Is Guo Mao Holdings a pyramid scheme?

No, Guo Mao Holdings is a state-owned enterprise directly under Xiamen University, not a pyramid scheme. Guo Mao Holdings was renamed Xiamen Commercial State-owned Assets Investment Co., Ltd. in May 2006. The company has been awarded the honorary titles of national, provincial and municipal enterprises that honor contracts and keep promises, and Xiamen integrity demonstration enterprises for many years. It is a demonstration enterprise of internal audit in China, a national top 100 advanced enterprise education unit, a civilized unit in Xiamen and a demonstration unit of corporate culture in Xiamen.