But after the scale of the crisis was revealed this summer, its investors launched a series of protests, at one point capturing its chairman as they channelled all their energy into getting their money back.
Here, we take a brief look back at how the Fanya crisis erupted in mid-2015.
June 23: Fanya
stops accepting applications from its investors to sell the three most traded metals –indium, germanium and bismuth – on its platform, as a way to alleviate its tight liquidity problem.
July 1: Fanya holds a meeting with the major enterprises that cooperate with it in Kunming. It discusses its recent operations, difficulties and its plan for the new trading system at the start of September.
July 12: Fanya says it will cancel a particular type of financial product called ‘spot entrusted business’ for indium, germanium, bismuth and ammonium para-tungstate (APT) from August 31 2015. It also calls on its...
