上海黄金交易所：取消会员资格！

Core Viewpoint - The cancellation of membership for Dongfang Jinyu Co., Ltd. by the Shanghai Gold Exchange highlights significant operational and legal risks within the company, impacting its market credibility and competitive position in the precious metals trading sector [2]. Company Overview - Dongfang Jinyu was established in 1993, primarily engaged in the design, procurement, and sales of jewelry products, including jade raw stones, finished jade products, gold bars, and gold jewelry [4]. - The company became the first listed jade company in China after a series of equity transfers and asset swaps in 2004, changing its name to Dongfang Jinyu [4]. Financial Misconduct - In 2014 and 2015, the company's stock price was artificially inflated through collusion with private equity investors, reaching a peak of 20.45 yuan per share, with a market capitalization nearing 28 billion yuan [5]. - Following a series of financial scandals, including significant inventory issues and financial fraud, the company faced administrative penalties from the China Securities Regulatory Commission in 2020, resulting in a fine of 600,000 yuan and market bans for related executives [5]. Membership Cancellation - The Shanghai Gold Exchange announced the cancellation of Dongfang Jinyu's membership due to long-term failure to fulfill basic membership obligations and severe legal risks, which prevents the company from trading precious metals and derivatives [2]. - Dongfang Jinyu is not the first company to lose its membership; several other firms have faced similar fates due to operational and legal issues, indicating a trend of increased scrutiny within the industry [8].