The redemption difficulties at Shuibei's well-known gold store, Shenzhen Jiewo Rui Jewelry Co., Ltd. (hereinafter referred to as "Jiewo Rui"), continue to intensify. On January 28, several investors revealed that since January 19, Jiewo Rui's online platform has been unable to process normal cash withdrawals or physical gold redemptions, with the withdrawal queue showing over 40,000 people currently waiting. According to statistics compiled by investors themselves, this redemption crisis has impacted numerous regions across the country, involving outstanding amounts exceeding ten billion yuan. Official authorities have now intervened. On the morning of January 28, a special task force from Luohu District, Shenzhen, issued an announcement stating that it was promptly established to intervene, urging the company to fulfill its primary responsibilities. Currently, Jiewo Rui's responsible person and key management staff are all at their posts, actively engaging in communication with investors, asset assessment, and redemption efforts. The task force is investigating the demands raised by investors.
The emergence of redemption difficulties at this prominent gold store has prompted the local government to form a specialized task force. Jiewo Rui is a renowned gold store in Shuibei, Shenzhen, established in 2014, primarily engaged in the buying, selling, and recycling of precious metals and jewelry. It also operates an online mini-program allowing users to trade precious metals like gold, silver, and platinum. Recently, investors began reporting on social media platforms that, starting January 19, Jiewo Rui's online platform became unable to process normal cash withdrawals or physical gold redemptions. Subsequently, news emerged indicating that Jiewo Rui was facing redemption difficulties. Mr. Chen (a pseudonym) from Dalian is one such affected investor. On January 28, Mr. Chen stated that from October of last year to the present, he had deposited approximately 120,000 yuan into Jiewo Rui's online platform to purchase physical gold and silver. In January this year, Jiewo Rui's online platform launched a "zero-fee processing activity," where users' purchased gold materials could be processed for free, an offer lasting until January 24. However, before the activity concluded, on January 19, Mr. Chen discovered issues with the platform: not only were precious metal transactions restricted, but withdrawals also could not be processed normally. On January 20, Jiewo Rui's online platform imposed a daily withdrawal limit of 500 yuan and 1 gram of physical gold per user. But Mr. Chen noted that even requests to withdraw physical gold were not being fulfilled, with no shipments dispatched. On January 25, Jiewo Rui issued an announcement stating that the company had proactively requested government departments to supervise all its assets, asserting that company assets could not be transferred. Subsequently, on January 26, the platform launched an "online compensation registration portal, allowing processing without physical presence." Upon clicking, Mr. Chen saw that the withdrawal queue indicated over 40,000 people were waiting.
Another investor, Mr. Wang (a pseudonym), also reported losses of about 75,000 yuan on the Jiewo Rui platform. Starting from late December 2025, Mr. Wang deposited funds to purchase physical gold; later, enticed by the zero-fee processing activity, he sent some gold materials to be crafted into jewelry. Now, neither the physical gold nor the materials can be recovered. According to the investors' own estimates, the redemption crisis affects multiple regions nationwide, with unredeemed amounts surpassing ten billion yuan. Information provided by investors shows that Jiewo Rui's customer service previously mentioned having approximately 150,000 mini-program users. Official intervention is now underway. On the morning of January 28, the Luohu District task force announced its immediate formation to oversee the situation and ensure the company meets its obligations. The task force also noted that Jiewo Rui's responsible person and core management are currently at their posts, actively communicating with investors and working on asset梳理 and redemption plans. The claims made by investors are under investigation by the task force.
Jiewo Rui had previously promoted a "gold pre-pricing transaction" model, in which some investors reportedly lost significant sums. It has been noted that Zhang Zhiteng, the actual controller of Jiewo Rui, had amassed 68,000 followers on Xiaohongshu, where he posted numerous videos promoting the company's precious metal trading services. Many investors stated they learned about Jiewo Rui through platforms like Xiaohongshu. Mr. Chen mentioned that in April last year, he discovered the company on Xiaohongshu and was subsequently added to an investment group where hundreds of members constantly shared information about trading precious metals on the platform. Investors indicated that Jiewo Rui's gold sale/recycle prices and processing fees were relatively attractive, citing their gold price as the market price plus 3.5 yuan, compared to 4 yuan elsewhere. Coupled with the zero-fee processing activity, this attracted numerous investors. Reports suggest the platform's issues may stem from its "gold pre-pricing transaction" model. According to previous coverage, Jiewo Rui operated a consignment mini-program offering a pre-pricing service where users could, for a 20-yuan deposit per gram, "lock in" a price based on a displayed rate of 837 yuan/gram, with the default settlement being "account gold storage." This did not represent actual gold trading; investor deposits were not used to purchase physical gold but rather facilitated highly leveraged "up/down" bets on gold prices. Significant price fluctuations could lead to forced liquidations and substantial losses for investors. As early as October 2025, an investor reported heavy losses from participating in such "pre-pricing transactions." A Ms. Wang from Zhongshan, Guangdong, stated that starting July 2025, she participated in a platform's gold pre-pricing scheme, ultimately seeing her deposits forcibly liquidated, resulting in a loss of nearly 400,000 yuan over two months. On October 12, 2025, the Shenzhen Gold & Jewelry Association issued an industry warning, noting that three Shuibei-based gold companies had been investigated by judicial authorities for allegedly operating "non-physical gold betting" businesses online under the guise of gold trading, activities suspected of constituting the crime of operating a gambling establishment. Lü Yinghui, a lawyer specializing in economic crime cases, explained that some companies use social media for promotion, marketing simple "guess the price direction" schemes akin to casino betting, creating a "binary options" style play where client profits depend entirely on random market fluctuations, aligning with the speculative nature of gambling. Investors like Mr. Chen expressed their current demands: if the company can resume normal operations, they want their deposited funds and materials redeemed; if normal operations are impossible, they hope for a police investigation, supervision of suspect funds, and measures to ensure the preservation of investor assets.
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