<p>【深圳】深圳的金融监管机构采取措施遏制非法黄金交易活动，针对那些导致该市珠宝中心出现一波违约潮的投机性计划。</p>
<p>深圳地方金融监管局与其他政府部门合作，于周五（2 月 20 日）发布命令，要求公司停止未经授权的黄金交易行为，如 “预设定价”、杠杆交易和延期结算。</p>
<p>此次打击是针对水贝市场内影子银行活动激增的反应，飙升的黄金价格暴露了作为无牌期货经纪人的交易商的脆弱性，导致零售投资者遭受重大损失。</p>
<p>通知禁止企业通过在线平台进行黄金交易——包括微信群、应用程序和网站——以回收或材料销售为名。新规特别针对客户支付定金以锁定特定重量黄金价格的计划，客户在后期根据市场价格波动结算差价，而没有实际交付实物黄金。</p>
<p>此外，监管机构还禁止与黄金保管或租赁相关的 “本金保护” 投资计划，这些计划提供固定回报。新规还包括对通过直播或未经授权的软件推广黄金产品的限制。</p>
<p>该局进一步警告，涉及非法商业运营、合同欺诈或非法筹款的违规行为可能会导致警方的刑事调查。</p>
<p>这一最新举措是在水贝珠宝市场流动性危机蔓延之后采取的，该市场在 2025 年蓬勃发展的黄金市场吸引了交易商创造不受监管的衍生产品。</p>
<p>在传统交易中，交易商通过原材料销售和回收之间的差价获利。然而，许多交易商引入了 “预设定价” 模式以对冲价格波动。在该模式下，客户支付小额定金以确保价格，交易在后期结算。</p>
<p>最初作为对冲策略的做法演变为高风险投机。交易商作为市场做市商，实际上是在对客户下注，因为他们未能交付实物黄金。随着黄金价格飙升，许多持有空头头寸的交易商面临重大损失。</p>
<p>与要求保证金支付以降低风险的受监管交易所不同——估计每公斤约为 150,000 元（新加坡币 27,489 元）——许多水贝交易商未能对冲其头寸，希望从市场下跌或客户损失中获利。</p>
<p>风险在 2026 年初显现，当时主要黄金交易商杰沃瑞在 1 月经历了严重的流动性危机。该公司由张志腾领导，通过社交媒体和应用程序吸引个人投资者，提供免手续费和具有竞争力的定价。</p>
<p>杰沃瑞以其之前可靠的三天结算期而闻名，允许客户交易虚拟余额并在市场上采取空头头寸，使用 “空协议定价” 模式，即低买高卖而不持有实物金属。</p>
<p>当杰沃瑞在 1 月 19 日开始拒绝提款请求时，该计划崩溃。次日，该公司对每位客户施加了每日 500 元的提款限制，总日支付上限为 1000 万元。到 1 月 25 日，杰沃瑞申请政府监管以清算资产，承认无法履行其义务。</p>
<p>面对愤怒的投资者，杰沃瑞在 1 月 26 日提出了一项重组计划：客户可以选择在七天内接受一次性结算 20% 的本金，或在一年内接受 40% 的结算。许多投资者已向深圳经济犯罪侦查部门报告了此事件，尽管尚未提出正式的刑事指控。</p>
<p>危机蔓延至其他交易商。1 月 31 日，水贝的另一家交易商云点当暂停提款，称其微信平台存在 “合规违规”。该公司表示经历了三波恐慌性提款，并提供了类似的折扣结算选项。</p>
<p>知情人士告诉《财新》，虽然这些公司获得了珠宝零售和批发的许可证，但它们已超越实物交易，进入类似期货的交易，而没有金融许可证。深圳市场监督管理局和网络空间管理局目前正在对水贝平台进行非法金融活动的检查。</p>
<p>法律专家表示，如果这些公司被发现破产，或者其高管潜逃，案件可能会被重新分类为非法筹款或欺诈。</p>
<p>当局此前在 2025 年底曾警告，珠宝交易商不是持牌金融机构，不能管理资产或提供未经授权的投资产品。CAIXIN GLOBAL</p>

中金黄金

<p>深圳监管机构正在打击非法黄金交易，因珠宝市场出现一波违约潮。地方金融监管局已要求公司停止未经授权的行为，如预设价格和杠杆交易。这一措施是针对影响经销商的流动性危机，这些经销商创造了不受监管的衍生产品。此次打击禁止在线黄金交易和提供固定收益的计划，而不实际交付黄金。主要经销商杰沃瑞面临流动性紧缩，导致提款限制和重组提案。监管部门正在检查平台的非法活动，并警告称破产可能会导致欺诈指控</p>

<p>[SHENZHEN] Financial regulators in Shenzhen moved to curb illegal gold trading activities, targeting speculative schemes that have contributed to a wave of defaults shaking the city’s jewellery hub.</p>
<div class="lb-trans"><p>【深圳】深圳的金融监管机构采取措施遏制非法黄金交易活动，针对那些导致该市珠宝中心出现一波违约潮的投机性计划。</p>
</div><p>The Shenzhen Local Financial Regulatory Bureau, in collaboration with other government departments, issued an order Friday (Feb 20) for companies to halt unauthorised gold trading practices such as “pre-fixed pricing”, leveraged trading and deferred settlements.</p>
<div class="lb-trans"><p>深圳地方金融监管局与其他政府部门合作，于周五（2 月 20 日）发布命令，要求公司停止未经授权的黄金交易行为，如 “预设定价”、杠杆交易和延期结算。</p>
</div><p>The crackdown is in response to the surge of shadow banking activities within the Shuibei market, where skyrocketing gold prices have exposed the vulnerabilities of dealers acting as unlicensed futures brokers, leading to substantial losses for retail investors.</p>
<div class="lb-trans"><p>此次打击是针对水贝市场内影子银行活动激增的反应，飙升的黄金价格暴露了作为无牌期货经纪人的交易商的脆弱性，导致零售投资者遭受重大损失。</p>
