Caixin Weekly | The Metaphysical Investment Dream (AI Translation)
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文｜财新周刊 陈博 向凯
By Caixin Weekly's Chen Bo and Xiang Kai
文｜财新周刊 陈博 向凯
By Caixin Weekly's Chen Bo and Xiang Kai
作为鼎益丰集团（下称“鼎益丰”）的创始人，隋广义在一个混杂投资和修行的圈层中居于中心，被尊称为“师父”。追随他的人说，隋广义常用“梦”来解释自己的投资策略。
As the founder of Dinyi International Group (hereinafter referred to as "Dinyi International"), Sui Guangyi occupies a central position within a circle that blends investment and spiritual cultivation, and is respectfully referred to as "Master." His followers say that Sui Guangyi often uses the concept of "dreams" to explain his investment strategy.
隋广义自称曾任职某县级市副市长，其间，一种“人生新高度”出现在他梦境中，于是挂冠而去，赴四川名山修道。道成出山后，2011年他创办了深圳市鼎益丰资产管理股份有限公司（下称“深圳鼎益丰资管”），为日后鼎益丰最早的载体。
Sui Guangyi claims to have once served as a deputy mayor of a county-level city. During this time, a "new height in life" appeared in his dreams, prompting him to resign from his position and travel to the renowned mountains of Sichuan to practice Taoism. After mastering his Taoist studies and returning from the mountains, he founded Shenzhen Dingyifeng Asset Management Co., Ltd. (hereinafter referred to as "Shenzhen Dingyifeng Asset Management") in 2011, which became the earliest foundation for Dingyifeng.
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- Sui Guangyi, founder of Dingyifeng, used metaphysical narratives to attract investors; the company is now facing financial crises with 130 billion yuan in outstanding debts.
- Ding Yifeng's financial products have been converted to digital options, leading to liquidity issues and allegations of running a Ponzi scheme.
- The company has diversified into various sectors but mainly raised funds through high-interest financing, with its genuine investments having questionable returns. Currently under regulatory scrutiny.
**Summary of Content with Paragraph Indicators**
**I. Background of Sui Guangyi and Dingyifeng**
Sui Guangyi, founder of Dinyi International Group (Dingyifeng), is pivotal in blending investment with spiritual cultivation, earning him the title "Master" among followers. He utilized metaphysics, claiming that dreams guided his investment decisions [para. 1][para. 4]. By blending dreams and Taoist principles, Guangyi created an image of himself as a sage to attract followers [para. 4]. He used this charisma to sell "pre-IPO shares" and secure high-interest financing [para. 4]. However, by mid-January 2024, Dingyifeng faced a crisis as investors gathered daily to protect their rights [para. 5][para. 6].
**II. Crisis and Company’s Response**
Detailed sources revealed an incident on February 20 where an investor self-harmed due to the company’s financial troubles [para. 7]. The company had suspended the exit of all financial products, planning to convert them into digital options by applying for a listing on an international digital asset exchange [para. 8][para. 9]. As of January 2024, Dingyifeng had an enormous outstanding balance, amounting to approximately 130 billion yuan, involving hundreds of thousands of investors [para. 10][para. 11]. Despite adverse news, the company continued promoting its digital options as a potential investment opportunity [para. 11].
**III. Sui Guangyi’s Background and Joint Ventures**
Born in the 1960s in a poor rural family, Sui studied geological surveying. After working at a state-owned enterprise, he entered the business world, making his first fortune from a health product [para. 13][para. 15]. His political career further legitimized his stature, despite later focusing on Taoist studies before co-founding Dingyifeng [para. 16][para. 22]. Ma Xiaoqiu, the second-in-command, resigned in 2023 amidst internal discord and rumors of fleeing with funds [para. 24][para. 27][para. 28].
