On May 3, according to the public account WEB3 Radar, China's Guangdong Golden Key Group collapsed in mid-April, involving an amount of about 1.34 billion yuan. Chairman Lin Chunhao announced that he had fled to the UK and admitted in a "farewell letter" that all funds had been exhausted.
The group recruited investors through financial seminars, promising an annualized return of 6%-9%. The funds were used for P2P lending, stock speculation and virtual currency investment, among which the virtual currency loss reached 68.98 million yuan. Currently, the Shenzhen Public Security Economic Investigation Department has filed a case for investigation.
Several investors of the Golden Key Group stated that the Golden Key Group's operating "routine" was that salesmen would look for potential investors in the name of learning financial management and investment courses, and then persuade the investors to purchase high-yield investment projects; some investors also directly purchased related high-yield products on the recommendation of relatives, with investment amounts ranging from 100,000 yuan to several hundred thousand yuan.
In mid-April 2025, Lin Chunhao, chairman of Guangdong Golden Key Holding Group (hereinafter referred to as "Golden Key Group"), sent a letter of greeting and a financial data chart in the company's WeChat group. Investors said that Lin Chunhao said in the letter that his investment failed, "When everyone sees this information, I am already in the UK."
When the investors of Golden Key Group saw this information, they lamented that their money would most likely be wasted.
A person in Guangzhou told reporters that his mother bought an investment product of the Golden Key Group for 100,000 yuan in November 2024 through the introduction of a distant relative.
The relevant information provided by the person shows that the investment principal of the product increases in units of 10,000 yuan, and the investment period is divided into 3 months, 6 months, 12 months, 18 months, 24 months and 36 months, with expected annualized yields of 6%, 6.5%, 7%, 7.5%, 8% and 9% respectively. The product stipulates that fixed interest will be distributed on the 25th of each month. For example, if you buy a product of 100,000 yuan for 3 months with an expected annualized yield of 6%, the monthly income is 500 yuan, and the income for 3 months is 1,500 yuan.
Another investor said that he had only invested 100,000 yuan, but later, under the lobbying of the Golden Key Group's salesperson, he added another 500,000 or 600,000 yuan. Less than two months after the investment, the Golden Key Group collapsed. The investor wanted the salesperson to return the commission to him, but many of the salespersons could no longer be contacted.
In the above-mentioned letter of speech by Lin Chunhao, he mentioned six major investment failures: the first was the early years of lending business, due to the downturn of the market economy, a large number of bad loans appeared; the second was the P2P was withdrawn, because the P2P platform was labeled as a fraud, which led to many borrowers maliciously not to repay the money, and his years of operating investment also lost all his money; the third was to invest a lot of money in mobile payment to operate, and set up branches across the country to expand the business scale in the form of subsidies, but was ordered to withdraw at the critical moment when it could turn losses into profits; the fourth was the failure of stock investment, the bull market suddenly turned into a bear market that year, resulting in huge losses; the fifth was the acquisition of a lot of commercial bills of real estate companies such as Evergrande and China Fortune Land Development in the supply chain finance business, but it could not be redeemed due to the collapse of the real estate companies; the sixth was to come into contact with the virtual currency business by chance, and invested in a large number of trading teams, but almost all of them lost money. These six major investment failures, plus daily operations, wages, customer interest, etc., led to higher and higher costs, and it was necessary to continuously invest his own funds to maintain the development of the company, but in the end all his assets were lost.
Among the investments mentioned by Lin Chunhao, bad debts of loans before 2016 were 74.95 million yuan, bad debts of P2P projects were 16.04 million yuan, losses from stock speculation were 36.2 million yuan, losses from bill business were 69.7 million yuan, total losses from virtual currency investments were 68.98 million yuan, and losses from film investments were 19 million yuan.
