金雅福兑付危机发酵，公司经营停滞、实控人股票遭强制出售

Core Viewpoint - Jinyafu Holdings Group, previously focused on the gold jewelry industry and diversified into real estate and capital markets, is facing an unprecedented liquidity crisis, leading to delayed repayments of financial products and employee disputes over unpaid wages [1][3]. Group 1: Company Overview - Jinyafu Holdings Group was established in 2006 with a registered capital of 1 billion yuan, controlled by Huang Shikun, and operates in multiple sectors including gold jewelry design, production, industrial park development, and financial investment [3]. - The company previously utilized a "gold + finance" dual-driven model as its core competitive advantage, with expected returns on financial products ranging from 8% to 12%, significantly higher than bank financial products [3]. Group 2: Liquidity Crisis - The liquidity crisis began to escalate in October 2025, with multiple financial products experiencing delayed repayments, initially attributed to "project returns not meeting expectations" [3]. - By November 2025, the crisis fully erupted, affecting various financial products with terms ranging from 3 months to 2 years, involving amounts from tens of thousands to hundreds of millions [3][4]. Group 3: Government Intervention - Local government departments have intervened, advising investors to report to the police and providing assistance in asset liquidation [3][5]. - A comprehensive investigation into the company's assets is underway, with accounting teams hired for asset evaluation [5]. Group 4: Employee Issues - Many employees have initiated labor arbitration due to unpaid wages, with at least 89 employees filing claims against Jinyafu Holdings and its parent company for salary delays and contract disputes [12][14]. - The company has a history of delayed salary payments, with employees reporting that wages have not been disbursed since October 2025 [14]. Group 5: Project Developments - Jinyafu has faced challenges in its real estate projects, particularly in Foshan, Dongguan, and Zhongshan, which have contributed to its liquidity issues [15]. - The company has engaged in significant land acquisitions, including a 1.4 billion yuan investment in a project in Foshan, but progress has been slow, with some projects not even starting construction [15][17]. Group 6: Shareholder Actions - Huang Shikun, the controlling shareholder, has engaged in capital operations, including a significant share sale prior to the liquidity crisis, raising concerns about potential mismanagement [17][18]. - Despite the ongoing crisis, some projects under Jinyafu's subsidiaries claim to be progressing normally, although there are discrepancies in reported project statuses [16][17].