Yao's identity information was confirmed by Li Yan, an employee of GI Technologies, who studied in the same high school as Yao. "Yao is from Shanghai. We know his background and he has nothing to do with senior leaders, or huge amounts of assets. What Guo said about him is ridiculous," Li said.

Yao established a Shanghai-based credit risk consulting firm named Weicheng in 2004, and began working in the asset management industry in 2007.

Gao Huaixue, the actual controlling shareholder of GI Technologies, said her company started business in non-performing asset management and disposition in recent years, and then engaged Yao as a professional manager.

Guo's fabricated "relationship tree" showed that Yao had controlled shares of more than 10 companies, however, these companies actually just had business with GI Technologies.

Of the companies, one engaged in petrol engineering technology was acquired by GI Technologies in 2017 and merged with another company in 2016.

However, the new company failed to provide such resources and cooperation was ended by the end of 2016. In 2017, the new company was finally closed.

"In Guo's logic, companies that have business with me actually belong to me together with all their assets. Thus, my assets will be unlimited. Such logic is ridiculous," said Yao.

Guo claimed that "Yao turned state-owned enterprises into his own" through his work dealing with non-performing assets.

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