Golden giant Jinyafu's 7 billion financial management explosion: Dangerous gold entrusted, "bulk order holding" and "name stock actual debt" behind the 10% high returns

In November, a large number of products related to Jinyafu started to experience widespread delays, with some products promising annualized returns of over 10% and involving funds of 7 to 8 billion yuan. Some of these products, under the name of "gold trust", led consumers to sign gold trading contracts without taking physical delivery of the gold, instead signing trust contracts with related parties for investment, promising fixed returns. Some private equity products purportedly investing in equity or gold recycling projects, provided implicit capital protection through repurchase commitments, guarantee supplements, and other forms in supplementary agreements, or are suspected of constituting "equity in name but debt in reality". Recently, reporters visited Jinyafu's group headquarters in Luohu, Shenzhen, which were mostly empty, with the office doors locked and the lease terminated. According to the Yantian District Office for Combating Illegal Fundraising in Shenzhen, the government has set up a special team to intervene, and Jinyafu executives are still in the country, with specific disposal plans under study.