Shenzhen Shuibei Market, one of the largest gold trading hubs in mainland China, has been thrown into chaos as prices soar to new highs. Hundreds of businesses have been left empty-handed after a veteran material trader suddenly vanished, leading to potential losses totaling over tens of millions of yuan.
Many merchants in Shuibei Market reported that a store named “Yue Baoxin” closed its doors and its owner went missing after receiving deposits from numerous businesses. The closure was believed to have occurred around September 13, as revealed by a report from Blue Whale News on September 16.
Yue Baoxin, an intermediate trader in gold raw materials, had been operating in the Shuibei Market for two to three years, serving as a key supplier for numerous gold processing businesses in the area. The sudden disappearance of this significant player has sent shockwaves through the entire supply chain, impacting both upstream suppliers and downstream merchants.
The repercussions of Yue Baoxin’s abrupt departure have rippled far beyond Shenzhen, with reports emerging of suppliers and gold retailers from other regions also caught up in the fallout. One such case was reported in Tiancheng, Panggalai, Xuchang, Henan Province, where a gold shop entrusted Yue Baoxin with purifying gold, only for 900,000 yuan worth of gold, weighing over a kilogram, to be swindled.
As businesses anxiously await resolution, Yue Baoxin’s storefront remains shuttered and sealed, with the interior stripped bare. The owner’s whereabouts are unknown, leaving many merchants in financial limbo and scrambling to recover their losses.
Local police officials have acknowledged the situation and assured affected parties that the matter is under official investigation, with dedicated personnel assigned to facilitate communication and address grievances.
One reporting merchant disclosed that over 300 individuals have joined a rights protection group for Yue Baoxin victims, with the numbers steadily rising. The losses reported by members range from tens of thousands to millions of yuan, reflecting the widespread impact of the trader’s disappearance. Following the posting of a notice on September 13, a surge of victims have come forward to register at the local police station, prompting the official initiation of a formal investigation.
Public records show that Yue Baoxin, officially known as Shenzhen Yue Baoxin Precious Metals Co., Ltd., was established in August 2023 with a registered capital of 1 million yuan. Tan Guang is listed as the legal representative and ultimate controlling shareholder of the company, which specializes in the sale, wholesale, recycling, and processing of jewelry and accessories.