800 investors gather at Fanya to demand their cash back

More than 800 investors, some of whom have invested hundreds of thousands or milllions of yuan of their own cash in financial products on the Fanya Metal Exchange, gathered at the bourse last night in Kunming, south-western China’s Yunnan province, to demand their money back.

The Fanya exchange, which lists stocks of indium that equate to around six years of supply, is being watched very closely by minor metal producers, traders and consumers, wondering what the consequences will be of the latest events. “I haven't been able to get my money back since April this year, and now I am very angry about Fanya as it's now saying it will stop this financial business from September,” a Shanghai investor told Metal Bulletin on Tuesday July 14. The investor, who was unwilling to disclose her name, invested 200,000 yuan ($32,636) in a financial product called “Ri Jin Bao” on the exchange in February 2014. "Ri Jin Bao" previously guaranteed its investors an annual yield as high as 13.68% on a daily basis and said they could withdraw their money at any time. “When you...

Published

Rena Gu

July 14, 2015

14:33 GMT

Shanghai