There are also gold exchanges that have been closed one after another. On May 13, a reporter from Beijing Business Daily noticed that similar to the closure of the first batch of four provinces and cities on March 25, the local financial regulatory departments of Shandong, Jilin, Jiangxi, Qingdao, Shenzhen and other provinces and cities issued announcements announcing the cancellation of the business qualifications of the five gold exchanges under their jurisdiction. So far, 11 gold exchanges have been closed.
At the same time, the regulatory authorities also issued an announcement on the clean-up of the "fake gold exchange". Compared with the proper disposal of the gold exchange, the disguised development of financial asset registration, trading, settlement and other services, under the banner of the gold exchange, the "fake gold exchange" is the focus of the rectification work. The act of publicizing the blacklist further makes the "fake gold exchange" have nothing to hide.
Another batch of gold exchanges was shut down
The names of the five financial exchanges closed this time are Jiangxi Gannan Financial Assets Trading Center, Jilin Northeast Asia Innovative Financial Assets Trading Center, Shandong Financial Assets Trading Center, Shenzhen JETCO Qianhai Financial Assets Trading Center, and Qingdao Guofu Financial Assets Trading Center. In addition, the Fujian Provincial Local Financial Administration announced on April 22 that it would cancel the business qualification of Fujian Strait Financial Assets Exchange Center Co., Ltd. The local financial administration of Guangxi Zhuang Autonomous Region issued an announcement on April 28, announcing the cancellation of the financial asset trading business qualification of Nanning Financial Assets Exchange Center Co., Ltd.
A reporter from Beijing Business Daily found that the Jilin and Guangxi financial exchanges have completed the name change in September and November 2023 respectively, and the "Jilin Financial Assets Exchange Co., Ltd." has been cancelled. Qingdao Guofu Financial Assets Trading Center has just completed the change of industrial and commercial information on May 8, and the company name has been changed to Qingdao Guofu Supply Chain Management Service Co., Ltd.
The content of the announcements issued by the first batch of Hunan and other four places is basically the same, and the above-mentioned provincial and municipal announcements all announce the cancellation of the financial asset trading business qualifications of the existing gold exchanges within their jurisdictions, remind them of the risk of "fake gold exchanges", and make provisions and explanations for the business activities of local trading venues. For example, the Jiangxi Provincial Local Financial Administration announced that it would cancel the financial asset trading business qualification of Gannan Financial Assets Trading Center Co., Ltd. After the cancellation, there is no longer a financial asset trading venue in Jiangxi Province. A reporter from Beijing Business Daily found that at present, the company's webpage can no longer be opened.
Image source: Jiangxi Provincial Local Financial Administration
According to the announcement of the Shenzhen Local Financial Supervision and Administration Bureau, Shenzhen JETCO Qianhai Financial Assets Trading Center Co., Ltd. took the initiative to apply for withdrawal from the trading venue industry and no longer engaged in trading venue-related business. From now on, there is no longer a legal financial asset trading venue in Shenzhen.
Shenzhen JETCO Qianhai Financial Assets Trading Center Co., Ltd. announced on its official website that "in response to national regulatory policies, the company withdrew from the trading venue industry with the approval of the Shenzhen Qianhai Local Financial Supervision and Administration Bureau". A reporter from Beijing Business Daily noticed on the company's official website that the platform currently only retains online auction and asset investment services. According to the customer service, it is expected that the auction business will continue to be carried out, and the handover of the user's stock financial asset trading business can be handled by contacting the corresponding account manager.
Image source: Screenshot of the official website
As early as March 25, Hunan, Liaoning, Chongqing, and Xi'an successively issued announcements, respectively announcing the cancellation of the business qualifications of four financial exchanges, including Hunan Financial Assets Trading Center Co., Ltd., Liaoning Financial Assets Trading Center Co., Ltd., Chongqing Financial Assets Exchange Co., Ltd., and Xi'an Baijin Financial Assets Trading Center Co., Ltd. So far, a total of 11 gold exchanges have been closed.
