As early as a year and a half ago, the Tianrui Cloud APP began experiencing issues with normal cash withdrawals.

By the end of 2025, Tianrui Xinke (Henan) Digital Technology Co., Ltd. (hereinafter referred to as "Tianrui Xinke") and its legal representative, Wang, were once again listed by the court as失信被执行人 (dishonest persons subject to enforcement). One of the reasons for being listed as a dishonest person subject to enforcement was disputes related to entrusted financial management contracts among private parties.

Information on Tianrui Xinke's official website shows that the company is a high-tech enterprise and software company invested in and established by Tianrui Group Co., Ltd., specializing in information technology services, software development and sales, network technology consulting services, enterprise informatization, intelligent solution services, and the R&D and operation of industrial internet platforms. Qichacha information shows that Tianrui Group Co., Ltd. holds a 90% stake in Tianrui Xinke. Tianrui Group's business segments cover green building materials, casting (intelligent manufacturing), internet technology, cultural tourism, and other industries. It was once ranked 380th among China's Top 500 Enterprises and 195th among China's Top 500 Manufacturing Enterprises.

How did a high-tech and software enterprise become embroiled in financial management disputes? On the morning of December 29, a First Financial reporter repeatedly dialed several office numbers for Tianrui Xinke, but was prompted that they were "not in service."

The reporter's investigation found that the "Tianrui Cloud APP," operated by Tianrui Xinke, contained a financial management section primarily targeting Tianrui Group employees, which had experienced issues with normal cash withdrawals since the first half of 2024. The "Tianrui Cloud APP" was an application once regarded by employees as a "bank for spare cash," with many employees depositing funds into their accounts within the app.

In publicly available materials, the Tianrui Cloud APP was introduced as: Tianrui Group's work and life service platform, aiming to create a good interactive communication atmosphere for users.

Public information shows that at its peak, the total number of employees across the entire Tianrui Group reached over 10,000.

Multiple Tianrui Group employees interviewed by the reporter stated that, for them, the two most significant values of the Tianrui Cloud APP were wages and wealth management.

Fu Jian (a pseudonym), an employee of Tianrui Group Zhengzhou Cement Co., Ltd., confirmed to the reporter that for a long period, his monthly salary was not deposited into a bank card but was first credited to his account registered on the Tianrui Cloud APP. Subsequently, employees could independently decide whether to withdraw these book funds to their bank cards or directly engage in wealth management within the Tianrui Cloud APP. As the financial products offered by the Tianrui Cloud APP provided returns higher than banks, many employees continuously transferred funds into their accounts to obtain higher yields.

An executive from Yingkou Tianrui Cement Co., Ltd., a wholly-owned subsidiary of Tianrui Cement Group, also stated that with the widespread use of the "Tianrui Cloud APP," wages could be directly deposited into "Tianrui Cloud," and there were specially recommended wealth management products for everyone to choose from.

"Many employees felt that keeping money in here (Tianrui Cloud) offered higher interest than banks. In previous years, they didn't withdraw, thinking to earn interest. They didn't expect that when they tried to withdraw in recent years, it was simply impossible," complained one Tianrui Group employee.

Fu Jian said this situation persisted until April 2024. After that, the operation of the "Tianrui Cloud APP" began to encounter problems, and the funds employees had saved in their APP accounts could no longer be withdrawn normally.

The reporter's inquiries found that employees of Tianrui Group Nanzhao Cement Co., Ltd. had also appealed to the Nanzhao County government, where the company is located, in May 2024, stating that their wages for September, October, and November 2023, as well as subsequent months, could not be normally withdrawn to their salary cards after being deposited into the Tianrui Cloud app virtual account.

In a June 2024 response, the Nanzhao County government stated that Tianrui Group Nanzhao Cement Co., Ltd. did indeed owe the employee part of their wages. The local Human Resources and Social Security Bureau had issued an administrative handling prior notice to Tianrui Cement on June 4, 2024, requiring it to pay the workers' wages within 10 working days. Regarding the issue of "wages being unable to be withdrawn due to payment via virtual accounts" raised by employees, the Nanzhao County government stated that, in accordance with Article 50 of the "Labor Law of the People's Republic of China" – "Wages shall be paid monthly to the laborers themselves in the form of currency. The wages of laborers shall not be deducted or delayed without reason" – the local Human Resources and Social Security Bureau had legally required Tianrui Cement to cease using the virtual account method for wage payments.

Subsequently, in responding to appeals from employees of Tianrui Group Yunya Casting Group, the Nanzhao County government added that the withdrawal issues reported by employees were mostly related to employees purchasing wealth management products through the Tianrui Cloud APP. Later, due to operational difficulties faced by the enterprise, withdrawals were not processed in a timely manner.

Tianyancha information shows that since 2024, Tianrui Xinke has been sued in court multiple times for "private entrusted contract wealth management disputes" and, due to its inability to fulfill payment obligations, has been listed by the local court as a失信被执行人 (dishonest person subject to enforcement).

On the morning of December 29, 2025, a reporter, posing as an employee, called the headquarters office of Tianrui Group. The response received was that due to the deep adjustments occurring across the entire cement industry over the past two years, there were currently no funds available in the headquarters' accounts. If employees urgently need money, they must first submit an application for withdrawal report through their respective branch or subsidiary company. After approval by the headquarters, if the branch company's account has funds, the branch company would be responsible for fulfilling the payment.

Cement production and sales are one of the most important business segments under Tianrui Group. Its production and sales volume once ranked among the top ten in China, and it owns CHINA TIANRUI (01252.HK). The 2025 interim report disclosed by CHINA TIANRUI on September 30, 2025, showed that during the reporting period, the company achieved operating revenue of 2.963 billion yuan, a year-on-year increase of 14.66%; net profit attributable to shareholders was 73.903 million yuan, a year-on-year increase of 161.23%.