Who are the celebrities who have spoken for P2P and who are going to “pay back”?

The company’s main goal is to provide a platform for the public to learn more about the company’s business.

P2P platforms hired celebrities for endorsements in the early days as an important means for them to increase their visibility and rapidly expand their markets. According to incomplete statistics, stars including Zhang Tielin, Wang Han, Huang Xiaoming, Tang Yan, Li Xiang, Lang Lang, Pan Xiaoting, Fan Bingbing, Du Haitao, Zhang Hanyu, Wang Baoqiang, etc., have all been caught in the public opinion storm due to the incident of the P2P platform they endorsed.

Now, the regulatory layer has spoken out, the stars have an unshirkable responsibility for their endorsement of the platform, these stars, it is time to “pay back the money”.

How wonderful the advertisement is, how ironic it is when the mine bursts

The famous actor Zhang Tielin, who played the role of “Huang Ama” in the “Still Pearl”, was the first spokesman to be denounced for endorsing a mutual fund platform. in December 2014, Zhang Tielin became the image spokesman of Xinqi Asset, saying at the time: “Xinqi Asset was able to find me to endorse it, which means that I may have a certain amount of experience in some projects and some social images. projects, certain social images still have some credibility, and I believe in Xinqi as a business.”

Xinqi assets at that time also held a special press conference for him, the theme is called “the emperor arrived, a word of nine. Zhang Tielin on the scene for the Xinqi assets inscription: “a word nine tripods”, “wide sources of wealth”.

“In February 2016, Xinqi assets can not be paid by investors blocked, involving funds 1.9 billion yuan, a total of about 5,000 investors, many investors were set tens of millions of dollars. Xinqi Asset was investigated for suspected illegal fund raising, and two years later, its chairman Jia called Qi was sentenced to 8 years in prison for the crime of illegally absorbing public deposits.

For a while, Zhang Tielin became the target of netizens’ verbal criticism. A self-proclaimed victim of the investors shouted: “endorsement of false advertising stars must be jointly and severally liable to pay off debts, the royal ama to pay money ah!” But after the incident, Zhang Tielin never made a public response to the matter.

“Judgment comes from observation, more from the professional, I am good at risk avoidance, I am a Zhongjin partner.” This is the advertising line said by “9-ball diva” Pan Xiaoting when she endorsed Zhongjin in April 2014.

In April 2016, the “Zhongjin system” investment and financial products burst into flames, with a total unpaid amount of 5.2 billion yuan, involving more than 12,800 investors. Some investors took Pan to court, demanding that she pay 200,000 yuan in damages, but the claim was eventually rejected. Pan has reportedly taken the initiative to cooperate with public security authorities to refund all endorsement fees.

From 2015 to 2016, online lending platforms saw great growth. Lend-Lease, together with Yu Quan, shot TV commercials in which the full interpretation of the “acquaintance borrowing money” dilemma resonated, and the ads were seen everywhere on outdoor screens and in the subway, making Lend-Lease known to the public overnight. Then came the news that Lend-Lease had been violently collected after someone had taken out a “naked loan” through the platform, and Yu Quan was blamed by a host of netizens.

In 2017, Zhang Hanyu became the spokesperson of Renren Loan and made a special commercial. in October 2020, it was reported that Renren Loan showed signs of bursting and the speed of debt transfer started to slow down, and lenders with urgent capital needs could only sell their assets by applying for a discount voluntarily, which was undertaken by a third-party asset management company. At present, Renren P2P business has been in the process of withdrawal, investors have to “get off at a discount”. What remains in the public’s mind is still the 2 minutes and 50 seconds of the “Sorry, do you want to hear the truth? The advertising film. There is a sentence: “To stand up to their own professional, to live up to the trust of everyone.”

After the explosion of the stars: some apologize, some silent

Faced with the explosion of endorsed products, some apologized, some were silent, and some quickly “dumped”.

The famous host Wang Han was caught in an online loan endorsement fiasco in July 2020, when his P2P platform “Aichanjin”, which he endorsed in 2016 to 2017, had difficulties in withdrawing cash, and many investors pulled banners demanding “Wang Han to return the endorsement fee”. According to media reports, a love money into the platform of investors said, “when the choice of love money into is because of its spokesman is Wang Han, the results or burst the mine. So far, I am still trapped in love money into.”

Who are the celebrities who have spoken for P2P and who are going to "pay back"?

Afterwards, Wang Han’s team responded, stating that the team and legal affairs had communicated closely and strictly fulfilled the advertising law and other relevant regulations, and that after the news of the difficulty in cashing out the funds of “Aichanjin”, Wang Han had made a detailed explanation of the endorsement to the relevant regulatory authorities. Wang Han also issued a statement apologizing for this.

“The company’s microblogging site is also in a situation where investors are besieged by the comment section of Liu Guoliang’s microblogging site.

As another spokesperson of “love money into” after Wang Han, Liu Guoliang also made an apology to the public. He said that his endorsement with Aichanjin platform started in May 2018 and ended at the end of 2019, before the two sides cooperate, the other party had shown its legal business activities related to supporting materials; after learning the problems reflected by netizens and platform users, he felt very guilty and distressed, has urged the platform to solve these problems, will pay close attention to and follow up the matter. 2020 July , Love Forward was filed for investigation.

In September 2015, eLebao invited five stars – Tang Yan, Li Xiang, Qu Ying, Zhong Li Ti and Hu Jing – to promote its “Muse Time” loan program, and the five goddesses spoke on Weibo to say “Muse Time is coming” and stand for eLebao. At the beginning of 2016, when eLoft was judged to be a fraudulent company with over 50 billion yuan of fraudulent funds, the five stars did the same thing – deleted the relevant microblogs.

