As the nation's largest gold and jewelry industry distribution hub, Shenzhen's Shuibei embodies the trust countless people place in "real gold and silver." It aggregates over 70% of the country's gold and jewelry transactions, offering low processing fees and a complete range of products, making it both a fertile ground for industry professionals and the top choice for ordinary consumers looking to hoard gold as a hedge.
However, within this perpetually bustling gold trading market, one merchant, Shenzhen Jie Wo Rui Jewelry Co., Ltd. (hereinafter referred to as "Jie Wo Rui"), recently encountered a massive repayment crisis that has captured market attention.
According to data compiled by investors themselves, Jie Wo Rui's unsettled funds exceed 10 billion yuan; furthermore, based on a petition provided by investors, as of January 27th, preliminary real-name statistics alone showed involved unsettled amounts reached 246 million yuan.
On January 31st, the Luohu District Task Force in Shenzhen issued a situation report stating that, under its supervision, Jie Wo Rui Company is disposing of assets and raising funds, has initiated repayments, launched an online channel for signing and repayment agreements, and established offline liaison points. It has also commissioned a third-party professional agency to audit the company's operations, noting that "preliminary results indicate the amounts circulating online are significantly exaggerated."
Tianyancha information shows Jie Wo Rui was established in June 2014 with a registered capital of 11 million yuan. Its legal representative and actual controller is Zhang Zhiteng, and the company has only 15 employees. Jie Wo Rui's main business is the wholesale of non-ferrous metals and ores. It initially operated as a gold raw material trader in the Shuibei area, gradually shifting towards precious metal retail in recent years and opening up gold pre-priced trading to retail investors.
Jie Wo Rui operates a physical store in Shenzhen's Shuibei, offering three specific business models. The first is a zero-processing-fee exchange model, where users consign their physical gold to the platform and, during specific promotional periods, can exchange it for platform-designated gold jewelry free of processing charges, requiring only that the weight of the consigned gold matches the target jewelry. The second is a buyback business, where investors send gold materials to the platform and receive payment based on the buyback price. This service also includes "storage services" and "old-for-new" exchanges. The "storage service" allows investors to store gold materials on the platform; the platform prepays 80% of the day's gold price to the investor, and when the investor issues a "sell" order, the platform pays the remaining balance at the real-time gold price. The third is a newly introduced pre-priced gold/silver purchase business launched in recent years, where investors only need to pay a small deposit (20-30 RMB/gram for gold, 3-4 RMB/gram for silver) to lock in ownership of the metal. When investors take physical delivery, they must pay the remaining balance of the locked-in price. Bai Wenxi, Deputy Chairman of the China Enterprise Capital Alliance, pointed out, "This 'naked contract' business allows clients to speculate on price movements without a set term, which is not standard gold pre-sale."
Outside its physical store, Jie Wo Rui also built mini-program platforms. According to reports from media outlets like Shanghai Securities News and The Paper, Jie Wo Rui claimed its platform had approximately 150,000 registered users. Furthermore, it was reported that in October 2025, Jie Wo Rui launched the "Long Ye Jin" mini-program, moving its bullion purchase business there independently; in December 2025, it launched a third platform, "Jin Cheng Jin Shi Jie," primarily selling gold jewelry and bars. Account balances and precious metal inventory (i.e., "materials") across the three mini-programs could be transferred internally.
Having been in the gold raw material business for years and possessing an offline store, Jie Wo Rui gained the trust of a large number of consumers. Coupled with strategies like zero processing fees and low-price lock-ins, Jie Wo Rui's related platforms became popular on social media. The company's actual controller, Zhang Zhiteng, has nearly 70,000 followers on Xiaohongshu (Little Red Book) and was a minor celebrity in the Shuibei gold circle, though his account is now flagged as risky.
