21st Century Economic report reporter Ye Maisui reporting from Guangzhou

The second round of concentrated shutdown of the Gold Exchange is coming. May 10thRedditvideopokerLocal financial regulatory authorities in Shandong, Jilin, Shenzhen, Jiangxi and Qingdao have successively issued announcements that they will cancel the business qualifications of gold exchanges in their respective jurisdictions and remind them of the relevant risks. This also means that nearly two months later, the second round of local gold exchange rectification storm hit again this year, after similar announcements were issued by local financial regulatory authorities in Hunan, Liaoning, Xi'an and Chongqing on March 25. Nearly half of the gold exchanges across the country have been closed after two rounds of centralized announcements.

The second batch of centralized shutdown

It is reported that the gold exchanges closed this time are Jiangxi Gannan Financial assets Trading Center, Jilin Northeast Asia Innovation Financial assets Trading Center, Shandong Financial assets Trading Center, Shenzhen Yintong Qianhai Financial assets Trading Center, and Qingdao Guofu Financial assets Trading Center.

On May 10, the Financial Office of the Shandong Provincial CPC Committee issued a notice saying that Shandong Financial assets Trading Center Co., Ltd. has cancelled its financial assets trading business qualification, and Shandong Financial assets Trading Center Co., Ltd. is no longer engaged in financial assets trading related business. Enterprises with the words "production and registration", "production and registration information", "production and registration management", "property rights transaction", "production and delivery information" and "settlement" appear in some names on the market without the permission of the competent departments of the state in accordance with the law, to provide services such as registration and filing for non-standard financing activities is a "fake gold exchange" organization, which has a greater risk.

On the same day, Shenzhen's local financial management department issued a notice saying that in order to implement the national financial regulatory requirements, Shenzhen Yintong Qianhai Financial assets Trading Center Co., Ltd. voluntarily applied to withdraw from the trading floor industry and no longer engage in trading venue-related business. Since the date of the announcement, there is no longer a legal trading place for financial assets in Shenzhen.

The local financial management department of Jilin Province also issued a notice to cancel the business qualification of Jilin Northeast Asia Innovation Financial assets Trading Center Co., Ltd. Since then, there are no trading places for financial assets in Jilin Province.

The local financial management department of Jiangxi Province announced the cancellation of the financial assets trading business qualification of Gannan Financial assets Trading Center Co., Ltd. After the cancellation, financial assets trading venues no longer exist in Jiangxi Province.

At the same time, the Financial Office of the Jiangxi Provincial CPC Committee said in the announcement that the "fake Gold Exchange" is an industrial and commercial enterprise that provides registration and filing services for non-standard debt financing activities. it often includes words such as "credit assets", "record registration", "settlement", "production and registration" and "production and registration management" in its name and business scope, which is suspected of engaging in illegal financial activities without the permission of the competent department of the state and in violation of national financial management regulations. There is a greater risk, which belongs to the object of clean-up and renovation. Since 2020, 31 "fake gold exchange" institutions have been found and cleared in Jiangxi Province.

The Office of the Financial Committee of the Qingdao Municipal CPC Committee also issued a document to cancel the financial assets trading business qualification of Qingdao Guofu Financial assets Trading Center Co., Ltd., and withdraw from the management of the trading venue. After the withdrawal of Qingdao Guofu Financial assets Trading Center Co., Ltd., there is no gold exchange in the city.

The contents of the announcement of the five places are basically the same as those issued by the first batch of Hunan and other four places.

In addition, the Fujian Provincial Local Monetary Administration issued a public announcement on April 22, announcing the cancellation of the business qualification of Fujian Strait Financial assets Trading Center Co., Ltd. The Local Monetary Administration of Guangxi Zhuang Autonomous region issued a notice on April 28, announcing the cancellation of the financial assets trading business qualification of Nanning Financial assets Trading Center Co., Ltd.

So far, since the regulatory decision to completely shut down the gold exchange, a total of 11 gold exchanges have been closed.

Will continue to shut down and exit

As for the reasons for the continued closure of the gold exchange, Wang Pengbo, chief analyst of the financial industry consulted by Broadcom, said in an interview with the 21st Century Economic report that it is reasonable to cancel the business qualifications of the gold exchange in many places, mainly to strengthen financial supervision and prevent and defuse financial risks. "Finance itself is a strictly regulated industry. Before that, the so-called 'Golden Exchange' had many cases of non-standard operation and serious violations in the course of the exhibition industry, and there were certain risks and hidden dangers. From the processing point of view, mainly from the stored performance from less to more to promote. In the future, the closure and withdrawal of gold exchanges in other prefectures and cities will be a high probability event. "

In retrospect, the gold exchange was originally set up to dispose of local non-performing assets and defuse financial risks. At its peak, the number of gold exchanges across the country once exceeded 100. However, due to the lack of external supervision and complete internal licenses, many gold exchanges have taken bigger and bigger steps, starting to accept wealth management products, P2P and other products, and even become a financing platform for real estate, local debt and third-party wealth management companies. A large number of illegal or even illegal financial products are sold to the public through the platform of the Gold Exchange, which are not only under the cloak of high returns, but also labeled as "break-even". Chaos ensued, which gave rise to a series of problems, which not only disturbed the order of the financial market, but also posed a threat to the safety of public property. Complaints and lawsuits about the Gold Exchange abound.

The regulation soon began to read the "hoop spell" on the gold exchanges everywhere. Previously, the "China Financial Stability report (2023)" issued by the central bank introduced the safe handling of the risks of the Gold Exchange and the "fake Gold Exchange" as the key content of "continuing to clean up and rectify the financial order."

As early as before this round of shutdown, there were also many areas that restricted and closed the gold exchange. Since December 2021, Guizhou, Ningbo, Liaoning, Hainan, Jiangsu, Hebei and other places have announced the ban of financial assets trading venues within their jurisdiction or "unapproved business activities" and other relevant instructions.

"at present, all or most of the closure of the local gold exchange is a high probability event, and the specific time is difficult to predict, but judging from the current strength, it is very likely to be clarified this year and next year." A person familiar with the matter, a former senior executive at the Gold Exchange, told reporters.