Wukong Finance Reportedly Went Under With 39 Billion RMB From Nearly 340 Thousand Victims

According to media reports, another financial product from Communist China — “Wukong Finance,” failed to repay its debtors. The company’s parent company, 9F Group (hereinafter referred to as “9F”), is suspected to be on the run, with its 36 subsidiaries in a canceled or revoked status. Wukong Finance is suspected of fraud, with nearly 340,000 people victimized and 39 billion yuan involved.
The public information shows that Wukong Finance is a financial APP of Jiufu, which was officially launched in September 2014. It attracts a large number of investors by promising an annualized return of 7.9% or even 13.1%.
From July 2020 onwards, some investors said that they began to receive no return on their wealth that was maturing one after another. The company has also started to overdue 9F wallet, 9F Purse, and 9F P&W.As of July 31, 2020, the balance of 9F P&W lending was 31.9 billion yuan, and the number of investors was over 340,000.
Despite the wave of collapses hitting internet finance, the 9F Group was able to list on NASDAQ on August 15, 2019, and continue to harvest wealth like crazy. Some netizens speculate that there must be covert support and participation of Chinese Communist government officials behind such P2P products. They want to harvest not only the wealth of the Chinese but also the wealth of investors worldwide. Even if the financial products burst in the future, the parent company behind them will have no liability as long as they file for bankruptcy write-off. The money invested in financial products ended up in the pockets of several company executives and the Chinese Communist Party officials behind them. In the end, investors have no way to complain and have to admit their own bad luck or even lose their money.

Translator: MOS Translation Team — Jessica Loves Moon
Design&editor: HBamboo(昆仑竹)

Leave a Reply

Your email address will not be published. Required fields are marked *