</div><p>The notice prohibits businesses from conducting gold trading through online platforms – including WeChat groups, apps and websites – under the pretext of recycling or material sales. The new regulations specifically target schemes where clients pay a deposit to lock in a price for a specific weight of gold, only to settle the difference at a later date based on fluctuating market prices, without any actual delivery of physical gold.</p>
<div class="lb-trans"><p>通知禁止企业通过在线平台进行黄金交易——包括微信群、应用程序和网站——以回收或材料销售为名。新规特别针对客户支付定金以锁定特定重量黄金价格的计划，客户在后期根据市场价格波动结算差价，而没有实际交付实物黄金。</p>
</div><p>In addition, the authorities outlawed “principal-protected” investment schemes related to gold custody or leasing that offer fixed returns. The regulations also include restrictions on the promotion of gold products through livestreaming or unauthorised software.</p>
<div class="lb-trans"><p>此外，监管机构还禁止与黄金保管或租赁相关的 “本金保护” 投资计划，这些计划提供固定回报。新规还包括对通过直播或未经授权的软件推广黄金产品的限制。</p>
</div><p>The bureau further warned that violations involving illegal business operations, contract fraud, or illicit fundraising could lead to criminal investigations by the police.</p>
<div class="lb-trans"><p>该局进一步警告，涉及非法商业运营、合同欺诈或非法筹款的违规行为可能会导致警方的刑事调查。</p>
</div><p>The latest move follows a liquidity crisis spreading in the Shuibei jewelry market, where the booming gold market in 2025 lured dealers into creating unregulated derivative products.</p>
<div class="lb-trans"><p>这一最新举措是在水贝珠宝市场流动性危机蔓延之后采取的，该市场在 2025 年蓬勃发展的黄金市场吸引了交易商创造不受监管的衍生产品。</p>
</div><p>In conventional transactions, dealers earn a margin between raw material sales and recycling. However, many dealers introduced a “pre-fixed pricing” model to hedge against price volatility. In this model, clients paid a small deposit to secure a price, with the transaction settled later.</p>
<div class="lb-trans"><p>在传统交易中，交易商通过原材料销售和回收之间的差价获利。然而，许多交易商引入了 “预设定价” 模式以对冲价格波动。在该模式下，客户支付小额定金以确保价格，交易在后期结算。</p>
</div><p>What began as a hedging strategy evolved into a high-risk speculation. Dealers, acting as market makers, essentially placed bets against their clients by failing to deliver physical gold. As gold prices soared, many dealers who had short positions faced heavy losses.</p>
<div class="lb-trans"><p>最初作为对冲策略的做法演变为高风险投机。交易商作为市场做市商，实际上是在对客户下注，因为他们未能交付实物黄金。随着黄金价格飙升，许多持有空头头寸的交易商面临重大损失。</p>
</div><p>Unlike regulated exchanges that require margin payments to mitigate risk – estimated at about 150,000 yuan (S$27,489) per kilogramme – many Shuibei traders failed to hedge their positions, hoping to profit from market dips or from client losses.</p>
<div class="lb-trans"><p>与要求保证金支付以降低风险的受监管交易所不同——估计每公斤约为 150,000 元（新加坡币 27,489 元）——许多水贝交易商未能对冲其头寸，希望从市场下跌或客户损失中获利。</p>
</div><p>The risks materialised in early 2026, when major gold dealer Jieworui experienced a severe liquidity crunch in January. The company, led by Zhang Zhiteng, had drawn individual investors via social media and apps by offering fee waivers and competitive pricing.</p>
<div class="lb-trans"><p>风险在 2026 年初显现，当时主要黄金交易商杰沃瑞在 1 月经历了严重的流动性危机。该公司由张志腾领导，通过社交媒体和应用程序吸引个人投资者，提供免手续费和具有竞争力的定价。</p>
