「浙金中心200亿爆雷事件持续发酵：多名维权投资人遭抓捕（2025.12.12）」周五（12月12日），涉及200亿巨资的“浙金中心爆雷事件”继续发酵。当日，大批投资人聚集在浙金中心杭州办公地门口，希望政府能给出明确解决方案，但现场等待他们的是大量维稳警察，双方随即爆发冲突。据投资人透露，冲突期间有多名投资人遭到殴打，更有多人被警察从现场抓走，目前下落不明。
这场涉资逾200亿元、牵连近万名投资者的危机，源于11月底集中爆发的兑付失败，并在短短两周内迅速升级为大规模的跨城市维权行动。12月5日至今的一周里，投资者们辗转绍兴市政府、浙江省政府等多地，希望能拿回自己的投资款，但始终未能得到明确答复。
一位维权代表无奈地表示：“已经两周了，我们没有看到任何有效反馈。政府在2024年国资退出时没有全面公告，也没给百姓投资人留出退出机制。我们深陷其中，唯一的‘退出机制’竟然是把产品转让给其他不知情的老百姓接盘。”
投资者口中的“国资退出”，正是此次爆雷事件最核心的背景。爆雷主体“浙江浙金资产运营股份有限公司”，其前身是赫赫有名的“浙江金融资产交易中心”。2013年成立之初，其拥有鲜明的国资背景，创始股东包括国信弘盛、浙江省金融市场投资公司等。这份沉甸甸的“国资背书”，构建了投资者长达十年的信任基石。然而，其股权结构在近年发生了根本性且隐秘的变化。公开资料显示，原有国资股东陆续退出，浙金中心逐渐沦为民营资本——特别是祥源系的融资通道。
关键转折点出现在2024年10月，浙江省地方金融管理局发布公告，明确不再保留其金融资产交易业务资质，这本是重大风险信号。随后在2025年1月，公司悄然更名，由杭州民置投资管理有限公司接盘控股（持股58.57%）。绝大多数普通投资者对这些关乎资金安全的重大变动毫不知情，仍误以为在购买稳健的“国资平台产品”。
此次爆雷的直接导火索，是其核心融资方——祥源控股集团资金链的彻底断裂。据悉，浙金中心后期发行的大量表面上由祥源控股增信、年化收益率4%-5%的所谓“稳健型理财”，其底层资产大多指向祥源系的地产项目。有分析指出，祥源系的实际融资成本极高（可能达8%-9%），巨大的利差和风险被层层包装和掩盖。随着房地产市场深度下行，祥源系地产板块销售停滞、回款锐减，叠加商票逾期，深陷债务泥潭，最终导致资金链崩断。
危机在2025年11月底全面爆发。浙金中心APP上数百款与祥源系相关的产品集中违约。更令人恐慌的是，APP随后关闭了提现功能，甚至有投资人反映系统出现“钱已到账”的虚假提示。受事件影响，祥源系旗下三家上市公司迅速发布公告“撇清关系”，但市场并未买账，股价12日集体下跌。
截至12日下午，官方尚未出台任何实质性的兑付方案，投资人的维权之路仍在继续。
Zhejiang Financial Center’s 20-Billion-Yuan Collapse Continues to Escalate: Multiple Rights-Defending Investors Detained (2025.12.12)
On Friday (December 12), the “Zhejiang Financial Center collapse,” involving more than 20 billion yuan, continued to escalate. That day, large numbers of investors gathered outside the Hangzhou offices of the Zhejiang Financial Center, hoping the government would provide a clear resolution. Instead, they were met by a heavy police presence tasked with maintaining stability, and clashes quickly broke out. According to investors, several people were beaten during the confrontation, and more were taken away by police; their whereabouts remain unknown.
This crisis—affecting over 20 billion yuan and nearly 10,000 investors—originated in a wave of payment defaults that erupted in late November and rapidly escalated within just two weeks into a large-scale, cross-city rights-defense campaign. From December 5 onward, investors have traveled to multiple government offices, including the Shaoxing Municipal Government and the Zhejiang Provincial Government, seeking the return of their funds, but have yet to receive any clear response.
A representative of the investors said helplessly: “It’s been two weeks, and we haven’t seen any effective feedback. When state capital exited in 2024, the government did not make a comprehensive public announcement, nor did it leave ordinary investors with an exit mechanism. We are trapped, and the only so-called ‘exit mechanism’ is transferring products to other unsuspecting ordinary people to take over.”
What investors refer to as the “exit of state capital” is the core background of this collapse. The entity at the center of the crisis—Zhejiang Zhejin Asset Operations Co., Ltd.—was formerly the well-known Zhejiang Financial Asset Trading Center. Established in 2013, it initially had a prominent state-owned background, with founding shareholders including Guoxin Hongsheng and the Zhejiang Provincial Financial Market Investment Company. This heavy “state-owned endorsement” formed the foundation of investor trust for more than a decade. However, its ownership structure underwent fundamental and largely opaque changes in recent years. Public records show that original state-owned shareholders gradually withdrew, and the Zhejin Center increasingly became a financing channel for private capital—particularly the Xiangyuan group.
A key turning point came in October 2024, when the Zhejiang Provincial Local Financial Administration issued an announcement stating that the platform would no longer retain its qualification to conduct financial asset trading—an unmistakable signal of major risk. Then, in January 2025, the company quietly changed its name, with Hangzhou Minzhi Investment Management Co., Ltd. taking control as the majority shareholder (58.57%). Most ordinary investors were completely unaware of these critical changes affecting fund security and continued to believe they were purchasing stable “state-backed platform products.”
The immediate trigger for the collapse was the complete breakdown of the capital chain of its core financier—the Xiangyuan Holding Group. It is reported that a large number of products issued in the later stage by the Zhejin Center, ostensibly enhanced by Xiangyuan Holding and marketed as “prudent” investments with annualized returns of 4%–5%, were in fact largely backed by Xiangyuan-related real estate projects. Analysts point out that Xiangyuan’s actual financing costs were extremely high (possibly 8%–9%), with huge interest spreads and risks repeatedly packaged and concealed. As the real estate market sank into a deep downturn, Xiangyuan’s property sales stalled, cash inflows shrank sharply, and overdue commercial bills piled up, pushing the group into a debt quagmire and ultimately snapping its capital chain.
The crisis fully erupted in late November 2025. Hundreds of Xiangyuan-related products on the Zhejin Center app defaulted simultaneously. Even more alarming, the app subsequently disabled withdrawals, and some investors reported false system prompts claiming that “funds have been credited.” In response, three listed companies under the Xiangyuan group quickly issued announcements distancing themselves from the incident, but the market was unconvinced, and their share prices fell collectively on the 12th.
As of the afternoon of the 12th, authorities had yet to introduce any substantive repayment plan, and investors’ rights-defense efforts continue.