Pan-asia claims that "Rijinbao" is a transaction-based supply chain finance business that provides financing for related companies, and promises to "protect capital and interest, and funds flow in and out" , as they did before the crisis. But when the vicious cycle of "slump-panic-redemption-tight money" is triggered, the situation becomes worse and worse, and the risk of maturity mismatch becomes obvious. To this end, Pan Asia tries to deal with the mismatch of terms in warehouse receipt pledge financing by setting a cap on the amount of funds entrusted to customers, T + 5 transactions, and urging producers to sign repurchase agreements with investors, but the redemption wave has been irreversible, with the "Rijinbao" redemption more difficult, triggering more investors to redeem, resulting in "Rijinbao" capital chain completely broken.