究竟金雅福控股还有哪些优质资产？作为赔付标的的"智慧金 店"又是怎么一回事？ 作者：刘颖 邹永勤 封图：邹永勤拍摄 近日，位列中国企业500强、深耕黄金产业链二十多年的深圳金雅福控股集团有限公司（下称"金 雅福控股"），因旗下黄金理财产品延期兑付引发了市场的广泛关注。 天眼查信息显示，2025年12月25日，在深圳市盐田区沙头角街道田心社区沙盐路3018号盐田现 代产业服务中心（一期）A座24-10（即金雅福控股注册地址），又新成立了一家名为"深圳兑金 通科技有限公司"（下称"兑金通科技"）的公司。 对于"兑金通"三个字，和金雅福控股有过接触的人都应该耳熟能详。兑金通官网显示，兑金通是 金雅福控股打造的智能黄金回收品牌，涵盖自助回收、快递回收、到店回收、上门回收四个板块。 其中的自助回收板块，就是市场俗称的"智慧金店"业务。 与此同时，多名身陷此次爆雷事件的投资者亦向经济观察报记者爆料，称金雅福控股日前给他们提 出了"智慧金店"权益置换方案。方案的大概内容是，权益人可以将其购买的理财产品置换成"智慧 金店"的加盟权益，在达到退出目标基础上获得市场价值回报。原合同到期与未到期均可置换，可 部分权益置换或全部权益 ...

经济观察报记者 邹永勤 刘颖 近日，位列中国企业500强、深耕黄金产业链二十多年的深圳金雅福控股集团有限公司（下称"金雅福控 股"），因旗下黄金理财产品延期兑付引发了市场的广泛关注。 截至目前，对于此次"金雅福爆雷"事件涉及的资金规模有多大以及资金的去向仍没有一个明确的说法。 12月28日至29日，记者来到水贝黄金珠宝商圈进行实地探访，试图了解一下圈内人士是如何看待此 次"金雅福爆雷"事件的。 调查结果显示，圈内人士普遍对此事件态度淡然。其中，在田贝地铁站附近拥有一家金银饰品商铺的何 老板对记者表示，在深圳黄金珠宝商圈，每年都会有这样的爆雷跑路事件，大家对此早已司空见惯了， 只不过此次"金雅福爆雷"涉及的资金较多，所以闹得动静有点大而已。 当记者问及，为何金价持续上涨仍会出现爆雷跑路事件时，何老板表示，这类黄金理财平台，很多都是 把投资者的钱另作它用而不是真正的买黄金，当他们投资的项目不行了，那就只能爆雷跑路。"比如金 雅福的黄老板，这几年搞了那么多房地产项目，谁能保证没有挪用理财平台的钱？" 公开信息显示，金雅福控股近年来确实在大举进军房地产领域，比如在深圳市内，它先是主导改造了坂 田 深澳文化产业园，然后 ...

Core Viewpoint - The article discusses the financial troubles faced by Jinyafu Holdings, a company deeply involved in the gold industry, as it struggles with overdue payments on investment products amidst rising gold prices. Investors have reported significant delays in receiving their returns, leading to government intervention and potential legal consequences for the company [2][3]. Group 1: Company Operations and Financial Issues - Jinyafu Holdings has been unable to meet the repayment obligations for its gold investment products, with reports indicating that the total amount involved may range from 7 billion to 8 billion yuan [3]. - Despite the financial turmoil, some of Jinyafu's retail outlets, known as "smart gold stores," continue to operate, and employees are reportedly still receiving salaries [1][3]. - The company has been under investigation by local financial authorities, and several executives have been detained as part of the inquiry into the company's financial practices [2][3]. Group 2: Investor Experiences and Contracts - Investors have expressed frustration over the lack of communication regarding the repayment of their investments, which were often sold with promises of annual returns between 8% and 10% [5]. - Many investors, like one from Hubei who invested over 10 million yuan, were unaware of the risks associated with their investments, as contracts were signed without full disclosure of potential issues [5][6]. - The contracts involved complex arrangements, including agreements with third-party companies for managing the investments, which have raised concerns about the legitimacy of the operations [10]. Group 3: Company Structure and Legal Matters - Jinyafu Holdings operates over 200 subsidiaries, with its main office located in Shenzhen, but many of these locations have been found empty or inactive [12][14]. - Legal actions have been initiated against Jinyafu Holdings for unpaid wages and other financial obligations, indicating broader issues within the company's operational integrity [22]. - The company has proposed various solutions to address the financial crisis, including converting investment products into equity in a subsidiary, but these proposals have largely been rejected by investors [23].

