经济观察报 记者 刘颖 邹永勤 当国际金价扶摇直上，不断突破历史高点时，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"）却"爆雷"了。 据多名投资者反映，他们投资的与金雅福控股相关的黄金理财产品从11月开始出现大面积逾期，无论投资者如何催促，金雅福控股都无法给出明确的兑付时 间。 多名投资者称，12月12日，金雅福控股董事长黄仕坤在内部沟通会中称，希望投资者"借给他们一点时间"。目前，投资者已经向相关部门报案。 12月25日下午，经济观察报记者以投资者身份致电深圳市盐田区地方金融管理局，一名工作人员称，11月初已经成立金雅福专班，当时有投资者提及相关产 品兑付不了的情况后，政府便已介入。金雅福涉及的项目盘根错节，他们要核查的东西很多，包含员工的流水等。目前他们正在给金雅福"自救"的机会，如 果发现其资不抵债，将会对其进行后续清算。该工作人员称，目前警方与金融监管等部门协同，黄仕坤虽然人在香港，但他的弟弟黄仕峰以及一众高管已经 被经侦控制。他进一步表示，对于金雅福这件事涉及的资金总规模有多大、涉及的人数有多少，还是未知数，建议可参考网上的消息（网传70亿元到80亿 元）。现在，他们正处于 ...

Core Insights - The company, Shangshan Gold, has completed a placement of 11.88 million shares, raising approximately HKD 90 million, which will be focused on global channel expansion and brand system development, particularly in the area of gold smart terminals [1] - The gold recycling market is experiencing significant growth, driven by a combination of market pain points and policy incentives, with China's gold consumption far exceeding production [2][4] - Shangshan Gold's smart terminal model addresses traditional industry pain points such as price transparency and long payment cycles, creating disruptive opportunities [4][5] Market Dynamics - Global gold demand reached 1,206 tons in Q1 2025, with Southeast Asia showing remarkable growth, particularly in Singapore, where demand increased by 35% year-on-year [2] - China's gold production in 2024 was 534.106 tons, a 2.85% increase, while consumption was 985.31 tons, indicating a significant gap between supply and demand [2] Technological Advancements - Shangshan Gold's smart terminals, developed over a decade, have received multiple certifications and can perform precise gold detection in just three minutes, addressing trust and efficiency issues in traditional recycling [5][6] - The company has established a unique business model that integrates recycling, retail, and customization, allowing for low investment costs and reduced operational risks [5][6] Expansion Strategy - The placement funds will accelerate Shangshan Gold's global expansion, with the first international smart gold recycling machines launched in Macau, optimized for local market needs [7] - The company has already established nearly 100 smart stores across major cities in China, with a significant increase in recycling volume reported [6][7] Investment Value - Shangshan Gold's competitive edge lies in its extensive intellectual property and industry certifications, which create high barriers to entry in the smart terminal market [8] - The company's strategy of "thousand cities, ten thousand stores" aims to reshape the gold jewelry distribution landscape, drawing parallels with successful models in other industries [8][9] - The combination of market potential, technological innovation, and supportive policies positions Shangshan Gold as a leading player in the global gold smart retail sector [10]

Core Insights - The company, Shangshan Gold, has completed a placement of 11.88 million shares, raising approximately HKD 90 million, which will be focused on global channel expansion and brand system development, particularly in the smart gold terminal sector [1] - The gold recycling market is experiencing significant growth, driven by a combination of market pain points and policy incentives, with China's gold consumption far exceeding production [2][4] - Shangshan Gold's smart terminal model addresses traditional industry pain points such as price transparency and long payment cycles, positioning the company to capitalize on the emerging opportunities in the gold recycling market [4][5] Market Dynamics - Global gold demand reached 1,206 tons in Q1 2025, with Southeast Asia showing remarkable growth, particularly in Singapore, where demand increased by 35% year-on-year [2] - China's gold production in 2024 was 534.106 tons, a 2.85% increase, while consumption was 985.31 tons, indicating a significant gap between supply and demand [2] - The potential for gold recycling is substantial, with an estimated 17,000 tons of privately held gold in China, valued at over CNY 10 trillion, creating a large pool of potential sellers [2] Technological Advancements - Shangshan Gold's core competitiveness lies in its parent company, Jinyafu Group's, technological expertise, having developed a gold recycling smart terminal that has received multiple certifications [5] - The smart terminal, referred to as a "gold ATM," can perform precise gold detection in three minutes and offers real-time price updates, significantly improving the efficiency and trust in the recycling process [5][6] Business Model and Expansion - The investment cost for a smart gold store is significantly lower than traditional gold stores, with a required investment of only CNY 500,000 compared to millions for conventional stores, reducing operational risks [6] - As of June 2025, Jinyafu's smart gold stores have been established in nearly 100 major cities across China, with a 589% increase in total recycling volume year-on-year [8] - The recent capital raise will accelerate Shangshan Gold's global expansion, with the first international smart gold recycling machines already launched in Macau [10] Strategic Positioning - The company aims to leverage its technological barriers and scale advantages to establish a robust market presence, with a focus on a "recycling-retail-customization" model [10][12] - Shangshan Gold's strategy aligns with successful models in other industries, such as Luckin Coffee and Pop Mart, emphasizing standardized products and efficient channel networks for rapid expansion [11][12] - The combination of market demand, technological innovation, and supportive policies positions Shangshan Gold to potentially become a leader in the global smart gold retail sector within the next 3-5 years [12]