In the eyes of industry insiders, the second round of gold exchange closure has accelerated the release of the regulator's determination to rectify the gold exchange. At present, the stock business of several financial exchanges that have been closed down is small, and it is relatively easy to dispose of it; There are still many stock problems, and it may take longer to quit the work. "From the point of view, the closure and withdrawal of gold exchanges in other cities will be a high probability event." Wang Pengbo, chief analyst of Broadcom Consulting, said.
Clean up the "fake gold exchange" and publicize the blacklist
In addition to the closure of the gold exchange, the regulatory authorities in Shandong, Guangxi and other places have also issued announcements on the clean-up of the "fake gold exchange". Among them, it is important to remind the general public to effectively enhance the awareness of risk identification and prevention, resolutely resist all kinds of illegal financial activities, establish a correct concept of investment and financing, and keep in mind that investment is risky, financial management needs to be cautious, and risks must be borne by themselves.
According to the announcement on the cancellation of enterprises involved in the clean-up of the "fake gold exchange" in Yantai City, Shandong Hongda Financial Information Consulting Services Co., Ltd. (formerly known as Yantai Hongda Property Rights Trading Co., Ltd.) was established without the approval of the provincial people's government, and is only a business service enterprise, which does not have the qualifications to carry out various trading venue business, and is not allowed to provide registration and filing services for non-standard debt financing activities. The company has completed the cancellation of industrial and commercial registration on March 29, 2024.
According to the announcement of the Jiangxi regulatory authorities, the "fake gold exchange" is an industrial and commercial enterprise that provides registration and filing services for non-standard debt financing activities, and often contains the words "credit assets", "filing and registration", "settlement", "production registration" and "production management" in the name and business scope. Since 2020, Jiangxi Province has found and cleared a total of 31 "fake gold exchange" institutions.
In fact, compared with the proper disposal of the uneven gold exchange, the disguised financial asset registration, trading, settlement and other services, the "fake gold exchange" under the banner of the gold exchange is the focus of the rectification work.
It is worth noting that Jiangxi Province also listed the list of these 31 companies and the progress of processing in the announcement. According to incomplete statistics from a reporter from Beijing Business Daily, there are also "fake gold exchanges" in Jinan, Yantai, Liaocheng, Jining, Jining, Baise and Yulin in Guangxi, which have been investigated and cleaned up and publicized.
The market has been suffering from the "fake gold exchange" for a long time, and the action of the regulatory blacklist has undoubtedly further sounded the alarm and reduced the living space of the "fake gold exchange". Pan Helin, a well-known economist, said that a large part of the "fake gold exchange" has a certain degree of capital pool problems, and there will even be Ponzi schemes, and the public list can help investors identify and avoid being deceived. For cleaning and rectification, the list will also have a good pointing effect, so that the supervision can more accurately locate these "fake gold exchanges".
However, a reporter from Beijing Business Daily searched for keywords such as "financial asset services" and "asset settlement" in Tianyancha and found that there are still many enterprises with relevant names, and the authenticity of the business is difficult to distinguish between true and false, and the business scope marked in it is not lacking in "asset securitization products, trust asset income rights, enterprise equity income rights registration, custody, transaction settlement and other services" and "transactions, registration, custody and settlement of leased assets and leased assets".
Compared with the gold exchange, which was previously approved by the local government, it is more difficult to characterize and clean up the "fake gold exchange" that is flexible and has a variety of identities. Pan and Lin pointed out that "fake gold exchanges" now often use the Internet to solicit investors, which makes their existence more hidden and more widely disseminated, and because there is no fixed place, it is often difficult for regulators to find the parties. In the future, more attention should be paid to information transparency, and the list of "fake gold exchanges" should be widely disseminated so that there is "nothing to hide".
Beijing Business Daily reporter Yue Pinyu Dong Hanxuan