In 2019, HUISHANG BANK, CITIC Trust, and PICC Property & Casualty Shenzhen Branch collaborated to launch a "Credit Guarantee Loan" business, with PICC Property & Casualty serving as the guarantee provider. If borrowers were unable to repay loans at maturity, PICC Property & Casualty would bear the compensation responsibility. Prior to the case being exposed, over 1.7 billion yuan in funds remained unrecovered.

**01**

While China PICC's 2.3 billion yuan guarantee insurance dispute with Jiufu remains unresolved, recent reports have revealed that the company was involved in HUISHANG BANK's "Credit Guarantee Loan" business several years ago, with a current outstanding hole of 1.7 billion yuan. Deng Chun, who served as the general manager of Shenzhen PICC Auto Insurance Direct Branch and was a key participant, had already died before the case was exposed, adding a mysterious veil to this past collaboration.

In June 2019, CITIC Trust and HUISHANG BANK signed the "Trust Loan Asset Management Service Agreement between CITIC Trust Co., Ltd. and HUISHANG BANK Corporation Limited" to develop "Credit Guarantee Loan" business cooperation.

Under this business model, CITIC Trust provided trust funds, while HUISHANG BANK served as the asset management service provider responsible for issuing personal consumer loans. Additionally, HUISHANG BANK developed a "Credit Guarantee Loan" management system to facilitate loan approval, disbursement, insurance enrollment, post-loan management, loan recovery, and claims processing, and was responsible for borrower identity verification, policy verification, claims applications, and fund transfers for loan disbursement and repayment.

To ensure the safety of disbursed funds, a third-party insurance institution was introduced as a guarantee provider. If borrowers were unable to repay loans at maturity, the insurance institution would bear the compensation responsibility.

**02**

Zhang Chuan and Liu Chengchen, the main personnel responsible for HUISHANG BANK's "Credit Guarantee Loan" business, introduced Chi Jinlong, the actual controller of Xingrui Technology Company, to CITIC Trust employees.

Chi Jinlong then contacted Deng Chun, the then-general manager of Shenzhen PICC Auto Insurance Direct Branch, through Zeng Xiangxuan, the actual controller of Guangbei Financial Leasing (Shenzhen) Co., Ltd.

Judicial materials show: "After conspiring together, Chi Jinlong, Deng Chun and others brought CITIC Trust employees to meet with Li Zhenping, the general manager of Shenzhen PICC Branch, to discuss Credit Guarantee Loan cooperation matters."

On June 25, 2019, CITIC Trust signed a "Strategic Cooperation Agreement" with Shenzhen PICC Company, with CITIC Trust as the policyholder and beneficiary, and PICC Property & Casualty Shenzhen Branch as the insurer.

The "Credit Guarantee Loan" funds came from CITIC Trust, HUISHANG BANK was responsible for loan disbursement, and PICC Property & Casualty provided guarantees. Once borrowers were unable to repay, the insurance company would compensate CITIC Trust for the financial losses.

**03**

Chi Jinlong's Xingrui Technology Company, acting as an intermediary, obtained funds through HUISHANG BANK's "Credit Guarantee Loan" business at an annual interest rate cost of around 7.5%. On this basis, Chi Jinlong charged an additional 0.5%-3% handling fee, lending the funds to "downstream" fund users.

According to requirements from Deng Chun of Shenzhen PICC Company, Chi Jinlong's first business transaction had to be a loan to Zeng Xiangxuan's Guangbei Financial Leasing Company. Zeng Xiangxuan's Guangbei Financial Leasing Company was also an intermediary profiting from price differentials.

Chi Jinlong selected 321 "proxy borrowers" from borrower information provided by Zeng Xiangxuan, submitted loan applications totaling approximately 25 million yuan to HUISHANG BANK, and simultaneously obtained insurance policies from Shenzhen PICC with Guangbei Financial Leasing Company as the policyholder. After passing HUISHANG BANK's review, he obtained the loan totaling over 25.12 million yuan.

Prosecutors allege that this 25.12 million yuan was "used for operations of companies controlled by Zeng Xiangxuan, personal squandering, and providing kickbacks, and Zeng Xiangxuan never repaid the loan."

Multiple individuals also fraudulently obtained "Credit Guarantee Loan" funds through Chi Jinlong's Xingrui Technology Company using proxy borrower schemes.

**04**

To conceal the truth about loan losses, Chi Jinlong even arranged for subordinates to impersonate Shenzhen PICC personnel in conference rooms and meet with CITIC Trust employees, thereby dispelling CITIC Trust personnel's doubts about PICC policies and continuing to defraud CITIC Trust's funds.

The "Credit Guarantee Loan" funds consistently disappeared without a trace, and CITIC Trust's products that couldn't withstand such exploitation finally collapsed.

In February 2023, CITIC Trust filed a report with the Guanshanhu Branch of Guiyang Public Security Bureau. Chi Jinlong, along with Zhang Chuan and Liu Chengchen from HUISHANG BANK, were successively detained by Guiyang police. Deng Chun, a key participant in the case, had already died before the case was exposed.

From June to July 2025, Chi Jinlong's case had its first trial at Guanshanhu District People's Court in Guiyang, and the case has not yet been concluded.

PICC Property & Casualty's losses in this matter have not yet been disclosed.