Many investors on the Great Wall Easy Fun Auction platform are unable to withdraw funds exceeding one million yuan!

Source: Daily Economic News Author: Zhang Baolian

Hundreds of thousands of yuan in funds can no longer be withdrawn. On April 23, 2026, a victim stated that after listing a white wine order on the platform called Great Wall Easy Auction, which claims to be operated by a state-owned enterprise, they transferred 1.02 million yuan to the platform operator (China Great Wall Computer Import and Export Co., Ltd., hereafter referred to as Great Wall Computer Import and Export) to an overseas exchange called “Asia Digital Asset Exchange” to exchange for CCRWA tokens, aiming for future appreciation. However, the funds could no longer be withdrawn.

Another victim’s evidence, also presented on the same day, shows that their loss on Great Wall Easy Auction exceeded one million yuan.

There are more victims beyond these two. On April 17, 2026, a reporter from Daily Economic News (hereafter referred to as Daily Econ) saw at the public security bureau in Gongshu District, Hangzhou, that some victims had come to register.

What exactly is the background of China Great Wall Computer Import and Export, which claims to be a state-owned enterprise? Why are investors rushing in?

爆雷：突然无法提现

Daily Econ learned that as early as March 10, 2026, an investor from Taihe, Anhui, named Zhou Xing (pseudonym), encountered problems with her “馆” (team).

She listed a white wine order on Great Wall Easy Auction, which was supposed to be paid in cash, but instead turned into platform coupons. She realized: something was wrong. Zhou Xing said her family invested nearly one million yuan together, all deeply trapped.

Later, similar issues appeared in other “馆” in different regions.

In the architecture of Great Wall Easy Auction, the so-called “馆” is a team, each managed by a馆长 (team leader). There are over 300馆长 nationwide, some with hundreds of members. Above the馆长, there are higher-level “Directors” and “Board Members.”

“Suddenly, withdrawals became impossible.” On April 10, 2026, a victim began posting online. By April 15, almost all “馆” had halted operations, with some馆长 fleeing or losing contact.

The reporter learned that some investors were introduced by acquaintances, relatives, or friends, mostly from county towns and lower-tier markets. Some mentioned they used leverage, such as mortgaging property or taking out loans to invest.

“About last March, a close friend introduced me, and I invested about 200k yuan. Last week, I found out I was scammed,” a victim from Henan told Daily Econ on April 17.

On the same day, the reporter saw at the Gongshu District Public Security Bureau in Hangzhou that some victims came to register, with losses of 200k yuan and 180k yuan respectively. A retired elderly person from Ningbo, who came that day, said they invested with their sisters, and four people together lost hundreds of thousands of yuan.

According to incomplete statistics from Daily Econ, victims of Great Wall Easy Auction are spread across more than ten provinces and cities. Multiple channels indicate that investors from Taihe, Anhui; Hangzhou, Zhejiang; and Dancheng, Henan, have filed reports, and police investigations are underway in many places.

调查：投资者为何纷纷入局

What is the story behind the white wine orders listed on Great Wall Easy Auction?

The Daily Econ downloaded the Great Wall Easy Auction app and obtained the “Ronghe Wine Purchase and Consignment Contract” (hereafter referred to as the consignment contract) from investors. Through extensive interviews and exchanges, they uncovered the platform’s “harvesting” logic.

Its model is as follows: the platform sells Ronghe Shaofang white wine at a so-called cost price, then investors compete for the wine product orders on the platform, list them for resale, and repeatedly bid within a closed app. Each circulation of the product can earn a difference of hundreds to thousands of yuan, with profits paid as 50% cash + 50%趣豆 (points). The price is capped at 23,880 yuan per box.

The consignment contract refers to investors as “distributors,” and the circulating funds are defined as “goods payments.”

Zhou Xing explained that investors repeatedly trade virtual electronic orders generated by the platform backend. In this value-added model, each circulation causes the price to rise slightly. The increase depends on the number of participants; when many investors bid, the order amount grows rapidly.

“The initial price was 5,000 yuan, and this number rises with bidding, eventually becoming larger and larger. Buying one order costs 10k to 20k yuan, and when the price hits the cap, it is split into smaller orders for continued bidding,” Zhou Xing said.

Zhou Xing stated that the entire chain does not profit from selling wine but relies on continuous new buyers to maintain the price. Due to limited volume, buyers must compete for orders. Additionally, before each bid, they need to pay the馆长 in cash to load “Easy Auction coupons” to qualify for transactions, which can only be topped up by馆长. The fund platform opens trading on Mondays, Wednesdays, and Fridays, with each order priced at about 200 yuan. Listing for sale incurs a fee; the higher the sale price, the higher the fee, and profits are credited after a week. After each transaction, the platform gifts趣豆 and pickup points, which can be used at offline fruit stores and for wine purchases, with payments offsetting 50% of cash.

