Shanghai No.1 Intermediate People’s Court publicly pronounced Han Baoyi’s fund-raising fraud case in the first instance.

It was found through trial that since June 2014, the defendant Han Baoyi, through its affiliated companies such as Shanghai Pude Financial Information Service Co., Ltd. and Shanghai Jindi Investment Management Co., Ltd. (hereinafter referred to as "Pude Company"), offline stores and online "Qian Yue Loan" platform, has adopted the method of selling fictitious financial products such as the transfer of creditor’s rights and income rights, and promised high interest. After auditing, from June 2014 to January 2020, the accumulated illegally raised funds amounted to more than 6.3 billion yuan (the following currencies are the same), resulting in actual economic losses of more than 1.1 billion yuan for more than 1,900 victims.

Since December 2017, the defendant Han Baoyi has accepted the invitation of Huang Lihong and Ren Weidong (both of whom have been sentenced) to be the shareholders and actual controllers of Nahong Wealth Management Co., Ltd., Haiyou Investment Management (Shanghai) Co., Ltd., Haiyou Wealth (Shanghai) Investment Co., Ltd., Haiyou Asset Management (Shanghai) Co., Ltd. and other companies (hereinafter collectively referred to as "Nahong Company"). Later, Han Baoyi, together with Huang Lihong and Ren Weidong, sold creditor’s rights transfer products and private equity fund products to the unspecified public through fictitious project targets and fund uses, and illegally raised more than 2.4 billion yuan, which was mainly used to borrow the new and repay the old, pay the principal and interest of the previous investors, the company’s operating expenses, and repay other debts. By the time of the crime, more than 1,000 victims had suffered an actual economic loss of more than 1.4 billion yuan.