The head of a Chinese exchange that trades minor metals was captured by angry investors in a dawn raid and turned over to Shanghai police, as the investors attempted to force the authorities to investigate why their funds have been frozen.

中国一家稀有金属交易所的掌门人被愤怒的投资者在一次黎明突袭中抓获并移交上海警方，投资者试图迫使当局调查他们的资金为何被冻结。

Investors have been protesting for weeks after the Fanya Metals Exchange in July ceased making payments on financial investment products. The exchange, based in the southwestern city of Kunming, bought and stockpiled minor metals such as indium and bismuth, while also offering high interest, highly-liquid investment products from its offices in Shanghai and its financing branch in Kunming.

自7月份泛亚有色金属交易所(Fanya Metals Exchange)停止兑付金融投资产品以来，投资者已经抗议了好几个星期。总部设在中国西南部城市昆明的这家交易所购买并储备铟和铋等稀有金属，同时还通过其上海办事处和昆明融资分支提供高利息、高流动性的投资产品。

Troubles at the exchange are one of many factors contributing to turbulence in China’s financial markets, as a slowing economy exposes the weaknesses of the country’s debt-driven growth.

这家交易所的麻烦是加剧中国金融市场动荡的多种因素之一。经济放缓暴露出中国债务驱动型增长的种种弱点。

Some investors flew in from faraway cities to join hundreds more surrounding a luxury hotel in Shanghai before dawn on Saturday. When Fanya founder Shan Jiuliang attempted to check out, they manhandled him into a car before delivering him to the nearest police station. Shanghai police took Mr Shan into custody and promised to work with local authorities in Yunnan province to investigate what has happened to investors’ money. They later released him without charge.

一些投资者从遥远的城市飞抵上海，在上周六黎明前加入包围上海一家豪华酒店的数百名投资者的行列。当泛亚创始人单久良试图退房时，投资者动手把他塞进一辆汽车，随后把他交给附近的公安局。上海警方扣留了单久良，并承诺与云南有关部门合作，以调查投资者资金的下落。警方后来释放了他，没有提出任何指控。

The demonstrations in Shanghai and Kunming and the exchange’s unusual accumulation of several years’ supply of some metals have so far failed to attract much public attention from regulators. A report by the local regulator identifying the exchange as one of the bigger investment risks in Yunnan was redacted to remove reference to Fanya late last year.

上海和昆明出现的示威活动，以及泛亚不寻常地囤积相当于数年供应量的某些金属，迄今未能吸引监管机构的很大公开关注。去年末，当地监管机构的一份报告曾指认泛亚是云南省最大的投资风险之一，但这份报告后来删除了直接点名泛亚的内容。

The exchange began to experience liquidity problems this spring. Fanya is estimated to hold several years’ supply of minor metals used in some high-tech and military applications, which it purchased at above-market prices. The exchange’s travails are pressuring prices for some of these metals, as traders anticipate it will have to sell its stockpile.

今年春天，这家交易所开始遇到流动性问题。据估计，泛亚持有某些高科技和军工产品所用的稀有金属数年的供应量，这些库存是泛亚以高于市场的价格买下的。这家交易所的困境给其中几种金属的价格带来更大下行压力，因为交易商预期它将不得不出售库存。

The exchange, which has acknowledged it has problems, is backed by several of China’s minor metals miners. It has said it has found a buyer but won’t identify the company. Mr Shan “was deceiving us. He admitted to us that there is no buyout group,” said one disgruntled investor surnamed Gu, who participated in the rainy early morning raid.

泛亚承认自己遇到问题。这家交易所获得中国多家稀有金属矿商的支持。泛亚表示，它已找到一个买家，但拒绝说明是哪一家公司。在阴雨绵绵的黎明时分参与突袭的一名姓顾（音译）的投资者不满地说，单久良“之前在欺骗我们。他向我们承认不存在买家”。

Mr Shan has been holding regular meetings with exchange backers since problems first surfaced this spring and was on the way to Guangzhou for a business trip when captured. Among other businesses he heads the Hong Kong-listed animation studio Imagi International Holdings. He formerly led the Bohai Commodity Exchange, which traded iron ore among other products.

自今年春天问题首次浮出水面以来，单久良与交易所的几个后台定期举行会议，在被抓获时，他正要前往广州出差。他执掌的其它企业包括在香港上市的动画制作公司意马国际控股(Imagi International Holdings)。此前他曾领导交易铁矿石等产品的渤海商品交易所(Bohai Commodity Exchange)。

Fanya denounced the weekend’s raid. “Violent acts against president Shan and our employees or the disturbance of our work are destructive of our work around solving the crisis. This will only allow forces behind the scenes to profit and will greatly harm interests of all members,” it said on its website after Mr Shan’s capture.

泛亚谴责了周末的突袭。“无论是对单总及员工的暴力侵害，还是对办公秩序的扰乱，都是对当前克服危机工作的破坏，这只会让幕后势力从中渔利，反而极大损害了全体会员的利益，”该交易所在单久良被抓获后在网站上表示。

Mr Shan has not responded to FT attempts to contact him. Many investors told the FT they were attracted to Fanya financial products because it advertised on CCTV, the national broadcaster. Despite its current problems its financial products are still promoted on the high-speed train from coastal city Tianjin to Beijing.

单久良没有回应英国《金融时报》联系他的尝试。许多投资者告诉英国《金融时报》，他们之所以被泛亚的金融产品吸引，是因为该交易所在官方的中央电视台投放广告。尽管问题已经暴露，其金融产品仍在京津高速列车上做广告。