An article published by Dajiyuan on October 31, 2025 reported that Liu Peng, the chairman of *ST Chuangxing, was recently arrested due to his involvement in the “Zhejiang Overseas Chinese Series” billion-dollar fundraising fraud case. According to the 2023 annual report of Chuangxing, Liu Peng’s annual salary was only 27,300 yuan, raising questions from the public about the actual source of his power and the unusual salary he received.
On the evening of October 30, Shanghai Chuangxing Resources Development Co., Ltd. (*ST Chuangxing) issued a statement announcing that the company had recently received notification from Liu Peng’s family that he was suspected of “criminal activities” and had been approved for arrest by the Shangcheng District Branch of the Hangzhou Public Security Bureau, indicating that the case had entered the formal stage of criminal investigation.
According to a report by the First Financial Daily, Liu Peng’s arrest this time is related to the Zhejiang Overseas Chinese Series fundraising fraud case that occurred last year.
The controlling shareholder of Shanghai Chuangxing Resources Development Co., Ltd. was originally Zhejiang Overseas Chinese Industrial Co., Ltd., which is the flagship entity of the Hangzhou Overseas Chinese Holdings Group.
The Hangzhou Overseas Chinese Holdings Group and its subsidiaries were accused of using “Maotai” and “gold” as underlying assets to attract a large amount of funds from investors with high returns, involving amounts reaching billions of yuan. In November 2024, the “Overseas Chinese Series” was suspected of illegal fundraising and was under investigation by the Hangzhou police, with some senior executives facing compulsory measures.
According to the official website of Overseas Chinese, the Overseas Chinese Holdings Group was “established jointly by central enterprises, Chinese overseas companies, and returnee entrepreneurial teams. The group includes six sectors: Overseas Chinese Fund, Overseas Chinese Wealth, Overseas Chinese Assets, Overseas Chinese Money, Overseas Chinese Venture Capital, and Maoniu Technology.”
At the end of August to early September 2024, the Overseas Chinese Holdings exposed a funding crisis in its gold financial product “Qiaoxing Tianxia,” launched by Maoniu Technology, a company under the Overseas Chinese Series. Through this app, investors purchased physical gold but did not withdraw it. Instead, Maoniu Technology leased the gold to Zhongxin International for operational use, allowing investors to earn investment returns. The annual return rate was about 5.2% to 7.3%.
In early September 2024, Ch…