Three gold and jewelry companies in Shenzhen have been investigated for allegedly operating illegal gambling activities under the guise of gold trading. According to the Shenzhen Gold and Jewelry Association, these companies used online platforms to conduct "non-physical gold betting" by offering high-leverage trading through a "pre-set price" model. Investors could lock in gold prices with a deposit as low as 2.4%, effectively engaging in futures-like betting. As gold prices surged, some platforms faced payout difficulties or even disappeared. Authorities have taken criminal measures against those responsible.