Shanghai Jimo Galaxy Digital Technology Co., Ltd., a company founded in February 2023, based in Shanghai, with more than 1,000 employees and over ten subsidiaries and holding companies globally, shocked its employees by announcing its dissolution. The company’s boss, Chen Qun, reportedly disappeared without fulfilling the obligations of repaying 620 million yuan (RMB) to investors and leaving the company in financial distress.
On May 29, several employees took to social media platforms to express their grievances as Chen Qun went missing, leaving more than 800 employees at Jimo Future Park without two months’ worth of unpaid salaries. Jimo Galaxy Digital Technology was known for its business model of entrepreneurial incubation and had made investments in various industries, including the metaverse, AIGC, cloud computing, and pets, in 2023.
According to public records, the company had branches or offices in more than 40 cities worldwide. However, the sudden disappearance of Chen Qun and the subsequent announcement of the company’s dissolution left employees in a state of confusion and financial uncertainty.
Following the announcement of company dissolution, employees were instructed to collect their “resignation certificate” and “unpaid salary certificate” on May 30. Many employees were owed wages for the months of April and May, with reports indicating that the company’s investors had fled, rendering the company unable to meet its financial obligations.
Amid the chaos, one employee shared that on May 27 at noon, they were informed that the “boss had fled with debts, leading to the immediate dissolution of the company.” This left hundreds of employees facing salary arrears and discontinuation of social security payments.
Some employees have already lodged complaints with the labor supervision department to address their unpaid wages. Authorities from the Labor Security Supervision Brigade in Baoshan District, Shanghai have initiated investigations into the matter.
Recent reports indicate that a police report circulating on social media mentioned the search for Chen Qun, the owner of Jimo Future Park in Shanghai. Several internal sources confirmed the validity of the unpaid salary situation, with employees currently pursuing collective labor arbitration for their rights.
Workers revealed that the signboards at Jimo Future Park located at 819 and 869 Nan Yun Zao Road in Shanghai have been removed, indicating the company’s abrupt closure. Additionally, an employee claimed to have filed a police report and visited the boss’s villa, only to find it deserted with a note explaining the financial difficulties leading to the evasion of responsibilities towards investors totaling 6.2 billion yuan.
Tianyancha data shows that Jimo Galaxy Technology is under the umbrella of Quntai Financial Leasing Group with 42 subsidiaries and holding companies. Despite the turmoil, the group remains in existence with a registered capital of 78.61 million yuan.
Before venturing into the technology sector, Chen Qun, the legal representative of Jimo Galaxy, had a background in financial information and investment management. While he was well-known as a co-founder of China Capital Alliance, public records suggest that several of his enterprises in the financial investment sector have been deregistered.