The so-called "Big Dipper incarnate," who claimed to decipher capital mysteries through Eastern philosophy and attracted 500,000 followers while illegally raising over 100 billion yuan through "metaphysical investment," mastermind Sui Guangyi has finally met his downfall. On January 23, Shenzhen People's Procuratorate and Futian District People's Procuratorate announced they have prosecuted 30 defendants including Sui Guangyi and Ma Xiaoqiu, along with 50 others including Tang Jiqiang and Zhu Yunlei, for illegal fundraising crimes conducted through Shenzhen Ding Yifeng Asset Management Co., Ltd., Hong Kong Ding Yifeng International Holdings Group Co., Ltd., and their affiliates in Shenzhen and other regions.
This indicates that not only core criminal members but also peripheral business executives may have been held accountable. With formal prosecution initiated, this massive wealth management scam—Shenzhen's largest—has entered its final chapter. The recovery of over 100 billion yuan for more than 500,000 affected investors remains an immense challenge. According to earlier police disclosures, authorities have seized 89 properties, 37 luxury vehicles, frozen assets worth 6.3 billion yuan in Hong Kong, and multiple bank accounts and equity holdings. However, media reports indicate that by 2023, Ding Yifeng owed repayments exceeding 130 billion yuan to 500,000 clients, with an asset shortfall surpassing 120 billion yuan.
"Big Dipper Incarnate"? "Former Vice Mayor"? Unmasking the "Metaphysical Investment" Guru Investment and metaphysics—two seemingly unrelated concepts—were cleverly packaged by Sui Guangyi into bait that lured countless investors. Sui typically presented himself with slicked-back hair, a long white beard, and an aura of celestial wisdom. His persona extended beyond appearance: public reports claim he declared himself the "Big Dipper incarnate," born during a lightning strike with a constellation-shaped birthmark on his chest. He also asserted having served as the youngest vice mayor of a northeastern city before abandoning politics for spiritual cultivation and eventually business, crafting a hybrid identity spanning government, commerce, and Taoism.
Contrastingly, Shenzhen Economic Daily revealed Sui hailed from an ordinary farm family in Changchun's Sansheng Township. After technical school, he worked in mine surveying but was disciplined by police for selling "boy-conception secrets" early in his career. He later sold health products like medicated soap in Beijing, where he encountered a county-level official from Jilin Province and boasted about his business acumen. Exploiting this "official connection," he engaged in investment solicitation. During the 1990s qigong craze, he reinvented himself as a qigong master, promoting superstitious projects under official pretenses and mobilizing locals to fund "sacred land" development until exposed and fleeing Northeast China. In 1998, Sui met Ma Xiaoqiu on a Guangzhou-Chengdu train, rapidly evolving into romantic and business partners who co-founded Ding Yifeng. Post-2015, Sui pivoted to capital markets with "metaphysical investing," claiming to pioneer the "Zen-Yi Investment Method"—integrating Zen principles, I-Ching philosophy with stocks, gold, futures, funds, and project investments to accurately predict financial market fluctuations.
Ding Yifeng operated through decentralized entities including departments named Yuanfeng, Yuanhui, Yuanding, Yuanheng, Jiading, Zihui, Zihua, Qilun, and Dingxin—all bearing distinct metaphysical connotations. Its operations expanded nationwide to Beijing, Shanghai, Zhejiang, Henan, and other regions. Per National Business Daily reports, Ding Yifeng sales agents promoted products with "extremely high" yields and stable cash flow, promising returns of 154,000 yuan on 100,000 yuan investments over 18 months—equivalent to 36% annualized returns. Some high-yield products even promised "doubling in one year." Shenzhen Economic Daily noted Ding Yifeng's illegal fundraising evolved over years through multiple iterations: starting with P2P lending, then overseas equity sales, followed by leveraging foreign dignitaries with high-tech buzzwords, and finally launching virtual currency DDO.
Venturing into capital markets didn't abandon old tricks. Reports indicate Ding Yifeng appropriated Changbai Mountain's cultural heritage, developing projects like Changbai Mountain·Dragon Lion Valley and Tiande Sixteen Realms, claiming these formed a "Changbai Mountain energy feng shui system." The Dragon Lion Valley "Pyramid Luck Base" project promised cosmic energy connections—claiming hair and birth dates placed in small pyramids embedded within larger pyramids could alter destinies, prolong life, and attract wealth.
