Chinese Phone Rental Platform “Green Cloud Rent” Collapses, Leaving Over 1 Billion Yuan Hole
Recently, the mobile phone leasing platform “Green Cloud Rent,” which claimed to have a background of “state-owned capital + Hong Kong stock” with 300 stores in China, suffered a financial chain collapse. The headquarters shut down, leaving a huge financial hole of over 1 billion yuan, causing heavy losses for thousands of investors and drawing public attention.
According to reports from Benliu News and Blue Whale News on November 11, “Green Cloud Rent” was launched by Wuhan Green Age Network Technology Co., Ltd. in 2020 as a credit-free lease platform. The platform absorbed funds from the public, converted them into various models of Apple phones, and investors earned rental price differences by renting out the phones. The platform claimed an annualized return rate of up to 16.8% and advertised a “state-owned + Hong Kong listed company dual investment background.”
For example, for an Apple iPhone 16 Pro Max, purchased by the platform at a price of 9,760 yuan, renting it out for 4 months could generate a profit of 10,304 yuan, achieving breakeven. The investment periods were divided into 4 months, 6 months, and 12 months, with longer investment times leading to higher returns. The platform encouraged investors to invest in “long-term and multiple units.”
One investor, Ms. Hu, revealed that she invested 120,000 yuan gradually through recommendations from friends starting in May this year. “In September, I found that I couldn’t withdraw funds, but the company was still actively attracting investments. At that time, I thought it was just a short-term fund turnover issue. I didn’t expect that in November when I went to the headquarters again, I couldn’t even enter the door, and couldn’t contact the person in charge.”
Employees of the company were also victims. According to Cover News, Ms. Zhao from Wuxi mentioned that her husband was hired as an employee of “Green Cloud Rent” in July. The company required completing sales of over 30 units of Apple 16 phones per month during the 3-month probation period, or they would be advised to leave if they couldn’t meet the target. To keep the job, they mortgaged their property to purchase the phones, and by the time the company closed in September, they had over 1.3 million yuan stuck.
An employee named “Green Cloud Rent Rights Protection” shared on social media that she was hired as a junior business development manager. A month after joining, she not only didn’t receive her salary but was also forced to buy Apple phones herself. Those who refused to buy had to work overtime until 8 p.m. each day. “When the scam was uncovered, I realized that over 1,000 colleagues nationwide had experienced the same trickery.”
Employee Zhang Yun told Cover News that they discovered through backend data that the company had over 110,000 leased and circulated phones in the system, with a total cost exceeding 1.2 billion yuan. Most of these phones were flowing to two rural areas in Jiaozuo and Qinyang in Henan Province, with 80% of the investment coming from employees across the country.
Zhang Yun said, “Its promotion is a closed loop that makes you believe the entire chain can operate. I had monthly sales of 30 units, recruited a few sporadic customers, most of whom I invested my own money in.” He feared falling into a scam and believed that the company’s senior management was aware of the phone flow.
According to 1818 Gold Eye, Mr. Dong from Ningbo rented out 66 Apple phones with a total value of over 500,000 yuan on the platform but couldn’t receive all the rent or get the phones back.
Tianyancha shows that Wuhan Green Age Network Technology Co., Ltd., to which “Green Cloud Rent” belongs, is located in Wuhan. Shenzhen Aigao Creative Technology Holding Co., Ltd. holds 55% of the company’s shares.
“Green Cloud Rent” claimed to have “reliance on state-owned and fund shareholder backgrounds,” but many state-owned enterprises advertised in its promotion are currently not in the shareholder sequence.
According to a report in Hong Kong’s Ming Pao on September 17 this year, Shenzhen Guoying Qianfeng Investment Holding Co., Ltd., the second largest shareholder of Wuhan Green Age, is an investment platform. This company might also be the “state-owned background” claimed by Green Cloud Rent.
The listed company in the promotion is the Aigao Group. In August this year, Aigao Group, a Hong Kong-listed company on the main board, acquired 11% stake in Shenzhen Aigao Creative Technology Holding Co., Ltd., increasing its stake to 51%. “Green Cloud Rent” was officially included in its system.
Green Cloud Rent announced on August 23 that Aigao Group had acquired an 11% stake in Shenzhen Aigao Creative Technology Holding Co., Ltd. The stake had risen to 51%.
However, as numerous investors complained about the inability to cash out their returns, Aigao Group, as the controlling shareholder, did not provide a public response.
It is worth noting that the operating team behind “Green Cloud Rent” also controls the second-hand mobile phone recycling platform “Morange Recycling” simultaneously, forming a closed loop of “leasing + recycling” in the industry chain.
Since September this year, “Green Cloud Rent” faced difficulties in withdrawing funds, but the platform continued to attract investments. There were many accounts on social media that “debunked rumors,” claiming that the company’s business was stable, funds were sufficient, and withdrawal delays were due to stock reform and financing reasons. Shortly after, these “debunking” accounts also began defending rights.
Benliu News learned from Wuhan police that many investors and employees had submitted materials to file complaints. Investor groups have been formed in multiple cities, including Wuhan, Shenzhen, and Changsha.