登云股份大股东益科系“爆雷”始末

Core Viewpoint - The actual controller of Dengyun Co., Ltd. (002715.SZ), Yang Tao, was arrested on December 25, 2025, for illegal fundraising, leading to judicial freezing of shares held by the controlling shareholder Yike Ruihai Mining Co., Ltd. [2][12] Company Overview - Yike Ruihai is primarily engaged in mineral resource exploration, investment, and mergers, and has participated in multiple gold mining asset operations since its establishment [4][10] - The company has diversified into financial investments, acquiring stakes in various financial institutions, and is recognized as a new capital force in the market, referred to as the "Yike System" [2][10] Investment Products - Yike Ruihai issued investment products with a minimum investment of 1 million yuan and a 12-month term, offering an expected annual return of 9.0% [4] - Recent products have shifted to 24-month terms, with many investors unaware of this change, leading to halted repayments starting in 2024 [5][6] Financial Situation - The Yike System currently has personal investor liabilities of approximately 5.8 billion yuan, with liquid assets exceeding 10 billion yuan [10] - The company has significant gold reserves, with over 700 tons of gold identified in various mining operations, and a total economic value exceeding 200 billion yuan [10] Legal and Regulatory Issues - The products issued by the Yike System were not registered with the relevant financial regulatory authorities, making them illegal under Chinese law [7] - Investors have reported that the service institutions for these products have been deregistered, raising concerns about the legitimacy of the fundraising activities [7] Debt Repayment Agreements - An asset repayment agreement signed by investors indicates that Yike Ruihai plans to repay at least 40% of the principal within 12 months and aims for full repayment within 36 months [9] - Despite these commitments, investors have not received any repayment since the agreement was signed, leading to legal actions against the company [9]