Editor’s Note
This report highlights a serious breach of trust in the supply chain, where a supplier’s disappearance has caused significant financial harm to numerous businesses. It serves as a stark reminder of the risks involved in trade and the importance of due diligence.
On September 16, 2025, merchants reported a major incident in Shenzhen’s Shuibei market where a material supplier fled. The involved store, “Yuebaoxin,” closed overnight, and the owner is missing. The total amount involved may exceed 10 million yuan, leaving hundreds of merchants facing losses of both money and goods. Notably, a gold store in Xuchang, Henan province, entrusted Yuebaoxin with purifying 900,000 yuan worth of gold (total weight over one kilogram), which was taken away, causing shockwaves in the industry.
According to investigations, Yuebaoxin, a large-scale gold raw material intermediary in the Shuibei market, had long provided downstream processing merchants with a “pay deposit first, then pick up goods” transaction service.
However, recently, multiple merchants found the store suddenly closed after paying deposits, with items cleared out and seals posted outside. An interviewed merchant revealed:
In this incident, upstream suppliers became the biggest victims. While downstream merchants only paid partial deposits, upstream suppliers were often owed the full payment. Some merchants who sent hundreds of grams of gold raw materials have not received settlement, with losses ranging from tens of thousands to millions of yuan.
The impact extends beyond Shenzhen, involving gold stores, suppliers, and gold recyclers from other regions. The case of the Xuchang gold store’s 900,000 yuan gold entrusted for purification is one example.
Tianyancha information shows that Yuebaoxin’s full name is Shenzhen Yuebaoxin Precious Metals Co., Ltd., established in August 2023 with a registered capital of 1 million yuan. The legal representative and actual controller is Tan Guang.
In May 2025, the company underwent personnel and location changes. The original actual controller, Dai Wei, exited, and Tan Guang took full control. Its original address was in Shuibei Community, Cuizhu Street, Luohu District, Shenzhen, but after the change, it moved to Hongcun Community, Guiyuan Street. However, as of the time of writing, the new location is also empty.
As the nation’s largest gold and jewelry wholesale market, Shuibei has an annual revenue of 120 billion yuan, accounting for 70% of the national jewelry processing industry. However, behind rapid development, industry risks are becoming increasingly prominent. Lawyers point out two main illegal activities in the Shuibei market:
1. **Money Laundering of Telecom Fraud Proceeds:** Criminals pose as “purchasers” to buy gold with fraud proceeds, then transfer funds by reselling. Merchants who fail to verify fund sources may become accomplices.
2. **Fund Extraction Through Transactions:** Using “large purchases” or “advance deposits” as bait to induce transfers, then transferring funds after merchants ship goods.
Additionally, some material suppliers profit by “shorting gold” (delaying delivery betting on price drops) or participating in futures trading. However, in a unilateral gold price rally, the risk of capital chain断裂 surges. For example, if a supplier accepts an order at 780 yuan/gram betting on a price drop, but the actual price rises to 830 yuan/gram, the loss is 50 yuan per gram, amounting to 50,000 yuan for 1000 grams.
After the incident was exposed, many victims went to the police station to register. According to merchants, there are over 300 people in the rights protection group, with most losses exceeding 10,000 yuan. Police have formally filed a case, and investigations are ongoing.
Lawyers advise practitioners to strictly adhere to transaction compliance: retain copies of buyer ID cards, register fund sources, and upload to the anti-money laundering system within 5 working days; use merchant-specific payment QR codes,杜绝 mixing personal and business accounts; be vigilant with large cash purchases and anonymous ordering customers, and sign “Transaction Subject Confirmation” and “Fund Source Commitment” documents.
This incident exposes compliance shortcomings in the Shuibei market amid rapid expansion. Although since 2023, the wholesale model of “skipping intermediaries” has prevailed, with gold prices calculated as “market price + processing fee,” making it hundreds of yuan cheaper than branded gold, complex transaction practices (such as depositing gold for interest, buying old materials for差价) also hide risks.
Industry insiders call for practitioners to learn lessons from the “Yuebaoxin incident,” strengthen evidence retention and fund verification, and avoid involvement in illegal chains like telecom fraud and money laundering.
This “gold heist” in Shenzhen’s Shuibei sounds another alarm for the jewelry industry. Against the dual backdrop of soaring gold prices and innovative transaction models, compliant operation and risk control have become keys to survival.