An investor from Jiangsu, using the pseudonym Zaizai, was a long-term user of Jie Wo Rui, having used all the services: consignment, investment, and storage on the mini-program. She stated: "I'm a finance novice. I started by buying and selling physical gold on the platform. Later, I did a simple check and thought a shop operating for over a decade should be reliable, and I also trusted the character of the boss (Zhang Zhiteng)." "We bought materials on Long Ye Jin and sold materials on Jie Wo Rui. The last time I deposited money was on January 18, 2026, preparing to withdraw bullion, so I added 67,000 RMB, and they sent me 100 grams when I requested 1,000 grams," Zaizai said, noting that her account still has a balance of 350,000 RMB and 1,095 grams of gold.
Around January 20th, Jie Wo Rui became unable to process normal withdrawals; on January 24th, platform head Zhang Zhiteng attempted to reassure investors via video, stating to rely on the "official pop-up on the mini-program homepage"; on January 25th, Jie Wo Rui announced it had proactively applied for government supervision of all assets, emphasized that assets had not been transferred, limited daily repayments to 1 gram of gold or the equivalent of 500 RMB cash, and stated that a specific disposal plan still required negotiation, estimated to take 7 to 15 days to handle. Yu Fenghui, a specially invited researcher at the China Financial Think Tank, pointed out, "Jie Wo Rui's 'pre-priced' model essentially constructed a private betting platform. Its collapse stems from the fact that this model inherently uses high leverage to amplify client funds for speculation without sufficient physical reserves for support. When market prices fluctuate violently, especially when rising gold prices increase platform losses, it becomes impossible to meet client delivery demands or fulfill promises, ultimately leading to a break in the capital chain."
As the incident developed, on January 28th, the Luohu District Task Force issued a report stating that Jie Wo Rui's responsible persons and key management were currently at their posts, actively communicating with investors, sorting assets, and working on repayments; on January 31st, the Luohu District Task Force's report indicated that, under its supervision, Jie Wo Rui Company was disposing of assets, raising funds, and had commenced repayments. It is understood that after the repayment crisis emerged, the plan Jie Wo Rui offered customers was to accept a one-time repayment of 20% of the principal or a 40% repayment split over 12 installments. However, most investors did not agree to this plan and also worried that "the remaining installments after the 40% might not be paid."
An investor from Guangdong, using the pseudonym Shiliu, started using Jie Wo Rui in January 2025. Her last withdrawal was on October 30, 2025. Currently, approximately 600,000 RMB in her Jie Wo Rui mini-program account cannot be withdrawn. Shiliu stated that she went to the Luohu Stadium on the afternoon of January 27th. The repayment offer was a one-time payment of 20% of the principal, requiring the signing of a criminal谅解书 (letter of understanding). She did not sign it; the aforementioned investor Zaizai also said, "If 1.59 million only gets 5,000, then I'd rather not sign."
Regarding this, Sun Yuhao, Senior Partner at Shanghai Haihua Yongtai Law Firm, advised that before signing any agreement, it is crucial to review and clarify the following key terms. First, the calculation method for the "principal debt" in the agreement; the debt should be based on the investor's total loss, including top-up funds and the reasonable market value of delivered physical goods. Second, the specific details of the repayment plan. For installment payments, the amount, specific date, receiving account for each installment, and whether the entire agreement becomes immediately due upon any single default must be clear. For a discounted lump-sum payment, it must be clear whether the discounted amount represents the final, full settlement. Third, it is essential to check if the agreement contains broad waiver statements such as "I waive any rights to claim against any other entity regarding this matter."
Regarding Jie Wo Rui's business model, Sun Yuhao stated it far exceeded the scope of physical gold trading. "The core legal standard for judging whether it constitutes illegal futures trading lies in whether it实质上 engaged in the centralized trading of standardized contracts, allowing traders to settle rights and obligations through offsetting positions rather than aiming for physical delivery. In regulatory practice, key考察点 include leverage multiples, whether 'betting' without physical delivery is permitted, and whether funds are raised from the non-specific public." It is worth noting that the WeChat mini-program "She Meng Jewelry," operated by Shenzhen She Meng Jewelry Co., Ltd. (hereinafter "She Meng Jewelry"), which is under the name of Jie Wo Rui's former shareholder Guo Fangfang, is still operating normally. However, another mini-program used by "She Meng Jewelry" for priced buyback services, old gold recycling, and old-for-new exchanges, "She Meng Jewelry Gold Recycling,"显示 is under system update maintenance and will not resume service until February 24th. Tianyancha information shows She Meng Jewelry was founded by Zhang Zhilong in July 2024, coinciding with the change of Jie Wo Rui's responsible person from Zhang Zhilong to Zhang Zhiteng. In August 2025, She Meng Jewelry was formally transferred to Guo Fangfang, who had also been a shareholder of Jie Wo Rui from June 2014 to July 2024. The intertwining of equity and business adds intriguing details to this maintenance period.