Core Viewpoint - The recent liquidity crisis faced by Jin Yafu Holdings, a former top 500 Chinese enterprise deeply involved in the gold industry, has raised significant market concerns despite soaring international gold prices [1]. Group 1: Company Situation - Jin Yafu has been reported to have delayed the redemption of some financial products, leading to a situation where the company's headquarters appears abandoned, and employees are pursuing labor arbitration for unpaid wages [1]. - Investigations revealed that the company's office in Shenzhen was empty, with a notice indicating the termination of the rental agreement, and the new address provided was also unoccupied [2][4]. - The company has faced investor claims, with reports of multiple labor arbitration notices found in the elevator area of their registered office [4]. Group 2: Business Operations - Despite the ongoing crisis, Jin Yafu's "Smart Gold Store," which allows consumers to conduct gold recycling transactions, continues to operate, although there are delays in fund transfers for recycled gold [7]. - The company previously adjusted its service fees for gold recycling in October, indicating attempts to alleviate financial pressure [7]. Group 3: Investment Products and Risks - Jin Yafu promoted "gold entrusted financial products" with promised annual returns of 8% or higher, but concerns have arisen that the funds may not have been invested in gold as claimed [8][9]. - The crisis has highlighted the risks associated with the "gold entrusted" model, where investors sign contracts without actual delivery of gold, leading to potential fraud and illegal fundraising activities [10]. - The liquidity crisis is believed to be exacerbated by financial strains from real estate projects, which have significantly impacted the company's cash flow [10].

Core Viewpoint - The international gold price has reached a new high, but Jin Yafu Holdings Group, a former top 500 Chinese enterprise deeply involved in the gold industry, is facing an unprecedented liquidity crisis [1] Group 1: Company Situation - Jin Yafu has been reported to have delayed the redemption of some financial products, with its headquarters seemingly abandoned and employees initiating labor arbitration to recover unpaid wages [1] - The company's office in Shenzhen has been found empty, with a notice indicating the termination of the rental agreement, and a new address that has not been occupied [2] - The company has also faced investor claims, with reports of a significant number of labor arbitration notices found at its registered location [2][3] Group 2: Business Operations - Despite the ongoing crisis, Jin Yafu's "Smart Gold Store," which allows consumers to conduct gold recycling transactions, continues to operate, although there may be delays in fund transfers after gold recycling [4] - The service fee for gold jewelry has been adjusted to 4% of the total order amount, with a discount available, indicating attempts to alleviate financial pressure [4] Group 3: Investment Products and Risks - Jin Yafu previously promoted "gold entrusted investment" products, which required investors to sign contracts that may not have guaranteed actual gold investment, leading to concerns about the company's ability to meet redemption requests as gold prices rise [5][6] - The incident has highlighted the risks associated with the "gold entrusted" model, where funds may have been diverted to other projects rather than being secured by physical gold, raising alarms for investors [6] Group 4: Regulatory Response - Authorities have established a special task force to handle the situation, focusing on collecting and registering investor information for police processing [3]

Core Viewpoint - The article highlights the liquidity crisis faced by Jin Yafu Holdings Group, a former top 500 Chinese enterprise deeply involved in the gold industry, amidst rising international gold prices. The company has been reported to have delayed payments on some financial products, leading to significant market concern [1]. Group 1 - Jin Yafu's headquarters in Shenzhen has been vacated, with employees initiating labor arbitration to recover unpaid wages. The office was found locked, and a notice indicated a change of address due to "cost reduction and efficiency improvement" [3][4]. - Investigations revealed that Jin Yafu's subsidiary, Jin Cheng Family Management Consulting Co., had also failed to secure a lease at a new proposed location, further indicating operational instability [3]. - The company has faced investor claims, with reports of a specialized task force being set up to handle complaints related to illegal fundraising [4]. Group 2 - Despite the ongoing crisis, Jin Yafu's "Smart Gold Store" operations continue, allowing customers to conduct gold recycling transactions. However, delays in fund transfers for recycled gold have been reported, and staff salaries are being paid late [9]. - The company previously adjusted its recycling service fees in October, indicating attempts to alleviate financial pressure by modifying service charges [9]. Group 3 - Jin Yafu has been involved in promoting "gold entrusted investment" products, which promised high annual returns but may not have actually invested in gold. This has raised concerns about the legitimacy of their operations and the potential for fraud [11]. - The crisis has exposed the risks associated with the "gold entrusted" model, where investor funds were allegedly diverted to other projects, leading to a breakdown in trust and financial stability [12]. - The company has not issued any official statements regarding the liquidity crisis or potential solutions, leaving investors and the market in uncertainty [12].