</div><p>Known for its previously reliable three-day settlement period, Jieworui allowed clients to trade virtual balances and take short positions on the market using an “empty agreement pricing” model, which involved buying low and selling high without holding physical metal.</p>
<div class="lb-trans"><p>杰沃瑞以其之前可靠的三天结算期而闻名，允许客户交易虚拟余额并在市场上采取空头头寸，使用 “空协议定价” 模式，即低买高卖而不持有实物金属。</p>
</div><p>The scheme collapsed when Jieworui beganrejecting withdrawal requestson Jan 19. The following day, the company imposed a daily withdrawal limit of 500 yuan per client, with a total daily payout cap of 10 million yuan. By Jan 25, Jieworui applied for government supervision to liquidate assets, admitting that it could not meet its obligations.</p>
<div class="lb-trans"><p>当杰沃瑞在 1 月 19 日开始拒绝提款请求时，该计划崩溃。次日，该公司对每位客户施加了每日 500 元的提款限制，总日支付上限为 1000 万元。到 1 月 25 日，杰沃瑞申请政府监管以清算资产，承认无法履行其义务。</p>
</div><p>Faced with angry investors, Jieworui proposed a restructuring plan on Jan 26: clients could either accept a one-time settlement of 20 per cent of their principal within seven days or a 40 per cent settlement over the course of one year. Many investors have reported the incident to the Shenzhen Economic Crime Investigation Department, though no formal criminal charges have been filed.</p>
<div class="lb-trans"><p>面对愤怒的投资者，杰沃瑞在 1 月 26 日提出了一项重组计划：客户可以选择在七天内接受一次性结算 20% 的本金，或在一年内接受 40% 的结算。许多投资者已向深圳经济犯罪侦查部门报告了此事件，尽管尚未提出正式的刑事指控。</p>
</div><p>The crisis spread to other dealers. On Jan 31, Yundiandang, another dealer in Shuibei, suspended withdrawals, citing “compliance violations” on its WeChat platform. The company said it endured three waves of panic-driven withdrawals and offered similar discounted settlement options.</p>
<div class="lb-trans"><p>危机蔓延至其他交易商。1 月 31 日，水贝的另一家交易商云点当暂停提款，称其微信平台存在 “合规违规”。该公司表示经历了三波恐慌性提款，并提供了类似的折扣结算选项。</p>
</div><p>Sources familiar with the matter told Caixin that while these companies are licensed for jewelry retail and wholesale, they have expanded beyond physical trading into futures-like transactions without financial licences. The Shenzhen Market Supervision Administration and the Cyberspace Administration are currently conducting inspections of Shuibei platforms for illegal financial activities.</p>
<div class="lb-trans"><p>知情人士告诉《财新》，虽然这些公司获得了珠宝零售和批发的许可证，但它们已超越实物交易，进入类似期货的交易，而没有金融许可证。深圳市场监督管理局和网络空间管理局目前正在对水贝平台进行非法金融活动的检查。</p>
</div><p>Legal experts said that if these companies are found to be insolvent, or if their executives abscond, the cases could be reclassified as illegal fundraising or fraud.</p>
<div class="lb-trans"><p>法律专家表示，如果这些公司被发现破产，或者其高管潜逃，案件可能会被重新分类为非法筹款或欺诈。</p>
</div><p>Authorities had previously warned in late 2025 that jewelry dealers are not licensed financial institutions and cannot manage assets or offer unauthorised investment products. CAIXIN GLOBAL</p>
<div class="lb-trans"><p>当局此前在 2025 年底曾警告，珠宝交易商不是持牌金融机构，不能管理资产或提供未经授权的投资产品。CAIXIN GLOBAL</p>
</div>

中国深圳在违约潮中严厉打击高风险的黄金交易