The ripple effects of Jie Wo Rui's repayment crisis have led to the suspension of services for multiple similar platform mini-programs. On social media, many consumers reported that gold trading platform mini-programs with operational models similar to "Jie Wo Rui Jewelry," such as "Bao Ma Mai Jin," "Yun Dian Dang," and "Rong Tong Jin," have been suspended. Among them, "Yun Dian Dang" is显示 as "suspended due to violations,"涉嫌 "involving fraudulent behavior"; the reason given for "Rong Tong Jin's" suspension is that the selected category does not match the mini-program's operational content. It is noteworthy that the repayment abnormality at Yun Dian Dang was caused by fallout from Jie Wo Rui. According to a Jiemian News report, staff at Yun Dian Dang stated the company had hedging operations on platforms like Jie Wo Rui, and affected by this, the company is currently facing a significant cash shortfall. Currently, "Bao Ma Mai Jin" can no longer be searched for, while the official account for "Rong Tong Jin" remains operational, and its online business's "official mall" can still be opened normally.
In fact, prior to Jie Wo Rui's repayment crisis, on October 11, 2025, the Shenzhen Gold & Jewelry Trade Association officially issued an industry warning letter stating that three gold and jewelry companies in Shenzhen's Shuibei had been investigated and were suspected of constituting the crime of operating a gambling establishment. The warning letter stated, "Investigation found these companies, under the guise of gold trading,实际上 conducted 'non-physical gold betting' businesses through online platforms. Their actions are suspected of constituting the crime of operating a gambling establishment. Currently, relevant company responsible persons and key members have been依法采取 criminal compulsory measures, and the involved individuals will face severe legal consequences." Regarding this, Yu Fenghui pointed out, "As the national center for the gold and jewelry industry, Shenzhen's Shuibei确实 has some merchants employing financialized operational techniques. However, such operations are not mainstream in the industry but rather isolated phenomena. These operations disrupt the normal order of physical gold trading because they often detach from the basis of physical delivery, relying more on price fluctuations and leverage amplification to attract investors. This can not only lead to market bubbles but may also trigger systemic risks, severely damaging the industry's reputation."
Regarding investors, Yu Fenghui added, "Fluctuations in gold prices in recent years have attracted a large number of non-professional investors seeking short-term profit opportunities. In such a market environment, platforms like Jie Wo Rui exploited investors' misunderstanding of high liquidity and low risk, packaging investment products that appeared safe. But in reality, gold investment is not entirely risk-free, especially when it involves high-leverage trading, where investors face greater risks. Such incidents expose the insufficient understanding some investors have of the gold market, overly pursuing returns while neglecting potential risks." Bai Wenxi also pointed out, "In recent years, international gold prices repeatedly hit new highs, creating the illusion for investors that gold only rises and never falls, causing them to overlook the devastating risks of leveraged trading. For example, among Jie Wo Rui's clients were both conservative consumers seeking zero-fee jewelry exchanges and speculators guided towards high-leverage pre-priced trading, the latter often underestimating the risk of liquidation due to volatility under high leverage." "The collapse of Jie Wo Rui serves as a warning that the direction of innovation in the gold retail industry should shift from financialized arbitrage back to serving the real economy, focusing on genuine needs like gold jewelry design, processing, and recycling, rather than creating high-leverage betting tools," Bai Wenxi stated.
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