Huo Wenfang

Liubao Fund, officially known as Liubao (Beijing) Investment Fund Management Co., Ltd., was established in 2009. It claims to be a member of the Hong Kong Huo Group and manages nearly 10 billion yuan in assets. In 2016, the fund was reported by the China Securities Investment Fund Industry Association and the China Securities Regulatory Commission for irregularities. The founder, Huo Wenfang, whose shareholders and executives were detained by police, was accused of identity falsification. The legal controversies involving her identity attracted public attention. In 2014, Jin Qiaoqiao invested 7 million yuan in Liubao Fund, promising an annualized return of 12%. However, in 2015, the fund was unable to pay out, leading her and other victims to jointly defend their rights, with total involved funds reaching approximately 2 billion yuan. Unlike typical illegal fundraising cases, many of these victims are high-net-worth individuals, such as real estate developers and corporate executives. Renowned diving athlete Tian Liang also invested heavily and faced difficulties but has not made this public.