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The parent company of JKOPay was sealed by the North Court, and Taishan filed a lawsuit to recover an investment of 3.6 billion yuan: the equity transaction is invalid.
The parent company of Jkopay was seized by the Taipei District Court yesterday afternoon, due to Taishan Enterprises' new team claiming to recover an investment of 3.6 billion yuan, asserting that the previous equity transaction was invalid. The court has also approved a provisional execution, raising concerns about the safety of funds among nearly 7 million users. Jkopay emphasized that the parent company operates independently and has a complete trust mechanism, and has not been affected.
( The cover image is sourced from United News Network )
36 billion investment dispute: Taishan seeks to recover "invalid" equity transaction from Jiekou Jinke.
According to a report from Central News Agency, the dispute between the food giant Taishan Enterprises and Jiekou Financial Technology originated from a major investment case approved during the tenure of former chairman Zhan Jingchao in May 2023, when it was decided and signed to acquire 40.39% of the shares of Jiekou Fintech for 3.5958 billion.
Subsequently, after Longbang Group obtained a majority stake in Taishan and the new management team took office, they claimed that the board meeting procedures were illegal and the resolutions were invalid, filing a lawsuit and requesting the return of the investment funds. The court ruled in favor of Taishan in the first instance in May 2024, requiring Jiekou Jinkex to return the full principal along with an annual interest of 5%.
To expedite the return of funds, Taishan provided a guarantee of 1.1986 billion yuan as per the court's judgment and was granted provisional execution. The first wave of execution targets the bank account of Street Corner Financial Technology, but it was discovered that the account was "almost zeroed out." The clerk of the Northern Court and Taishan's appointed lawyer further went to the headquarters of Street Corner Financial Technology yesterday to seal off its assets.
( StreetPay acquires 408 million to purchase Jingcheng Securities: expanding "investment, wealth management, and payment" one-stop application? )
The Northern District's seizure action was unsuccessful: The street corner Jin Ke's premises are empty, and asset ownership is difficult to discern.
Yesterday, on ( at 1:00 PM, the judicial officer from the Northern District Civil Execution Office, accompanied by the police, went to the headquarters of Jiekou Jin Ke located on Chang'an East Road to enforce a seizure. However, the chairman Hu Yijia was nowhere to be seen, and nearly 300 employees of Jiekou Pay were temporarily notified to work from home, leaving only the general manager Fan Tingzhen to respond.
At the same time, the execution site could not determine whether the movable property at the scene belonged to the debtor, Jiekou Jinke, based on the principle of formal appearance. Additionally, a third party at the scene, namely Jiekou Payment Company, raised objections, and the executor ultimately did not conduct a substantial seizure.
The court stated: "Subsequent actions will be planned for the asset information provided by the creditor, Taishan, regarding the sealing operation." Jiekou Technology emphasized that it has legally filed for a second-instance appeal and will fully cooperate with the court procedures.
StreetPay dispels doubts: Subsidiary is an independent entity, and funds are secure.
The outbreak of this case has undoubtedly sparked heightened concern in the market regarding whether the funds of Jkopay users will be affected. In response to the worries of nearly 7 million users, Jkopay issued a statement on the same day, emphasizing that it is an electronic payment institution supervised by the Financial Supervisory Commission and that it is legally and financially an independent entity from its parent company Jkopay Technology.
All user deposit amounts and trading funds are held in 100% trust custody, unrelated to the financial operations of the parent company. Currently, the company's overall operations are stable, merchant cooperation and cash flow settlement are all normal, and users do not need to worry excessively.
From the power struggle to investment disputes: What is the intersection between Taishan and Jieko?
Regarding the case of Street Corner Taishan, there are actually many doubts from the outside world, including why the then chairman, Zhan Jingchao, quickly disposed of nearly 19% of the shares of the "Family Mart" cash cow under irregular procedures during the ownership dispute between the Zhan family and Longbang that erupted two years ago? Why was there an urgency to invest in a Street Corner Jin Ke that has been losing money every year before stepping down? What was the opportunity for cooperation between the two companies?
This significant investment dispute reveals the differences in positions between the old and new management rights of Taishan, exposing the genuine concerns about Taishan's lack of internal consensus and procedural flaws in large transactions. As a fintech startup aiming to go public, Jiekou Jinke's corporate governance, asset allocation, and attitude towards this case have also become the focus of attention for the judiciary, industry, and investors.
This article reports that the parent company of Jiekou Pay has been sealed by the Northern District Court, and Taishan is suing to recover the 3.6 billion investment: equity transaction invalid. It first appeared in Chain News ABMedia.