Multiple Listed Companies Valued Under 1 Billion Where Did Billions in Funds Disappear? Why did so many fall for such an obvious Ponzi scheme? This perplexes many observers. Beyond knowledge gaps, Ding Yifeng masterfully organized tea parties, galas, thousand-person assemblies, and live streams under "promoting traditional culture" banners, creating group frenzy and herd mentality effects. The group also leveraged listed companies for credibility. In 2015, Sui took control of Hong Kong-listed China Investment Fund (00612.HK), renaming it Ding Yifeng Holdings to build a "Ding Yifeng system" of HK-listed firms. Subsequent investments included China Smarter Energy Group (0395.HK) and Zhidao International (1220.HK)—all penny stocks. Their pattern involved bottom-fishing cheap stocks, accumulating stakes until board representation, then "manipulating" for profits. Ding Yifeng also used employee-named accounts to pump share prices.
Through affiliates like Shenzhen Ding Yifeng Fund Investment Management Co. and managed products like Ding Yifeng Tianhe No.1, the group frequently appeared in A-shares, trading ST Tianma (002122.SZ) and Caihong Display Devices (600707.SH). It also positioned in China Cifco Investment (000996.SZ), Panda Financial Holding (600599.SH), Chengdu Xuguang Electronics (600353.SH), Changchun Yidong Clutch (600148.SH), Fujian Longxi Bearing (600592.SH), and over ten other stocks. Victims weren't just retail investors—even entrepreneurs like Wu Ruojun and Li Li, founders of Shenzhen Anpeilong Technology then pursuing ChiNext IPO, were ensnared. In 2022, Shenzhen Stock Exchange disclosed the couple purchased 8.2 million yuan in wealth products issued by Ding Yifeng's Fengyuanxin during reporting periods.
Bolstered by listed companies and assets, Ding Yifeng bragged about 200 billion yuan in overseas assets and 100 billion domestically during its collapse. Reality told a different story: "Ding Yifeng system" HK-listed companies now hold under 1 billion HKD total market cap, while its Nasdaq-acquired company cost only 200 million yuan—far cry from claimed figures. Its Changbai Mountain tourism projects remain abandoned. Most investments ended in losses. Public data shows Ding Yifeng Holdings (00612.HK) lost 386 million HKD over 2015-2022—averaging 54 million HKD annually. 2022 revenue was merely 480,000 HKD against 330 million HKD losses; 2023 revenue reached 1.134 million HKD with 311 million HKD losses.
Where did the stolen funds go? First, Sui and associates squandered portions personally. Contrary to his crafted ascetic image, Sui indulged extravagantly—reportedly wearing Hermès belts, Zegna luxurywear, frequenting upscale venues, drinking Moutai at dinners, and owning Rolls-Royce, Bentley, and Maybach cars.
Beyond personal extravagance, most illicit funds covered investor interest payments and sales commissions, plus image-building expenditures like sponsoring major events and hiring celebrities for endorsements.
Post-Exposure and Official Warnings Some Still Fell Prey Ding Yifeng's schemes weren't sophisticated, yet they thoroughly deceived multitudes—even trapping some who recognized the scam but continued participating. As early as February 2023, Shenzhen Local Financial Regulatory Bureau issued risk warnings about Ding Yifeng's operations, clarifying the entity lacked financial licenses and qualifications.
By November, Shenzhen's Illegal Fundraising Prevention Office escalated warnings, reminding investors that losses from illegal fundraising would be borne solely by participants. After widespread defaults and investor protests in early 2024, Ding Yifeng issued "positive" notices about globally issuing DDO digital options promising 20-fold asset growth over 10 years, listing on offshore "BHE Digital Exchange" and forcing clients to convert investments into three-year locked digital options.
DDO amounted to a worthless "air coin" with manipulated K-line charts, yet many investors still participated. Why did people keep falling for it despite repeated warnings? Securities Times quoted a September 2023 maturity victim acknowledging most investors recognized DDO as a new scam but hoped digital options would attract fresh recruits to pay off earlier products. "Our contracts were forcibly converted to digital option contracts," they confessed.
Illegal fundraising scams operate precisely this way: participants understand the mechanics but gamble on profiting before the music stops. Some exit with gains while others greedily linger, sinking deeper into losses. With Sui Guangyi and accomplices formally prosecuted, Ding Yifeng's 100-billion-yuan scam reaches its terminus. But defrauded investors may never recover their principal.