A mobile phone leasing platform claiming to be "backed by a listed company" and "state-owned capital participation" is now suspected of collapsing. Reports indicate that Qingyun Lease, a leading phone rental platform, is facing liquidity issues, leaving numerous investors unable to withdraw funds. The case involves an estimated 110,000 mobile phones, with losses exceeding 10 billion RMB.
The platform, which identified itself as "affiliated with ALCO HOLDINGS (00328.HK)," was once regarded as "China's first listed-backed phone leasing platform," offering an annualized return of up to 16.8%. However, it appears that employees were pressured to take out loans to "purchase phones" and sustain the scheme.
**Employees Forced to Invest, "Borrowing Chickens to Lay Eggs" Model Collapses** Since September this year, Qingyun Lease has reportedly encountered withdrawal difficulties, with many investors unable to recover principal amounts ranging from hundreds of thousands to millions of RMB. Shockingly, numerous employees of Qingyun Lease were also coerced into investing. New hires were allegedly required to invest in phones—15 units in the first month, with increasing quotas later—to secure permanent positions. Many recent graduates, lacking funds, resorted to loans, only to find themselves now burdened with debt and unable to reclaim their investments.
Upon accessing Qingyun Lease’s mini-program, promotional banners prominently displayed claims such as "a brand under 00328.HK," "state-owned capital participation," and "official authenticity guarantee."
The platform’s business model involved attracting investors to participate in phone leasing. Funds from investors were purportedly converted into Apple (AAPL) devices, which were then rented out to generate income. Essentially, the platform "borrowed chickens to lay eggs"—using investor capital to purchase phones and profiting from rentals.
For example, an Apple iPhone 16 Pro Max, priced at 9,999 RMB on Apple’s official website, was reportedly procured by the platform at 9,760 RMB. Investors leasing through the platform could supposedly recoup their investment in four months, earning 10,304 RMB—translating to a lucrative annualized return of 16.8%.
However, skepticism arises when comparing rental rates. While Qingyun Lease charged 35.49 RMB per day for an iPhone 16 Pro Max, rival platforms like Alipay offered the same model (95% new) for just 11.03 RMB per day—totaling 4,025 RMB annually. This raises questions: Who was renting phones at Qingyun Lease’s inflated rates?
An investigation revealed that over 110,000 leased phones, worth more than 1.2 billion RMB, were traced to two rural villages in Henan province. This suggests a lack of genuine end-users, casting doubt on the platform’s sustainability.
**Financial Expert Sells Stake to Struggling Listed Company** Qingyun Lease is operated by Wuhan Qingqing Times Network Technology Co., founded in 2020 with registered capital of 150 million RMB. Its legal representative, Bian Wenbin, was touted as a fintech expert with 15 years of experience in top financial institutions, including Ping An and China Life.
However, in July, Bian abruptly relinquished control. Tianyancha records show that Shenzhen Zhongcheng Digital Holdings (controlled by Bian) transferred 100% ownership to Shenzhen Aiko Chuangke Holdings.
By August, Qingyun Lease announced that ALCO HOLDINGS (00328.HK) had acquired a 51% stake in its parent company, positioning itself as a listed-backed entity. Yet, shortly after, 30% of Qingyun Lease’s equity was sold to Shenzhen Guoying Qianfeng Investment Holdings.
ALCO HOLDINGS, meanwhile, is financially distressed. As of November 11, its market cap stood at a mere 151 million RMB. For the fiscal year ending March 31, it reported revenue of 99.31 million RMB, gross profit of 5.12 million RMB, and a net loss of 64.27 million RMB. Auditors have issued "disclaimer of opinion" reports for four consecutive years, with negative net assets since 2022.
**Unanswered Questions** No official statement has confirmed Qingyun Lease’s collapse, nor has ALCO HOLDINGS addressed the situation. Key concerns remain: - What is the status of Qingyun Lease’s cash flow? - Can investors recover their funds? - Where is Bian Wenbin now? - How will financially troubled ALCO HOLDINGS handle potential liabilities? - Did 110,000 phones truly end up in rural areas?
Investors now face an uncertain path forward.
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