Caixin: Yunfeng Financial's gold token products have no secondary market, and the gold is stored in Hong Kong vaults.

According to Caixin, Yunfeng Financial's gold token product has no secondary market; the gold is stored in Hong Kong vaults. The product will be open to users who have completed Hong Kong Professional Investor (PI) certification. A spokesperson stated that the physical gold token product "is not essentially financial leverage, but rather a digitization of assets." In February of this year, eight departments, including the People's Bank of China, jointly issued the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies," which for the first time included RWA (Real Money Market Fund) in the regulatory framework at the regulatory level, with the overall approach being "strict prohibition domestically and strict regulation overseas." Previously, it was reported that Yunfeng Youyu, a subsidiary of Yunfeng Financial (indirectly owned by Jack Ma), launched a physical gold token product, with physical gold as the underlying anchor asset. Each unit corresponds to 1 gram of LBMA-certified physical gold with a purity of 99.99%.