It's almost 2026, and there are still financial management platforms collapsing, with people still investing in wealth management only to lose everything.

In recent days, many investors from all over the country have come to the Zhejiang Financial Asset Exchange Center in Hangzhou. The wealth management products they bought had a yield of 4-5%, but now they've defaulted.

In the past, collapsed P2P platforms used high yields and high returns as a gimmick, but now the products from the Zhejiang Financial Asset Exchange Center that have defaulted offer very low returns, only 4%.

Many people thought that with such a low yield, it should be very safe, especially with the endorsement of state-owned capital.

No one expected that this was still a capital pool, and outsiders couldn’t understand the underlying assets at all. You don’t know where your money was invested or how it was lost.

There was a product whose debtor was a company from the Xiangyuan group, and the guarantor was also a company from the Xiangyuan group—guaranteeing themselves. The underlying asset was real estate, but now the houses can’t be sold, the assets have depreciated, and collapse was inevitable.

But many investors had no idea about these underlying issues and just focused on the 4% yield, only to end up unable to get their principal back.

You care about other people's interest, but others care about your principal. This saying used to apply to P2P, later to trusts, and now it applies to low-interest wealth management as well.

Former central bank governor Zhou Xiaochuan said five years ago: "Ten years from now, buying a 3% wealth management product will be as hard as getting a car license plate in a lottery!"

When I first heard it, I didn't understand the meaning; hearing it again, I find myself living it.