Fanya says it plans to buy back investors' metal with funds from producers

Fanya Metal Exchange said on Wednesday July 15 it is planning repurchase agreements to buy back 5 billion yuan worth of metals from investors, using funds from producers.

An exchange official said on Wednesday that about seven companies have agreed to provide money for the repurchase agreements. The exchange intends to pay off investors by buying back some metals on a regular basis.
The bourse launched the measure in response to an investor gathering on Monday evening. Hundreds of investors, who had put their money in a Fanya asset management product named “Ri Jin Bao”, have been unable to get back their money, as they said they were promised, in the past several months.

Companies intending to provide funds for the repurchase plan include Guangdong Vital Materials, Guixi Grand Sanyuan...

Published

Linda Lin

Rena Gu

July 15, 2015

11:42 GMT

Shanghai