I had a long chat with a high school classmate this morning. The classmate felt very heavy hearted. She said that her millions of funds were placed in the Zhejiang Financial Asset Trading Center, and she was afraid it would be a waste of money. This was the savings she had worked hard for over ten years. There are elderly and young at home, and the clothing company she works for is also facing pressure from poor performance, with salaries constantly decreasing. She said she never dreamed that even 4% of wealth management would explode! I really hope this is a dream. In addition to sympathizing with her, I can only say some words that are better than nothing to comfort her, hoping that she can retrieve some funds in the future. The redemption crisis of Zhejiang Financial Asset Trading Center has messed up the 'state-owned asset filter'. The recent chill in Hangzhou, Zhejiang may not be as cold as one tenth of what investors in Zhejiang Gold Center feel. Investors escaped the frenzy of P2P in 2017 and 2018, but fell into the cold winter of 2025. The original 4-5% low interest financial management has been regarded by many people (including retired officials, teachers, doctors within the system, and many small and medium-sized enterprise owners) as a stable source of happiness. But now, the happiness of the past has become a sentence of 'temporarily unable to withdraw'. So where exactly is the problem? Many people think that the returns are low, the ratings are high, and there is a state-owned background. In fact, the real operation behind this batch of funds is concentrated in a private enterprise called "Xiangyuan Group". This company has invested most of its funds in real estate and stocks. In recent years, everyone knows about the situation of real estate. Houses cannot be sold, payments are slow, and even ongoing projects have been abandoned. Over time, the funding chain is broken. Xiangyuan claims to have assets of 60 billion yuan, but the real situation is a large amount of unrealized land, real estate, cultural and tourism assets, while its liabilities exceed 40 billion yuan (with a debt ratio of up to 66%). In addition, banks tighten loans, bills are overdue, and subsidiaries are being executed for tax arrears. The problem of Xiangyuan's funding chain being broken has long been known to the senior management of Zhejiang Gold Center, and it began to divest in October 2024. Zhejiang Gold Center used to be regarded as a financial asset trading center with state-owned assets, allowing investors to rest assured Put it in. In 2024, his financial asset trading qualification will be cancelled, and in 2025, the major shareholder will become a private enterprise, which is quite impressive. Almost all of the products that were mainly undertaken on the APP later became related to Xiangyuan. Many investors are not aware of these changes or are not very clear about the real situation. After the explosion, the app will close for withdrawal, and customer service will not be able to reach them. The so-called state-owned asset filter has long been shattered. What's even more frightening is that this may not be a problem for the Zhejiang Gold Center alone. In the past year, multiple gold exchanges across the country have been centrally cleared and their qualifications have been cancelled, but no one has taken over the existing risks. The platform claims to have undergone transformation, but investors' funds are still inside, and the boundaries of responsibility are not clear (in other words, they may have played a golden cicada and escaped the shell). The Zhejiang Gold Center incident can be said to be a typical case, with lost qualifications, accumulated risks, opaque information, and ultimately the storm mercilessly hitting investors. This crisis has also given us ordinary people a solid wake-up call. Low returns do not necessarily mean low or no risk. Is the underlying asset stable or not, and is the concentration high or not? Simply put, we need to know if the operating mechanism of this money is reliable? Can this interest rate be supported? The background of state-owned assets does not mean that state-owned assets provide a safety net!!! If state-owned assets provide support, Evergrande and Vanke will not have any problems! Changes in shareholders and qualifications may result in no actual relationship between the platform and state-owned assets. Regulatory changes themselves are risk signals! The revocation of qualifications is definitely not a small matter, it can be said to be a very clear warning. The explosion at Zhejiang Gold Center this time may not be the last one. This crisis has repeatedly reminded us to think twice before investing in products that we cannot understand, even if the interest rate is low or the industry cycle (real estate) is clearly declining. It is highly likely that the moment of investment will mean permanent loss of principal.