PANews July 25 news, according to Caixin reports, Zhejiang wealthy businessman Qian Fenglei and several companies controlled by him, including Hengfeng International, were previously reported by someone, suspected of publicly selling multiple collective investment schemes not recognized by the Hong Kong Securities and Futures Commission in Hong Kong. According to the latest understanding from Caixin, the Web3 ecosystem FO-X (fo.com) created by Hengfeng International announced on July 23, 2025, a service change notification to investors, stating that Fofund, as the fund manager, has announced the shutdown and refund of its fund financial products 'Duoduo No. 1' and 'Duoduo No. 2'.
Sources close to Fofund also revealed to Caixin that the report against Qian Fenglei and Hengfeng International has been accepted by the Hong Kong Securities and Futures Commission and the Market Surveillance Division of the Hong Kong Stock Exchange, and the relevant institutions have further requested materials. Caixin has sent an inquiry to the Hong Kong Securities and Futures Commission and has not yet received a response before the publication deadline.
