<p>【深圳】深圳的金融監管機構採取措施遏制非法黃金交易活動，針對那些導致該市珠寶中心出現一波違約潮的投機性計劃。</p>
<p>深圳地方金融監管局與其他政府部門合作，於週五（2 月 20 日）發佈命令，要求公司停止未經授權的黃金交易行為，如 “預設定價”、槓桿交易和延期結算。</p>
<p>此次打擊是針對水貝市場內影子銀行活動激增的反應，飆升的黃金價格暴露了作為無牌期貨經紀人的交易商的脆弱性，導致零售投資者遭受重大損失。</p>
<p>通知禁止企業通過在線平台進行黃金交易——包括微信羣、應用程序和網站——以回收或材料銷售為名。新規特別針對客户支付定金以鎖定特定重量黃金價格的計劃，客户在後期根據市場價格波動結算差價，而沒有實際交付實物黃金。</p>
<p>此外，監管機構還禁止與黃金保管或租賃相關的 “本金保護” 投資計劃，這些計劃提供固定回報。新規還包括對通過直播或未經授權的軟件推廣黃金產品的限制。</p>
<p>該局進一步警告，涉及非法商業運營、合同欺詐或非法籌款的違規行為可能會導致警方的刑事調查。</p>
<p>這一最新舉措是在水貝珠寶市場流動性危機蔓延之後採取的，該市場在 2025 年蓬勃發展的黃金市場吸引了交易商創造不受監管的衍生產品。</p>
<p>在傳統交易中，交易商通過原材料銷售和回收之間的差價獲利。然而，許多交易商引入了 “預設定價” 模式以對沖價格波動。在該模式下，客户支付小額定金以確保價格，交易在後期結算。</p>
<p>最初作為對沖策略的做法演變為高風險投機。交易商作為市場做市商，實際上是在對客户下注，因為他們未能交付實物黃金。隨着黃金價格飆升，許多持有空頭頭寸的交易商面臨重大損失。</p>
<p>與要求保證金支付以降低風險的受監管交易所不同——估計每公斤約為 150,000 元（新加坡幣 27,489 元）——許多水貝交易商未能對沖其頭寸，希望從市場下跌或客户損失中獲利。</p>
<p>風險在 2026 年初顯現，當時主要黃金交易商傑沃瑞在 1 月經歷了嚴重的流動性危機。該公司由張志騰領導，通過社交媒體和應用程序吸引個人投資者，提供免手續費和具有競爭力的定價。</p>
<p>傑沃瑞以其之前可靠的三天結算期而聞名，允許客户交易虛擬餘額並在市場上採取空頭頭寸，使用 “空協議定價” 模式，即低買高賣而不持有實物金屬。</p>
<p>當傑沃瑞在 1 月 19 日開始拒絕提款請求時，該計劃崩潰。次日，該公司對每位客户施加了每日 500 元的提款限制，總日支付上限為 1000 萬元。到 1 月 25 日，傑沃瑞申請政府監管以清算資產，承認無法履行其義務。</p>
<p>面對憤怒的投資者，傑沃瑞在 1 月 26 日提出了一項重組計劃：客户可以選擇在七天內接受一次性結算 20% 的本金，或在一年內接受 40% 的結算。許多投資者已向深圳經濟犯罪偵查部門報告了此事件，儘管尚未提出正式的刑事指控。</p>
<p>危機蔓延至其他交易商。1 月 31 日，水貝的另一家交易商雲點當暫停提款，稱其微信平台存在 “合規違規”。該公司表示經歷了三波恐慌性提款，並提供了類似的折扣結算選項。</p>
<p>知情人士告訴《財新》，雖然這些公司獲得了珠寶零售和批發的許可證，但它們已超越實物交易，進入類似期貨的交易，而沒有金融許可證。深圳市場監督管理局和網絡空間管理局目前正在對水貝平台進行非法金融活動的檢查。</p>
<p>法律專家表示，如果這些公司被發現破產，或者其高管潛逃，案件可能會被重新分類為非法籌款或欺詐。</p>
<p>當局此前在 2025 年底曾警告，珠寶交易商不是持牌金融機構，不能管理資產或提供未經授權的投資產品。CAIXIN GLOBAL</p>

