1. Suspected of illegal fund-raising: Beijing Chaoyang District Market Supervision Administration issued an announcement on June 202 1 and 17 to investigate the "special rectification of peer-to-peer lending risk of fund-raising platform" of Beijing Times Group and its subsidiaries, and ordered them to immediately stop illegal fund-raising activities. According to reports, Time Group is one of the pioneers of P2P online lending platform industry in China. In the past few years, it has engaged in a series of risky behaviors, such as self-financing and cash withdrawal difficulties, and some investors have high risks.
2. Default debt: Time China Holdings Limited, a subsidiary of Time Group, tried to go public in Hong Kong in June 2020, but failed in the end. In addition, a number of debt default incidents involving Time Group have also caused market and regulatory concerns, including arrears to banks such as China Merchants Bank and Huaxia Bank.
3. Other illegal issues: In addition, Time Group is also suspected of illegal fund-raising and illegal credit card withholding. Generally speaking, the reasons for the asset freeze of Time Group are complicated, which should be caused by various factors in recent years. At present, relevant departments are investigating and handling this.