According to PANews on July 19, as reported by Caixin, Qian Fenglei, known as a "billionaire," combined his stablecoin investment project with secondary market operations, attempting to raise funds in both stock and crypto markets, and is suspected of selling multiple unregulated collective investment schemes to the public in Hong Kong.
It is understood that Qian Fenglei, a wealthy businessman from Zhejiang who was stabbed and hospitalized in central Hong Kong over four years ago, made a high-profile return to public view in early 2025 with a viral video of himself as a "billionaire" in Central Hong Kong. Half a year later, sources close to Qian revealed that he and several companies under his control, including Hengfeng International, are suspected of selling multiple collective investment schemes in Hong Kong that have not been approved by the Hong Kong Securities and Futures Commission. When Alibaba went public in the United States, Qian Fenglei stood beside Jack Ma and was considered a "friend of Jack Ma." In the past, due to his charitable work, he was also given the nickname "Money Man" by actor Li Yapeng.
