Ninestar Refutes Financial Fraud Allegations on WeChat

Ninestar’s Assistant President recently refuted allegations of long-term financial fraud circulated on WeChat Moments and other investor platforms.

The original post, written under the alias “Xiao Hanshan (Tianfeng Medicine),” claimed that Ninestar had likely engaged in financial fraud for many years, without presenting any evidence. In response, Feng Bing, Assistant President and Capital Market Director of Ninestar, tagged the screenshot of the post and indicated that it had been reported, though he did not specify the authority to which it was reported. Despite the unverified nature of the claims, Ninestar’s stock price dropped by 4.07% by the end of June 20.

The allegations emerged on WeChat Moments, a private social media platform, and lacked formal evidence. The alias of the post mentioned above is self-assigned and not accurate, either, as Xiao Hanshan is no longer employed by Tianfeng Medicine. Since 2014, Xiao has primarily worked as an analyst and investor in the medical industry, with no direct connection to Ninestar. His most recent position was fund manager at UBS SDIC Fund Management, where he worked from 2021 until May of this year. Data from the asset management association indicates that Xiao managed two healthcare-related funds from 2021, neither of which performed profitably, with the highest return rate being -35.95%.

The source of Xiao’s information about Ninestar, a company in a completely different industry, remains unclear. Nonetheless, Ninestar’s investor relations department has firmly denied the financial fraud allegations and stated that they would take appropriate measures to hold the responsible party accountable.

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