中金黃金

<p>深圳監管機構正在打擊非法黃金交易，因珠寶市場出現一波違約潮。地方金融監管局已要求公司停止未經授權的行為，如預設價格和槓桿交易。這一措施是針對影響經銷商的流動性危機，這些經銷商創造了不受監管的衍生產品。此次打擊禁止在線黃金交易和提供固定收益的計劃，而不實際交付黃金。主要經銷商傑沃瑞面臨流動性緊縮，導致提款限制和重組提案。監管部門正在檢查平台的非法活動，並警告稱破產可能會導致欺詐指控</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】深圳的金融監管機構採取措施遏制非法黃金交易活動，針對那些導致該市珠寶中心出現一波違約潮的投機性計劃。</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>深圳地方金融監管局與其他政府部門合作，於週五（2 月 20 日）發佈命令，要求公司停止未經授權的黃金交易行為，如 “預設定價”、槓桿交易和延期結算。</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>此次打擊是針對水貝市場內影子銀行活動激增的反應，飆升的黃金價格暴露了作為無牌期貨經紀人的交易商的脆弱性，導致零售投資者遭受重大損失。</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>通知禁止企業通過在線平台進行黃金交易——包括微信羣、應用程序和網站——以回收或材料銷售為名。新規特別針對客户支付定金以鎖定特定重量黃金價格的計劃，客户在後期根據市場價格波動結算差價，而沒有實際交付實物黃金。</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，監管機構還禁止與黃金保管或租賃相關的 “本金保護” 投資計劃，這些計劃提供固定回報。新規還包括對通過直播或未經授權的軟件推廣黃金產品的限制。</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>該局進一步警告，涉及非法商業運營、合同欺詐或非法籌款的違規行為可能會導致警方的刑事調查。</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>這一最新舉措是在水貝珠寶市場流動性危機蔓延之後採取的，該市場在 2025 年蓬勃發展的黃金市場吸引了交易商創造不受監管的衍生產品。</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>在傳統交易中，交易商通過原材料銷售和回收之間的差價獲利。然而，許多交易商引入了 “預設定價” 模式以對沖價格波動。在該模式下，客户支付小額定金以確保價格，交易在後期結算。</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>最初作為對沖策略的做法演變為高風險投機。交易商作為市場做市商，實際上是在對客户下注，因為他們未能交付實物黃金。隨着黃金價格飆升，許多持有空頭頭寸的交易商面臨重大損失。</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>與要求保證金支付以降低風險的受監管交易所不同——估計每公斤約為 150,000 元（新加坡幣 27,489 元）——許多水貝交易商未能對沖其頭寸，希望從市場下跌或客户損失中獲利。</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>風險在 2026 年初顯現，當時主要黃金交易商傑沃瑞在 1 月經歷了嚴重的流動性危機。該公司由張志騰領導，通過社交媒體和應用程序吸引個人投資者，提供免手續費和具有競爭力的定價。</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>傑沃瑞以其之前可靠的三天結算期而聞名，允許客户交易虛擬餘額並在市場上採取空頭頭寸，使用 “空協議定價” 模式，即低買高賣而不持有實物金屬。</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>當傑沃瑞在 1 月 19 日開始拒絕提款請求時，該計劃崩潰。次日，該公司對每位客户施加了每日 500 元的提款限制，總日支付上限為 1000 萬元。到 1 月 25 日，傑沃瑞申請政府監管以清算資產，承認無法履行其義務。</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>面對憤怒的投資者，傑沃瑞在 1 月 26 日提出了一項重組計劃：客户可以選擇在七天內接受一次性結算 20% 的本金，或在一年內接受 40% 的結算。許多投資者已向深圳經濟犯罪偵查部門報告了此事件，儘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>危機蔓延至其他交易商。1 月 31 日，水貝的另一家交易商雲點當暫停提款，稱其微信平台存在 “合規違規”。該公司表示經歷了三波恐慌性提款，並提供了類似的折扣結算選項。</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>知情人士告訴《財新》，雖然這些公司獲得了珠寶零售和批發的許可證，但它們已超越實物交易，進入類似期貨的交易，而沒有金融許可證。深圳市場監督管理局和網絡空間管理局目前正在對水貝平台進行非法金融活動的檢查。</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>法律專家表示，如果這些公司被發現破產，或者其高管潛逃，案件可能會被重新分類為非法籌款或欺詐。</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>當局此前在 2025 年底曾警告，珠寶交易商不是持牌金融機構，不能管理資產或提供未經授權的投資產品。CAIXIN GLOBAL</p>
</div>

中國深圳在違約潮中嚴厲打擊高風險的黃金交易