上海黄金交易所：取消东方金钰会员资格

Core Viewpoint - The cancellation of membership for Dongfang Jinyu Co., Ltd. by the Shanghai Gold Exchange highlights significant operational and legal risks, impacting its ability to trade precious metals and diminishing its market credibility [1][3]. Company Summary - Dongfang Jinyu, established in 1993, primarily engages in the design, procurement, and sale of jewelry products, including jadeite raw stones and gold bars [4]. - The company went public in 2004 through a reverse merger, becoming the first listed company in China's jade industry [4]. - In 2015, the stock price peaked at 20.45 yuan per share, with a market capitalization nearing 280 billion yuan, largely due to market manipulation by its former executives [4]. Financial Misconduct - In September 2020, Dongfang Jinyu faced administrative penalties from the China Securities Regulatory Commission for financial fraud, resulting in a fine of 600,000 yuan and market bans for several executives [5]. - The company inflated its reported revenues and profits in multiple financial statements from 2016 to 2018, with discrepancies amounting to 1.42 billion yuan, 2.95 billion yuan, and 1.2 billion yuan in revenue, and 950 million yuan, 1.84 billion yuan, and 790 million yuan in profit, representing significant percentages of total profits for those periods [5]. Market Impact - The cancellation of membership means Dongfang Jinyu can no longer engage in trading precious metals through the Shanghai Gold Exchange, severely affecting its operational capabilities and market reputation [3]. - The case of Dongfang Jinyu is not isolated, as other companies have also faced similar penalties from the Shanghai Gold Exchange for failing to meet membership obligations and exhibiting significant operational risks [7][8].