Around 2015, the most glorious moment of 88Wealth.com, it had signed pianist Lang Lang as its endorser. But in February 2017, 88 Wealth burst into flames, and the company suddenly announced that it had ceased operations and successively shut down new user registration and investment functions. The actual controller Zhang Wei was accused of illegally absorbing public deposits of 14.9 billion yuan between 2011 and 2017, and was finally sentenced to life imprisonment for committing 11 crimes, including organizing and leading a triad organization, illegally absorbing public deposits, fraud and bribery.

Immediately after, in April of the same year, the U.S. listed company Sunshine Power endorsed by Lang Lang also had a cash-out crisis, and three months later, the Suzhou Industrial Park Public Security Bureau opened an investigation into the suspected illegal absorption of public deposits by Green Energy. The two platforms endorsed by Lang Lang burst into mines one after another, and Lang Lang has yet to make a public statement about it.

In November 2015, Huang became the spokesperson of East Hongqiao Financial, and the slogan stood out on the giant screens of Shanghai’s Bund AURORA Building and Citibank: “Huang Xiaoming, lending you to fulfill your dreams and earn more money”. A few months later, East Hongqiao Financial Online became overdue for a cash payment, and Huang’s Weibo comment section became a debt collection area for investors, with netizens creating the Weibo topic “Call Huang Xiaoming to pay back the money”. After the incident, Huang Xiaoming studio issued a statement, “Huang Xiaoming has nothing to do with East Hongqiao Finance.”

The host Du Haitao also drew a line in the sand with the burst product. By its endorsement of the financial products “net profit treasure” appear late payment, 2020 July, Du Haitao studio response, said, had in 2018 through the advertising agency for shooting interstitial advertising short-term cooperation, did not directly signed endorsement contract, now the cooperation has long ended, also did not release this product information.

In the face of some victims in Du Haitao’s sister’s live screen “your brother endorsement of net profit treasure to us so bad”, Du Haitao’s sister is in the live broadcast even said twice “deserve”, this statement incurred outside the sound doubled, forced to end with an apology.

How is the responsibility of the spokesperson determined?

The first P2P company was established in June 2007, after the rapid development of P2P, a generation of sunrise industries came to an end, and the 13-year history of the P2P industry was declared complete. The story of those investors who suffered a P2P meltdown did not end there.

Although the statement “did not directly sign the endorsement contract”, but Du Haitao and “net profit treasure” did not get out of this relationship. In February this year, “net profit treasure” a lender Mr. Mu sued Du Haitao, and said “originally on March 3 this year, but Du Haitao did not appear in court and refused to accept the summons, so far the case has not been opened. He said that in 2018, he saw a number of video advertisements recorded by Du Haitao for “net profit treasure”, in which Du Haitao said “invest in net profit treasure, lying down also make money” and other advertising words. Subsequently, he invested more than 46,000 yuan in “net profit treasure”.

Many people choose to invest because of their trust in the spokesperson of the financial product. However, an online loan practitioner once told the media that celebrities do not know much about the platform, and platform employees do not necessarily know much about their own platform, and business cooperation is often done for commercial interests.

On January 29, Beijing Chaoyang District Financial Dispute Mediation Center WeChat public number issued a notice saying that from now on, spokespersons who were or are still involved in P2P online lending advertisements are invited to cooperate in the clearance of online lending platforms, and if they are not contacted before February 10, they will be pursued according to law.

On April 22, the CBIRC issued the “Alert on the Risks of Celebrity Endorsement of Financial Products” to remind financial consumers to be rational about celebrity endorsement. The CBIRC pointed out that financial products have high information asymmetry and strong professionalism, and endorsers who do not identify the qualifications of the endorsed products and do not understand the risks of the products themselves may create the risk of misleading publicity.

The CBIRC emphasizes that celebrities and other public figures should comply with the Advertising Law of the People’s Republic of China and other laws and regulations, and should check whether the organizations they endorse are legally qualified and whether the products and services they endorse are truthful and meet regulatory requirements before accepting endorsements. They should not recommend or certify that the advertisement is false or should be known to be false.

On how to determine the responsibility of celebrity endorsers after the P2P products burst, Henan Yulong Law Firm’s lawyer Fu Jian told AI Financial News that according to Article 62 of the Advertising Law, endorsers may face fines of more than double or less than twice the endorsement fee. Previously, some platforms and online lenders used the influence of celebrities to attract their fans to buy products to obtain illegal benefits, and the celebrities should be liable for compensation for not fulfilling their censorship obligations in their endorsements.

He said that in the P2P mine-bursting incident, its spokesman stars should bear the responsibility of the corresponding administrative penalties, but did not touch on criminal liability, in the field of food, medicine and other false advertising caused by personal, property or other damage, according to the law to bear the responsibility of compensation; violation of the provisions of the law, constitutes a crime, according to the law to investigate criminal liability. When it comes to criminal liability, the star as the “promoter” should bear the corresponding joint tort liability. Therefore, stars should take the initiative to admit their mistakes, actively assume the corresponding social responsibility, timely contact the regulator to explain the relevant issues, cooperate with the regulator’s retreat, timely and prudent review of endorsement cooperation business, improve the level of team self-discipline, should cooperate with the promotion of P2P products risk, guide fans to rational consumption, beware of being duped.

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