Seals, Venues, and Capital Chains: The Financing Techniques of Yingke Law Firm Founder Mei Xiangrong Revealed in These Details

What are the risks of factoring operations in AI·Mei Xiangrong’s financing and capital chain?

The controversy over Mei Xiangrong’s financing guarantees at Yingke Law Firm, where he was a former director, has not yet been resolved.

On the evening of March 11, the well-known Beijing Yingke Law Firm (hereinafter referred to as “Yingke Law Firm”) issued a statement clarifying the online rumors regarding its founder Mei Xiangrong’s involvement in financing guarantees. A reporter from Yicai visited the firm’s headquarters after the announcement was released; the firm’s business activities were proceeding normally. Yingke Law Firm publicly stated that the financing involved in this case amounts to 1 billion yuan. On March 2, Yingke Law Firm was also approved by the judicial bureau to change to a special general partnership law firm.

Yingke Law Firm hopes to clarify that Mei Xiangrong’s financing incident is unrelated to the firm, aiming for a smooth resolution of the controversy. However, some Yingke lawyers told Yicai that many internal partners have invested their funds, and they are very concerned about the repayment prospects. Multiple entities controlled by Mei Xiangrong and his family have solicited funds from the general public. Although legally unrelated to Yingke Law Firm, many of these investors joined because of endorsements from Yingke lawyers and Mei Xiangrong.

******** Contract ********

Shanghai Yingke Enterprise Management Co., Ltd. (hereinafter “Shanghai Yingke”) and its wholly owned subsidiary Beijing Yingke Global Holdings Co., Ltd. (hereinafter “Yingke Global”) are among the main companies involved in Mei Xiangrong and his family’s illegal financing activities. The actual shareholders are Mei Yaping and Mei Chunhua of Mei Xiangrong’s family. According to current case information obtained by Yicai, most of the sales contacts for investors come from these two companies and related firms.

Several interviewed investors showed Yicai two types of agreements: one is the “Yingke Market Partner Agreement Supplementary Agreement,” with parties A (Beijing Yingke Law Firm), B (Mei Xiangrong), and C (investors); the other is the “Legal Service Contract Supplementary Agreement,” with parties A (investors) and B (Beijing Yingke Law Firm).

Yicai learned that both agreements solicited funds from unspecified groups under the guise of “entry funds” and “legal service fees,” promising annual returns as low as 6.5% and over 10%. The actual returns depended on the timing, amount, and duration of investment (one or three years). Sales personnel promoted these with phrases like “Yingke, the number one law firm in the universe” and “annual income exceeding 100 billion,” claiming funds were used for firm operations or invested in AI robotics.

One Shanghai aunt told Yicai that around 2017-2018, she was introduced by a neighbor who was also an investor in Yingke financing products to invest in the “Yingke Legal Business Center.” She initially invested a few ten-thousand-yuan one-year product, and after maturity, she rolled over and added more funds, but when the incident broke, she had not recovered her principal, totaling 1.15 million yuan. She explained that her “Legal Service Contract” was with “Yingke Travel,” and the “Partner Agreement” was with the “Legal Business Center.” She said her sales agent switched from the Legal Business Center to Yingke Travel, and her funds were subsequently invested there. The agent took many clients, and the two platforms reportedly had disputes over this.

She also mentioned that recently, the sales manager gathered dozens of investors for a New Year dinner, claiming that from March, the annual return rate would drop to 7.6%, encouraging more investment. Previously, the promised annual returns for her and others’ products were around 9-10%. Several interviewees said Yingke Travel also organized investor trips, and large investors received prizes.

Notably, the “Partner Agreement” she provided bears a photocopied official seal of Yingke Law Firm, and her name does not appear. She said that because her single investment was less than one million yuan, she could not sign a “formal contract” and could only have it under the sales manager Zhang’s name, with her funds transferred to Zhang. The third-party party in the agreement is also “Zhang.” Both agreements she holds are supplementary; she has not seen the formal agreements.

Investor agreements held by interviewees (photo provided)

She indicated that many similar “trust arrangements” exist where agreements are under managers, friends, or major investors’ names, with no investor names on the agreements, only transfer records, making rights protection more difficult.