Core Viewpoint - The announcement by Shangshan Gold regarding the acquisition of intellectual property rights marks a significant step in the company's strategy to expand its overseas market presence, particularly in Kazakhstan [1] Group 1: Company Developments - Shangshan Gold's stock price increased by nearly 6%, currently trading at 8.86 HKD with a transaction volume of 12.91 million HKD [1] - The company’s wholly-owned subsidiary, Shangshan Technology, will acquire intellectual property rights from Shangshan Intelligent for a nominal fee of 1 HKD, covering all countries and regions outside mainland China [1] - The agreement allows Shangshan Technology to utilize the intellectual property for the production, sales, and operation of licensed products, including smart terminal devices developed by Shangshan Intelligent [1] Group 2: Strategic Partnerships - Following the acquisition of intellectual property rights, Shangshan Technology has entered into a sales contract with Smart Gold to trade in gold recovery smart terminals [1] - This strategic partnership aims to leverage the strengths and resources of both companies to promote the market deployment of smart recovery terminals in Kazakhstan [1] - The collaboration is expected to accelerate the international application of related technologies and products, providing new growth opportunities for the group [1]

Core Viewpoint - The announcement of a strategic partnership and intellectual property licensing agreement by Shangshan Gold (01939) is expected to enhance its market presence and drive international growth, particularly in Kazakhstan's smart recycling terminal market [1] Group 1: Company Developments - Shangshan Gold's stock has seen a nearly 6% increase, currently trading at 8.86 HKD with a transaction volume of 12.91 million HKD [1] - The company’s wholly-owned subsidiary, Shangshan Technology, has acquired intellectual property rights from Shangshan Intelligent for a nominal fee of 1 HKD, covering all regions outside mainland China, including Hong Kong, Macau, Taiwan, and other overseas areas [1] - Following the licensing agreement, Shangshan Technology has entered into a sales contract with Smart Gold to sell gold recycling smart terminals, leveraging both companies' strengths to facilitate market entry in Kazakhstan [1] Group 2: Strategic Implications - The strategic cooperation marks a significant step for the group in expanding its overseas market presence [1] - The licensing agreement is expected to accelerate the international application of related technologies and products, providing new growth opportunities for the group [1]

Group 1 - The core point of the article is the signing of a knowledge property licensing agreement between the subsidiary of Shangshan Gold and Shangshan Intelligent, allowing Shangshan Technology to utilize intellectual property rights for smart terminal devices outside mainland China [1] - Shangshan Technology will pay a nominal fee of 1 HKD for the licensing rights, which include patents, trademarks, copyrights, trade secrets, certification qualifications, and proprietary technologies [1] - The licensing agreement is non-exclusive, non-transferable, and limited to specific regions, with a validity period of six years starting from August 29, 2025 [1] Group 2 - Following the licensing agreement, Shangshan Technology will enter into a sales contract with Smart Gold Management Limited to sell gold recycling smart terminals, aiming to leverage both parties' strengths for market expansion in Kazakhstan [2] - The signing of the sales contract and the strategic cooperation between Shangshan Technology and Smart Gold marks a significant step for the group in expanding its overseas market presence [2] - The company plans to accelerate the international application of related technologies and products, which is expected to create new growth opportunities for the group [2]

Group 1 - The core point of the announcement is that Shangshan Gold has entered into a licensing agreement with its wholly-owned subsidiary, Hong Kong Shangshan Technology Development Co., Ltd., to utilize intellectual property rights outside of mainland China, including Hong Kong, Macau, Taiwan, and other overseas regions [1] - The intellectual property rights granted include patents, trademarks, copyrights, trade secrets, certification qualifications, and proprietary technologies owned or licensed by Shangshan Intelligent [1] - The agreement allows Shangshan Technology to produce, sell, and operate licensed products, including smart terminal devices developed by Shangshan Intelligent, with a non-exclusive, non-transferable, and regionally limited nature [1] Group 2 - Following the licensing agreement, Shangshan Technology will enter into a sales contract with Smart Gold Management Limited to sell gold recycling smart terminals, aiming to leverage both parties' strengths for market expansion in Kazakhstan [2] - The signing of the sales contract and the strategic cooperation between Shangshan Technology and Smart Gold marks a significant step for the group in expanding its overseas market presence [2] - The agreement is expected to accelerate the international application of related technologies and products, providing new growth opportunities for the group [2]