Touzhijia.com

The platform initially operated on a model similar to a fund-of-funds, offering packaged debt products sourced from other P2P platforms. In September 2017, it pivoted to originate its own P2P loan products by bringing in assets from cooperative partners. As the Chinese P2P market began to show signs of instability in 2017, Xu Hongwei sought to exit the business. This led to a series of shareholding changes, culminating in what was announced as a B-round financing in June 2018 from a company associated with a publicly-listed entity, which lent it the appearance of having a “quasi-listed” background.

However, in July 2018, the platform imploded spectacularly. It was revealed that the acquisition was a sophisticated fraud orchestrated by a criminal group. This group, led by Lu Zhijian, had a history of acquiring multiple P2P platforms to illegally raise funds. The new controlling shareholders used the platform to issue fraudulent loan products, effectively siphoning off investor funds. The entire operation was a setup, with the funds raised on the platform being used to pay for the acquisition of the platform itself. The collapse led to a police investigation for fraudulent fundraising, with total unpaid principal amounting to nearly 2.9 billion RMB from over 2.8 million registered users. The case resulted in lengthy prison sentences for the main perpetrators, including Xu Hongwei, for their roles in the fraudulent scheme.

There is no discernible business relationship between Touzhijia.com and shaxinxi.com (a separate P2P platform named Shaxiaoseng).