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 and jewelry industry and diversified into real estate and capital markets, is facing an unprecedented liquidity crisis, with reports of delayed repayments on financial products and a significant operational shutdown [1][5][25]. Group 1: Company Overview - Jinyafu Holdings Group was established in 2006 with a registered capital of 1 billion yuan, primarily engaged in gold and jewelry design, production, industrial park development, and financial investment [5]. - The company had previously adopted a "gold + finance" dual-driven model as its core competitive advantage, attracting many investors with expected returns on financial products ranging from 8% to 12% [5][21]. Group 2: Current Crisis - The liquidity crisis has escalated, with reports of delayed repayments on multiple financial products since Q3 2025, initially attributed to "project repayment not meeting expectations" [5][6]. - By November 2025, the crisis fully erupted, with various financial products, ranging from 3 months to 2 years in duration, failing to pay back principal and interest, involving amounts from tens of thousands to hundreds of millions [5][6]. - Investors have expressed frustration, noting that they were drawn to the stability and high returns of the gold industry, but are now unable to recover both interest and principal [5][6]. Group 3: Government Intervention - Local government departments have intervened, advising investors to report to the police and submit relevant materials, while a team of accountants has been hired to assess the company's assets [4][6][21]. - The company has not responded to inquiries regarding the repayment crisis, and its official communication lines have gone silent [4][6]. Group 4: Operational Status - The company's headquarters has reportedly been vacated, with employees initiating labor arbitration to recover unpaid wages [7][8][20]. - Observations at the former office location confirmed that the premises were empty, with minimal remnants of previous operations [8][10]. Group 5: Project Developments - Jinyafu's liquidity issues are linked to its investments in real estate projects, which have not progressed as planned, exacerbating financial strain [21][22]. - The company has engaged in various financing activities, including pledging sales returns from precious metal product agreements to secure approximately 118 million yuan in financing [6][21]. - Despite the ongoing crisis, some projects, such as the Jinfu Sheng Golden Jewelry Ecological City, have reportedly reached construction milestones, while others, like the Lunjiao Sanzhou Village project, have faced significant delays [22][23][24]. Group 6: Management Actions - Prior to the crisis, the company's actual controller, Huang Shikun, engaged in capital operations, including a significant share acquisition in a Hong Kong-listed company, and subsequently sold shares amid the liquidity crisis [21][25]. - A video message from a company representative acknowledged the severe challenges faced and indicated efforts to safeguard customer interests [25].