According to the Financial Associated Press, two products of Wanxiang Trust failed to be paid as scheduled, involving "Health Education No. 2 and No. 4". The funds raised were mainly used to build the Hongqiao Hospital project in Liupanshui, Guizhou.
Information shows that Wanxiang Trust was established on August 18, 2012, and its legal representative and chairman are Xiao Feng.
The actual controller of Wanxiang Trust is Lu Weiding, chairman and CEO of Wanxiang Group.
Lu Weiding is also listed on 4 Chinese A-share companies including Wanxiang Qianchao (SZ:000559), Wanxiang Denong (SH:600371), Chengde Lulu (SZ:000848), and Shunfa Hengye (SZ:000631) The actual controller of the company.