20倍杠杆诱惑：跑路的深商中汇，背后的场外期权“灰产”

Core Viewpoint - The recent collapse of Shenzhen Shenshang Zhonghui Holdings Co., Ltd., the largest off-exchange options channel business, has exposed the underlying issues and risks associated with the off-exchange options market in China [1][3]. Group 1: Company Overview - Shenzhen Shenshang Zhonghui is a wholly-owned subsidiary of Shenzhen Pingbang Fund Management Co., Ltd., with a reported monthly trading volume of nearly 5 billion yuan [5][6]. - The company was involved in various financial services, including overseas immigration, distressed assets, individual stock options, and market value management [6][7]. - The company had recently opened a new branch in Luohu, Shenzhen, just months before its collapse [8]. Group 2: Incident Details - Employees reported that the company's management had disappeared, leaving many investors unable to exercise their options, with losses potentially reaching millions [2][10]. - The company had stopped processing orders about a week before the incident, leading to significant unfulfilled transactions [13][27]. - The company had outstanding debts, including unpaid management fees and rent, indicating financial distress prior to the incident [12][10]. Group 3: Industry Context - The off-exchange options market in Shenzhen is characterized by a large number of companies, with estimates suggesting there are over a thousand such firms involved, handling potentially trillions of yuan [4][37]. - The off-exchange options business has a high entry barrier, requiring companies to meet specific financial qualifications, yet many firms are circumventing these regulations [22][39]. - The allure of high leverage (up to 20 times) has attracted many retail investors, despite the inherent risks associated with such investments [25][20]. Group 4: Regulatory and Market Implications - The incident has raised concerns about the regulatory environment surrounding off-exchange options, with many companies operating in a gray area of legality [36][46]. - There is a growing recognition that the off-exchange options market poses systemic risks, particularly as many companies engage in practices that could be classified as illegal fundraising [52][51]. - The need for enhanced investor education and stricter regulatory oversight has been emphasized, as the market continues to evolve and attract more participants [52][50].