Core Insights - The continuous high gold prices have stimulated the growth of gold recycling businesses, particularly in Shenzhen, where "smart gold stores" have been established, allowing consumers to conduct gold recycling transactions similarly to using an ATM [1][19] - The monthly recycling volume at the main "smart gold stores" in Shenzhen has exceeded 1 kilogram, indicating a strong market demand [2][19] Group 1: Smart Gold Store Operations - The "smart gold store" operates like an ATM, providing a user-friendly interface for gold recycling, with real-time display of international gold prices [2][6] - The machines can recycle gold with a purity of over 50% and weights ranging from 3 grams to 1000 grams, while also offering lightweight gold products for sale [2][6] - The gold recycling process is efficient, allowing users to complete a transaction in about 1 minute for ordering and 3 minutes for automatic detection, with payment processed in as little as 30 minutes [6][11] Group 2: Market Performance and Expansion - In the past month, key stores in the Futian area have recycled approximately 1 kilogram of gold, with some stores like Shanghai Global Harbor reporting over 19,000 grams in September [11][19] - The "smart gold store" has expanded its operations to nearly 100 core cities across China and has established partnerships with over 50 banks, serving more than 300,000 users [19][20] - The international version of the "smart gold store" has successfully launched in regions such as Hong Kong, Macau, and New York, with plans for further expansion into Europe and the United States [19][20] Group 3: Corporate Developments - The parent company, Jinya Fu Group, reported revenues of approximately 60 billion yuan in 2023 and 51.5 billion yuan in 2022, reflecting strong financial performance [19] - The group has acquired a 75% stake in Tokyo Central Auction, now renamed "Shangshan Gold International Holdings," to enhance its global footprint in the gold market [20][21] - The establishment of Hong Kong Shangshan Technology Co., Ltd. aims to support the global expansion of gold smart terminals and related businesses [20][24]

Group 1 - Tokyo Central Auction (01939) saw a nearly 6% increase in stock price towards the end of trading, closing at 8.62 HKD with a trading volume of 15.49 million HKD [1] - The company announced a change in its Chinese stock name from "Tokyo Central Auction" to "Shangshan Gold," effective from 9 AM on August 26 [1] - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, which aims to globalize its gold smart terminal business and expand its gold-related operations [1] Group 2 - In May, ESSA FINANCIAL, controlled by Huang Shikun, acquired Tokyo Central Auction, completing the takeover on June 20, resulting in ESSA holding a 66.83% stake and Huang becoming the actual controller [1] - In 2024, based on the mature smart recycling and purchasing terminals, Jin Yafu plans to launch an innovative "Smart Gold Store" business model, which will cover nearly 100 core cities in China by June 2025 [1] - The "Smart Gold Store" will be present in over 30 high-end commercial systems across major cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Xi'an, and Changchun [1]

Core Viewpoint - Tokyo Central Auction (01939) has seen a significant increase in stock price, rising nearly 6% towards the end of trading, with a current price of 8.62 HKD and a trading volume of 15.49 million HKD [1] Company Developments - The company announced a change in its Chinese stock name from "Tokyo Central Auction" to "Shangshan Gold," effective from 9 AM on August 26 [1] - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, which aims to globalize its gold smart terminal business and expand its gold-related operations [1] Ownership Changes - In May, ESSA FINANCIAL, controlled by Huang Shikun, acquired Tokyo Central Auction, completing the takeover on June 20, resulting in ESSA holding a 66.83% stake and Huang Shikun becoming the actual controller of the company [1] Business Model Innovation - In 2024, based on the mature smart recycling and purchasing terminals, the company plans to launch an innovative "Smart Gold Store" business model [1] - By June 2025, the "Smart Gold Store" is expected to cover nearly 100 core cities in China, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Xi'an, and Changchun, with over 30 high-end commercial systems [1]

Group 1 - Tokyo Central Auction (01939) saw a nearly 6% increase in stock price, currently up 4.36% at HKD 8.62, with a trading volume of HKD 15.4988 million [1] - The company announced a change in its Chinese stock abbreviation from "Tokyo Central Auction" to "Shangshan Gold," effective from 9 AM on August 26 [1] - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, which aims to globalize its gold smart terminal business and expand its gold-related operations [1] Group 2 - In May, ESSA Financial, controlled by Huang Shikun, acquired Tokyo Central Auction, completing the takeover on June 20, resulting in ESSA holding a 66.83% stake and Huang becoming the actual controller [1] - In 2024, based on the mature smart recycling and purchasing terminals, Jin Yafu plans to launch an innovative "Smart Gold Store" business model [1] - By June 2025, the "Smart Gold Store" is expected to cover nearly 100 core cities in China, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Xi'an, and Changchun, with over 30 high-end commercial systems [1]