Core Viewpoint - The collapse of Yongkun Gold, a jewelry company, has revealed a fraudulent scheme disguised as a gold investment platform, leading to significant financial losses for investors [1][3][25]. Company Overview - Yongkun Gold was established in March 2014, with a major shareholder holding 66.66% of the company [1]. - The company operates over 50 gold jewelry sales outlets across various regions, including Zhejiang, Guangdong, and Hong Kong [1]. - As of November 7, 2024, Yongkun Holdings reduced its registered capital from 112 million to 102.3 million yuan [1]. Investment Scheme - Yongkun Gold promoted its services with slogans like "store gold to earn interest" and "capital preservation through gold trading" [3]. - Investors were unable to withdraw their funds on May 20, 2025, as all redemption channels were closed [3]. - The company had previously faced withdrawal issues in 2021 but continued to operate under the same brand [5]. Contractual Agreements - Investors signed three contracts: a gold sales purchase contract, a gold custody contract, and a gold repurchase contract, promising annual returns of 6.5% to 9% depending on the investment amount [9][12]. - The investment model claimed that regardless of gold price fluctuations, investors would either profit from selling or receive a refund, creating an illusion of a risk-free investment [13][14]. Fraudulent Practices - Investigations revealed that most of the gold supposedly held for investors never existed, with funds being transferred directly to the personal account of the chairman [6][24]. - The company misled investors into believing their gold was securely stored in bank vaults and insured, but insurance only covered specific risks like fire and explosion [21][22]. Marketing and Promotion - Yongkun Gold utilized a multi-level marketing strategy, incentivizing existing customers to recruit new investors with promises of high commissions [30][32]. - The company falsely claimed to be listed, which was misleading as it was only registered on a local equity transfer platform [20]. Financial Implications - As of April 28, 2025, Yongkun Gold had at least 4.1 billion yuan in insured gold assets, but the reality of these assets was questionable [22]. - The company's operational model resembled a Ponzi scheme, with funds being pooled and used to pay returns to earlier investors rather than being invested in actual gold [26][27]. Conclusion - The case of Yongkun Gold serves as a cautionary tale about the risks associated with seemingly guaranteed investment returns, particularly in the gold sector, which is often perceived as a safe haven [33].

Group 1 - The company aims to open 50 new overseas stores in the next three years [1] - The company will continue to expand its presence in the mainland market [1]

Core Points - The company announced a cash dividend distribution of 0.72 CNY per share (before tax) for the fiscal year 2024, approved at the shareholders' meeting on May 28, 2025 [2][4] - The total cash dividend to be distributed amounts to 560 million CNY (before tax), based on a total share capital of 777,777,800 shares [4] Dividend Distribution Details - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the dividend record date [3] - The distribution method involves the China Securities Depository and Clearing Corporation managing the payment through its clearing system, with shareholders able to collect their dividends at their designated securities firms [5] Taxation Information - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, resulting in a net distribution of 0.72 CNY per share [7] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, leading to a net dividend of 0.648 CNY per share [8] - For Hong Kong investors through the Stock Connect, a similar 10% withholding tax applies, resulting in a net dividend of 0.648 CNY per share [8] Upcoming Events - The company will hold a performance briefing on June 16, 2025, to discuss the 2024 annual results and the first quarter of 2025, allowing investors to submit questions in advance [10][12] - The briefing will be conducted via video recording and online interaction at the Shanghai Stock Exchange Roadshow Center [11][14]