Yicai obtained the formal agreements of the “Yingke Market Partner Contract” and the “Yingke Legal Service Contract.” In the former, party B (Yingke Law Firm) is identified as Mei Xiangrong, who is described as “the director of Yingke Law Firm, fully responsible for the firm’s management, and enjoying over 70% of the firm’s profit-sharing rights.” The contract states that if the annual income distribution for party C (investors) is less than a certain percentage of the entry amount, party B (Mei Xiangrong) will make up the difference with profit dividends; if higher, party C agrees to pay party B 50% of the excess profit as a reward. This indicates that Mei Xiangrong’s profit is guaranteed in the “Yingke Market Partner Contract,” while the “Legal Service Contract” does not contain related clauses.

The “Yingke Market Partner Contract” stipulates that Party A (Beijing Yingke Law Firm) can unilaterally terminate the agreement under certain conditions, such as repeated unfounded complaints, malicious claims, improper interference, or abuse of remedies. After termination, the firm can deduct all investor dividends and demand a 10% penalty on the principal. Some investors see these clauses as limiting their claims later.

Both contracts also specify that disputes unresolved through negotiation shall be submitted to the Shanghai Arbitration Commission for arbitration, with the arbitration award being final. This clause has caused some investors to hesitate when reporting cases.

Lawyer Sun Yuhao from Hubei Fuxi Law Firm told Yicai that the arbitration clause is a separate clause; even if the main contract is invalid or illegal, the arbitration clause may still be valid. However, this does not prevent investors from reporting cases or affect criminal filings.

******** Venue ********

Yicai found information on “Yingke Legal Business Center” through recruitment platforms, corresponding to Shanghai Yingke Enterprise Management Co., Ltd. Zhejiang Branch, located at Wanyin International, Shangcheng District, Hangzhou. The person in charge is Zhang Dongxiao. This address is less than a kilometer from Yingke Hangzhou branch office.

According to the introduction, “Yingke Legal Business Center” is a core member of the “Yingke Global One-Hour Legal Service Ecosystem,” focusing on legal services and coordinating resources across finance, taxation, assets, and commerce to provide one-stop support for high-net-worth clients. Its vision is to become a trusted comprehensive legal and commercial service organization for Chinese worldwide. The company has been operating for over ten years, with branches in Hangzhou, Ningbo, Taizhou, and Shanghai. Job openings include senior consulting advisors, sales managers, and business department managers.

Business registration shows that Zhang Dongxiao is also responsible for the Zhejiang, Taizhou, and Ningbo branches of Shanghai Yingke, and previously led the now-canceled Shanghai Yingke Huangpu branch. Additionally, the Mei Xiangrong family-controlled Shanghai Law Cloud Technology Co., Ltd. had Zhejiang and Ningbo branches, with Zhang Dongxiao as a former responsible person; these branches are now deregistered.

Yicai noted that besides the “Legal Business Center” in Hangzhou, the addresses of Shanghai Yingke Ningbo and Taizhou branches match those of Yingke Ningbo and Yingke Taizhou offices, both located in the Zijinghui Office Building on the 26th floor and the Financial Building on the 22nd floor, respectively.

Furthermore, Shanghai Yingke Enterprise Management Co., Ltd.'s Chongqing branch is registered in the Jiangbei CBD, just a few hundred meters from Yingke Chongqing office.

Yicai found that “Yingke Travel” is operated by Yingke Meichen International Travel Agency Co., Ltd., controlled by Yingke Global. Its registered address is on the 5A06 floor of Building 4, No. 76 East Fourth Ring Middle Road, Chaoyang District, Beijing. Yingke Global, Beijing Yingke Consulting Co., Ltd., and other Yingke-affiliated companies are registered in this building.

An insider told Yicai that during internal training, leaders mentioned that Mei Yaping held the shares on behalf of Mei Xiangrong, and the company was entirely owned by him. Funds raised were used for Yingke’s expansion, and a holding agreement was shown during training. The company claims it does not sell non-standard products but offers legal services with guaranteed returns. Clients, seeing Yingke as the world’s largest law firm, relaxed their vigilance because the money was deposited into Yingke Law Firm’s accounts.

