# mini-programs

Shuibei Shock: How a Livestream Gold Platform’s High‑Leverage Bets Triggered a Tens‑of‑Billions Crisis

A livestream‑built Shenzhen gold retailer, Jieweirui, suspended withdrawals after leveraged, option‑style products it sold to retail customers blew up amid sharp rises in precious‑metal prices. The firm's unlicensed, high‑leverage mini‑program ecosystem created large asymmetric exposures and possible illegal fundraising, affecting investors across many provinces and threatening Shuibei’s reputation as a jewellery hub.