Shenzhen Gold Trading Platform JWR Collapses Amid Liquidity Crisis, Affecting Billions

The Chinese gold trading platform JWR has collapsed in Shenzhen, triggering a financial crisis that reportedly left tens of thousands of retail investors facing losses exceeding 10 billion yuan (US$1.4 billion). The sudden liquidity crunch occurred after a surge in gold prices prompted mass redemption requests that the platform could not meet. Authorities have now established a task force to investigate the platform's abnormal business operations.