SHANGHAI-BASED Jinlu Financial Advisors is suspending payments on some wealth management products jointly created with partner Shanghai Kuailu Investment Group because of a 300 million yuan (US$46 million) cash shortage, according to a statement on Jinlu’s website.

    Jinlu didn’t explain the reason for the gap, saying only that investors gathered at its headquarters to ask about the payment Thursday. The company said it will share liability for the product and offer a payment plan to investors within one week. Kuailu has committed at least 3 billion yuan in assets as collateral for the delayed payment, according to the statement.

    Kuailu is the controlling shareholder of Hong Kong-listed Shifang Holding Ltd., according to a report from Xinhua posted on Kuailu’s website. Shifang owns the rights to “Ip Man 3,” a martial arts film starring Donnie Yen and Mike Tyson. Xinhua reported last month that the film industry watchdog was probing allegations of fraud involving faked box office receipts.

    Kuailu also controls Shenzhen-listed Shanghai SK Petroleum & Chemical Equipment Corporation Ltd., which also invested in the movie, according to a statement dated Feb. 24.

    Shifang said last month that it doesn’t participate in any distribution or release activities of the film and that some online media reports about the movie’s box office results in China may have “greatly affected the reputation of the firm.” (SD-Agencies)