021, he successively joined listed companies such as Financial Street, Kingwind Technology, and Wanda Information as a director or executive, becoming an important figure in Fu Jia Group’s capital market layout.
Heyi Rong International Trading is a company controlled by Wang Kaiguo and one of the subscribing parties in this Evergrande Auto rights issue transaction.
In September 2022, Wang Kaiguo resigned from the positions of director of Financial Street Holdings, and in October of the same year, he resigned from the directorship of Kingwind Technology. Subsequently, he gradually faded from the public eye.