Core Viewpoint - The article discusses the severe issues faced by investors in Yongkun Gold, highlighting the inability to redeem investments and the company's misleading promises regarding gold investment safety and returns [1][12]. Group 1: Company Operations - Yongkun Gold (Zhejiang Yongkun Holdings Co., Ltd.) has been accused of failing to fulfill its gold custody business, leading to significant financial losses for investors, some amounting to millions [1][12]. - The company previously claimed that investors could redeem gold at a profit when prices rose or receive a full refund when prices fell, which has proven to be misleading [2][12]. - Yongkun Gold has been operating since 2014 and claims to be a comprehensive service provider in the gold industry, with a presence in multiple provinces and over 50 retail outlets [12]. Group 2: Investor Experiences - Many investors, including those who have invested for over a decade, are now unable to redeem their gold, with reported amounts reaching up to 700 million yuan [4][6]. - Investors were drawn to Yongkun's offerings due to the perceived safety provided by insurance policies from companies like Taiping Property Insurance, which promised to cover their investments [8][11]. - However, the insurance policies do not cover losses due to the company's operational failures, leading to further investor concerns [8][11]. Group 3: Legal and Regulatory Issues - Local law enforcement has initiated criminal proceedings against Yongkun Gold, but there are concerns about the ability of online investors to recover their losses due to the lack of formal contracts [13]. - Legal experts suggest that Yongkun's business practices may constitute illegal public fundraising, and the investigation will determine if fraud charges are applicable [13].

Core Viewpoint - Zhejiang Yongkun Holdings Co., Ltd. (Yongkun Gold) has attracted thousands of investors through a promised annual return of up to 18% and a "referral commission" mechanism, disguising its operations as legitimate financial products [1][2]. Group 1: Company Overview - Yongkun Gold, established in March 2014, is a subsidiary of Zhejiang Yongkun Holdings, with a significant presence in the gold industry, including over 100 offline stores across the country [13][15]. - The company operates a gold custody model, where most of the gold is not held by investors, and has expanded its business through various sales channels, including e-commerce platforms [6][15]. Group 2: Business Model and Operations - Yongkun Gold's business consists of two main categories: sales-custody-recovery services, promising high returns to investors, and online sales of gold products with a no-loss guarantee [7][10]. - The company has implemented a referral reward system, where investors earn commissions for bringing in new clients, resembling a Ponzi scheme [23]. Group 3: Financial Issues and Legal Troubles - On May 20, 2025, Yongkun Gold faced a liquidity crisis, unable to make payments to clients, leading to investor protests and legal actions for illegal public deposit solicitation [2][4]. - The company was listed in the business abnormality directory due to being unreachable at its registered address, and there are concerns regarding the authenticity of its insurance policies covering over 4.1 billion yuan in gold assets [4][11]. Group 4: Investor Impact - Over 10,000 investors have reportedly been defrauded, with losses exceeding 2 billion yuan, and conservative estimates suggest total losses could reach 5 billion yuan [5][21]. - The high promised returns have lured many investors, including employees of Yongkun Gold, who invested their life savings, only to face significant financial losses [21][24].

Core Viewpoint - A gold investment company in Hangzhou has faced a payment crisis since May 20, leading to significant financial losses for numerous investors, including high-education families [1][2][8]. Group 1: Company Background - The company had previously promised a fourfold return on investments in 2021, which attracted many investors [4][8]. - It claimed to have a "state-owned background" and "bank custody" as credit endorsements, which contributed to its credibility among investors [8]. Group 2: Investment Products and Services - The company offered a "guaranteed redemption" service, where investors would incur a fee of 2 yuan per gram if gold prices increased, while facing no losses if prices fell [5][8]. - Many investors, including retirees, invested their pensions into this company, drawn by the attractive promises of high returns [7][8]. Group 3: Current Crisis - The company's e-commerce platform has experienced widespread payment issues, with initial estimates indicating unpaid amounts reaching several hundred million yuan [8]. - Reports suggest that the company's executives have gone missing, and the financial officer has fled to Yunnan, exacerbating the crisis [8]. - Local law enforcement has initiated an investigation into the company's operations due to the financial irregularities [10]. Group 4: Industry Context - The gold investment sector has seen similar crises, with other companies like Fujian Keguan Jewelry also facing payment issues, indicating a broader trend of instability in the industry [10]. - The rise in gold prices has created significant risks for gold investment companies, as they struggle to meet their promised returns amidst increasing costs [13].