**IV. Dingyifeng’s Business Strategy and Promotion**
Sui leveraged his constructed image, connecting his investment methods with oriental classic philosophies, claiming a comprehensive investment theory system combining Zen and I Ching principles [para. 34][para. 35]. He maintained a personable image while drawing in followers through frequent seminars and personal interactions, establishing trust among investors [para. 39]. This drew in hundreds of thousands of middle-aged followers, integrating spirituality with high returns, although many investments turned out problematic [para. 58][para. 59].
**V. Organizational Structure and Fund Management**
Dingyifeng's strategy involved selling pre-IPO shares and options, often to core executives, using private accounts to transfer funds [para. 68]. They created multiple wealth management projects under various shell companies, leading to claims of a Ponzi scheme-like structure [para. 70][para. 74]. The company's actual business model was murky, with evident investor manipulation and the notable cultural park investment primarily serving promotional purposes [para. 83][para. 86].
**VI. Failings and Financial Collapse**
As liquidity pressures mounted, the company repeatedly promised and delayed repayment plans, leading investors to increasingly distrust these schemes [para. 105][para. 106]. Recent efforts focused on converting investments into digital options, presenting this as a safeguard while extending repayment timelines [para. 117][para. 118]. Investors expressed doubt about the viability of digital options, fearing they might merely repackage existing debts [para. 120].
**VII. Regulatory Actions and Current Outlook**
The Hong Kong Securities and Futures Commission (SFC) has implicated Ding Yifeng in market manipulation scandals, leading to trading suspensions and legal proceedings [para. 26]. Risk warnings issued by the Shenzhen City Office highlighted potential illegal fundraising activities [para. 137]. Despite this, investor faith varied, split among ardent followers, beneficiaries, and those financially entangled [para. 136]. Regulatory ambiguities and the slow response to unlicensed institutions allowed Dingyifeng and similar entities to grow unchecked until crises necessitated oversight [para. 140-142].
The summarization encapsulates the complexities of Sui Guangyi and Ding Yifeng's rise, methods, crisis, and the convoluted handling intertwining investment with metaphysical beliefs.
- 2011：
- Sui Guangyi founded Shenzhen Dingyifeng Asset Management Co., Ltd.
- 2014：
- Sui Guangyi appeared on the 'Ding Yi Feng Yun' program broadcast by the 'CCTV Discovery Journey' channel.
- 2015：
- Ding Yifeng acquired China Investment Fund Company Limited, which is now known as Ding Yifeng Holdings Group International Limited.
- After March 20, 2019：
- Hong Kong Securities and Futures Commission (SFC) froze several brokerage accounts under Ding Yifeng Holdings’ name.
- January 22, 2020：
- SFC decided to initiate legal proceedings against several individuals from Ding Yifeng Holdings suspected of market manipulation. Sui Guangyi resigned from all his positions, and Ma Xiaoqiu took over as Chairman of the Board.
- By February 21, 2023：
- Ma Xiaoqiu resigned from all positions at Ding Yifeng Holdings and stepped down from executive roles in several affiliated companies.
- August 2023：
- Most of Ding Yifeng's wealth management products suspended dividends or significantly reduced payouts.
- From January 10, 2024 to September 10, 2024：
- Ding Yifeng notified investors that all financial products could not be exited, effectively locking them in for eight months.
- Mid-January 2024：
- Dozens to hundreds of investors gathered daily at Dingyifeng's office location in Jingji Binheshidai Building in Shenzhen's Futian District to protect their rights.
- January 14, 2024：
- A senior executive at Ding Yifeng Group explained the origins of the current predicament at a meeting.
- January 30, 2024：
- A routine morning meeting of Yuanhui Group was held; Yuanhui Group is one of the companies under Dingyifeng.
- February 19, 2024：
- Relevant company official stated that Dingyifeng currently does not respond to any external inquiries regarding the matter.
- Morning of February 20, 2024：
- Several investors went to the Ding Yifeng office to demand explanations. One investor, who had invested more than 5 million yuan, self-harmed at the scene.
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