Qianye Jewelry Owners Vanish Amid Financial Woes
Qianye Jewelry, a Beijing-based company that has been operating for over 25 years, found itself in trouble after its owners vanished. As of September 12, 2026, the public record on Qianye Jewelry is clear: its actual controllers, Lin Mingjie and his wife Gao Xiaosong, are unreachable.
The company's online storefronts have been emptied, and employees say they have not been paid. On September 11, shares of Qianye Jewelry (833585.NQ) fell 49.41%. The night before, lead broker Northeast Securities issued a risk warning, stating that it had tried all means to contact the actual controllers but was unsuccessful.
The company's financial situation is precarious, with only 93,700 yuan in cash and 1.535 billion yuan in inventory as of June 30, 2026. The inventory turnover was 0.23 times in 2025, exceeding 1,500 days, which is more than four years. Analysis suggests nearly half of the inventory was over three years old.
The company's business model shifted twice: from direct operation to franchising and then online. However, this shift was forced by circumstance rather than choice. The industry environment did change, with China's gold jewelry consumption falling 30% year on year in the first half of 2026. Qianye Jewelry failed to adjust its product line, channel strategy, and brand positioning fast enough during the two years of soaring gold prices.