Case Analysis of Fuanna's Wealth Management Failure and Optimization of Cash Management Strategies for Listed Companies

2021年，家纺上市公司富安娜（股票代码：002327.SZ）斥资1.2亿元购买了中信证券推出的"中信证券富安FOF定制1号单一资产管理计划"[1]。The product was overdue for redemption after its maturity on March 19, 2022. After three years of disputes, the Shenzhen Futian District People’s Court made a first-instance judgment on December 25, 2025: CITIC Securities shall compensate Fuanna for principal losses of nearly 29.3 million yuan, and the subsequent liquidation proceeds of the product shall be split 50-50 between the two parties [1].

The asset management plan’s main holdings include Dongfanghong Money Market Fund B and the PKU Resources Hangzhou Harbour City project. Among them, the Hangzhou Harbour City project is a well-known “unfinished building” project in the local area. The project debtor, Zhejiang Land Development Co., Ltd., has already defaulted in substance, and the restructuring plan of the main joint liability guarantor, Founder Group, fell short of expectations, leading to a bad debt of 100 million yuan invested in the real estate project company [1]. By the end of 2024, Fuanna had only withdrawn 14.3023 million yuan from the product’s custodian account, with the remaining principal of 105.6977 million yuan and related expected fixed income not recovered upon maturity.

---

The Fuanna case profoundly reveals serious loopholes in the due diligence process of asset management products. As the manager, CITIC Securities obviously has the following problems in due diligence on underlying assets:

• Insufficient Risk Identification of Underlying Assets
  : Failed to effectively identify liquidity risks and credit risks of real estate projects [1]
• Lack of Qualification Review of Guarantors
  : Insufficient assessment of the guarantee capacity and restructuring prospects of Founder Group
• Insufficient Awareness of Product Structure Risks
  : Loose control over the nesting levels of FOF products and the quality of underlying assets

According to Fuanna’s announcement clarification, there is no channel business involved in the relevant agreements signed between the company and CITIC Securities, and the company and its controlling shareholders have no connection with the underlying asset targets [1]. This indicates that CITIC Securities may have problems in promoting high-risk products to non-professional investors during product design and sales.

---

Management Level	Approval Authority	Investment Scope	Risk Control Requirements
Decision-making Level	Board of Directors/General Meeting of Shareholders	Large-sum wealth management, entrusted wealth management	Need independent directors’ opinions, detailed disclosure
Management Level	CFO/General Manager	Medium-sized structured deposits	Limit bank scope, set risk limits
Execution Level	Finance Department	Money market funds, Treasury bond reverse repurchase	Daily collection, real-time monitoring

• Prioritize
  large state-owned banks
  and
  leading securities firms
• Check that the institution has no major regulatory penalties in the past three years
• Evaluate the institution’s asset management scale and historical performance

Access Threshold Matrix:
├── Underlying Asset Transparency: Must be penetrable for verification
├── Historical Performance Volatility: Annualized volatility < 3%
├── Expected Return Rate: Not exceeding LPR+200BP
├── Term Structure: Single product term ≤180 days
└── Guarantee Measures: Need to provide sufficient credit enhancement measures

• Pre-investment Due Diligence Checklist
  : Require provision of underlying asset list, asset certificates, guarantee letters, etc.
• Stress Testing
  : Conduct extreme scenario simulations on underlying assets
• Quota Control
  : Investment in a single product does not exceed 10% of net assets, cumulative does not exceed 30%

• Establish a
  daily product position report
  system
• Track public opinion of entities related to underlying assets
• Set early warning indicators (single asset concentration >30% triggers warning)

• Develop emergency plans and rights protection paths
• Regularly assess asset impairment risks
• Timely information disclosure

Based on risk-return characteristics, it is recommended to adopt a “pyramid”-type allocation structure:

Cash Management Allocation Pyramid
         ▲ Return Enhancement Layer (10-20%)
        ╱  Treasury bond futures, interest rate derivatives
       ╱────────────────────────
      ▲ Stable Value-added Layer (30-40%)
     ╱  Structured deposits, large-denomination certificates of deposit
    ╱───────────────────────────
   ▲ Liquidity Guarantee Layer (40-50%)
  ╱  Money market funds, demand deposits, Treasury bond reverse repurchase
 ╱───────────────────────────────

---

• Issue risk warning announcements before investment, clarify product risk levels
• Regularly disclose underlying asset conditions during the investment period
• Timely announce major risk events and explain response measures

• Establish and improve the “Entrusted Wealth Management Management System”
• Clarify investment decision procedures and accountability mechanisms
• Set up independent internal audit supervision links

• Introduce independent directors to express opinions on major wealth management investments
• Hire third-party institutions to conduct post-investment evaluations
• Pay attention to changes in regulatory policies and adjust investment strategies in a timely manner

---

The Fuanna case sounds an alarm for listed companies’ cash management.

1. Return Rate Trap
   : High returns are often accompanied by high risks; the expected return rate of the product in this case was significantly higher than the market risk-free rate level
2. Complex Product Structure
   : FOF products have multiple nesting levels and low transparency of underlying assets, increasing the difficulty of risk identification
3. Formalistic Due Diligence
   : Insufficient substantive review of underlying assets and guarantors

• Safety First
  : Liquidity management should prioritize principal safety
• Transparency as King
  : Choose products with clear and penetrable underlying assets
• Diversified Allocation
  : Avoid over-concentration in a single product or institution
• Professional Management
  : Establish a professional team or leverage external professional institutions

Through the construction of a systematic cash management system, listed companies can achieve effective value-added of idle funds while ensuring capital safety and liquidity, and reduce the risk of similar Fuanna incidents.

---

[1] Sina Finance - “Fuanna wins first-instance judgment on 100 million yuan wealth management overdue; Is CITIC Securities still the ‘creditor’ of asset-related parties?” (https://finance.sina.com.cn/stock/s/2025-12-28/doc-inheizzq5705247.shtml)