上海黄金交易所：取消会员资格！

Core Viewpoint - The Shanghai Gold Exchange has revoked the membership of Dongfang Jinyu Co., Ltd. due to long-term failure to fulfill basic membership obligations, poor management, and significant legal risks [1][3]. Group 1: Company Background - Dongfang Jinyu was established in 1993 and primarily engages in the design, procurement, and sale of jewelry products, including jade raw stones and gold bars [5]. - The company became the first listed jade company in China after a series of equity transfers and asset swaps in 2004 [5]. - In 2015, the company's stock price peaked at 20.45 yuan per share, with a market capitalization nearing 28 billion yuan [5]. Group 2: Financial Misconduct - In September 2020, Dongfang Jinyu was penalized by the China Securities Regulatory Commission for financial fraud, resulting in a fine of 600,000 yuan and market bans for related executives [6]. - The company inflated its revenue and profit figures in annual reports from 2016 to 2018, with inflated revenues of 142 million yuan, 295 million yuan, and 120 million yuan, and inflated profits of 95 million yuan, 184 million yuan, and 79 million yuan, representing 29.6%, 59.7%, and 211.5% of the respective total profits [6]. Group 3: Market Impact - The revocation of membership means Dongfang Jinyu can no longer trade precious metals and derivatives through the Shanghai Gold Exchange, severely impacting its market credibility and competitiveness [3]. - Dongfang Jinyu is not the first company to lose its membership; several others have faced similar fates due to non-compliance and operational risks [8][9].