This insider also revealed that in January, the sales staff of “Legal Business Center” transferred their employment from Shanghai Yingke to Beijing Yingke Consulting Co., Ltd., whose shareholders are Mei Yaping and Mei Pei, Mei Chunhua’s son.

The insider further said that sales consultants at “Legal Business Center” are either long-time employees or new hires, with few in between. The total sales staff across all locations is about 80. If they fail to make sales in a month, they are required to invest themselves. Some lawyers from Yingke Hangzhou also promote at Yingke Legal Business Center and seek case sources from financial advisors, sharing the proceeds. Publicly available Yingke publications also mention that the firm’s regional directors participate in diversified business development.

Online, there are traces of Zhang Dongxiao participating in Yingke lawyer activities and presentations. According to a post by the “Xu Huifang Family Lawyer Team,” on July 30, 2019, a salon hosted by Yingke’s Shanghai Private Wealth Center was held at the Beijing Yingke Law Firm Dubai Hall in Shanghai. Over sixty lawyers, financial advisors, and clients attended. Lawyer Xu Huifang, director of the Shanghai Private Wealth Center, was present. Zhang Dongxiao, as a senior financial planner, spoke on wealth preservation, high-net-worth insurance markets, and insurance trusts, offering professional analysis and advice.

******** Funds ********

Yingke Law Firm states that the fundraising activities are conducted by Mei Xiangrong and his family’s companies, unrelated to the firm’s practice. However, investors claim that Yingke Law Firm’s accounts received payments, and the seals on the agreements are also Yingke’s. Financial sales staff claimed the funds belonged to Yingke.

Interviewed investors told Yicai that some of their investments were directly transferred to Yingke Law Firm’s accounts. Yicai found that the Mei family companies received funds through service contracts with Yingke Law Firm’s accounts, possibly under service agreements.

Screenshots of investor transfers (provided by interviewees)

Yicai checked the China Central Depository & Clearing Co., Ltd. (CDC) online registration for two factoring/receivables transfer records, showing financial transactions between Mei Xiangrong’s family companies and Yingke Law Firm. Both transfers are registered on October 15, 2025, with a term of 55 months, maturing on May 14, 2030.

One is a “Movable Property and Rights Guarantee Registration Certificate - Initial Registration,” showing Shanghai Yingke (creditor) transferring receivables of 8 million RMB from a contract titled “Strategic Cooperation and Case Source Expansion Service Agreement” with Beijing Yingke (Shenzhen) Law Firm (debtor) to China Merchants Bank Shenzhen Branch. The invoice purchaser is Beijing Yingke (Shenzhen) Law Firm.

The other shows Yingke Global (creditor) transferring receivables of 2 million RMB under a similar contract to the same bank, with the invoice purchaser also being Beijing Yingke (Shenzhen) Law Firm. Both Yingke Global and the Shenzhen law firm are controlled by Mei Yaping and Mei Chunhua.

These factoring registration certificates indicate that Mei Xiangrong’s family companies formed receivables through contracts with Yingke Law Firm, then transferred these receivables to banks to obtain financing. Since both creditor and debtor are controlled or influenced by Mei Xiangrong, does this pose a risk?

Sun Yuhao, senior partner at Huhui Yongtai Law Firm in Shanghai, told Yicai: “If the same entity controls both the receivables transferor (the financing-related entity) and the law firm (the debtor), the core risk lies in the legal consequences of fictitious receivables and the substantial harm to the law firm’s interests. According to Article 763 of the Civil Code of the People’s Republic of China, if the creditor and debtor of the receivables fictitiously create receivables as transfer targets and enter into a factoring contract with the bank, the debtor cannot oppose the bank on the grounds that the receivables do not exist, unless the bank knew or should have known about the fictitiousness. This means that if the transferor and debtor conspire under the same control to create fictitious receivables, even if the receivables do not exist, the bank may still pursue repayment unless it can prove the bank was aware of the fictitious nature. If the bank has exercised reasonable due diligence and was unaware, the debtor risks bearing the repayment obligation.”

The numerous companies controlled by Mei Xiangrong’s family involved in diversified businesses suggest that these two certificates are just the tip of the iceberg.

On-call editor: Grace