Screenshots of listings obtained by the reporter show that on April 10, 2026, an investor bought an order at a cost of 21,114.47 yuan and listed it for 23,146.73 yuan, with a 7-day profit of 2,032.26 yuan, corresponding to an interest rate of 9.62%.

Based on this model, if only one order is made weekly, the funds can cycle 52 times a year. With a profit rate of 9.6% per cycle, the annualized simple interest can reach 500%, and compound interest could exceed 11,700%, nearly 120 times the initial investment. For example, investing 100 yuan could grow to about 11,700 yuan after a year. Anyone with basic knowledge would realize that such a return far exceeds the normal range of legitimate financial products.

However, some investors report that their actual 7-day return is only 1.2%, meaning the platform takes most of the profits.

Zhou Xing said that besides loading coupons, they also need to recruit new people; if they don’t,馆长s will restrict order placement.

The reporter noted that the consignment contract explicitly requires investors to recruit new members; otherwise, they will be expelled from the platform for “not contributing.”

But many investors, despite knowing there’s a “trap,” still jump in, betting on making a quick profit before the collapse, now lamenting “I was just too greedy.” Zhou Xing said, “Newcomers buying old orders from others—it’s clearly a scam.”

In response, lawyer Dong Jie from Beijing Zhongyin (Hefei) Law Firm analyzed on April 24 that the platform uses virtual wine lists as targets, and the funds are circulated among participants in a closed game. Its profits do not come from real operations or actual value creation; early investors’ gains depend on subsequent funds flowing in, typical of a “Ponzi scheme” characterized by “borrowing new to pay old, passing the drum.” As the capital chain breaks, the platform collapses, with early participants making profits or small losses, and latecomers inevitably losing.

造假：冒充国企伪装成庞大产业帝国

A victim’s daughter said her mother was persuaded to join in August 2025. She immediately stopped her: “No, this is a pyramid scheme; it could run away any day. You’d better withdraw now. It’s not easy to make money.” But her mother didn’t take it seriously.

Why can a seemingly “fake” scam still “harvest” many victims?

Great Wall Easy Auction fabricated a background story, claiming to be backed by a state-owned enterprise, with a strong team and advanced industry.

First, it impersonates a state-owned enterprise.

Great Wall Easy Auction claims its operator, China Great Wall Computer Import and Export Co., Ltd., is a military industrial state-owned enterprise, and in promotional materials, it falsely states that it is a key member of national strategy, mainly serving national strategic and economic development. But in reality, this company has no shareholding relationship with China Great Wall Technology Group Co., Ltd., a central state-owned enterprise.

Tianyancha shows that China Great Wall Computer Import and Export Co., Ltd. is wholly owned by First Storage Material (Tianjin) Technology Co., Ltd., which was formerly called “China Electronics Material Jinji Co., Ltd.” and was officially declared a fake state-owned enterprise in 2023. After a detailed ownership check, the ultimate controlling entity is a private company registered in Hong Kong, “China Great Wall Development Group Limited.”

The reporter also obtained an internal recruitment script from a director of Great Wall Easy Auction, claiming that the company only has 8 people, and explaining it as a hierarchical holding structure and a large enterprise framework.

Tianyancha shows that in January 2022, China Great Wall Computer Import and Export Co., Ltd. changed its legal representative, and in December of the same year, its business scope was revised to remove “export of products of Great Wall Group members and their supporting products, and import of computer hardware, software, and supporting products.”

In September 2023, the legal representative was changed to Xie Jun, and in April 2025, to Wang Jun. Wang Jun is the person many investors refer to as the chairman of Great Wall Easy Auction, the central figure in this rights protection controversy.

In December 2025, the Haidian District Market Supervision Administration in Beijing listed the company as operating abnormally due to inability to contact via registered address or business premises.

Secondly, Ronghe Wine Industry claims “only regular distribution cooperation.”

On April 17, 2026, Ronghe Wine Industry Co., Ltd. in Maotai Town, Renhuai City, Guizhou Province, issued a statement distancing itself from Great Wall Easy Auction, stating it only cooperates with Modern Ronghe Wine Industry Co., Ltd., and there is no shareholding relationship, only a regular distributor agreement.

On April 23, 2026, Daily Econ inquired about Ronghe Wine Industry under the pretext of placing an order. They responded that Modern Ronghe itself does not own a winery; they order sauce wine from a winery, but have not placed any orders since March.

Tianyancha shows that the major shareholder of Modern Ronghe is China Great Wall Computer Import and Export, with Xie Jun as the financial officer, sharing the same name as the former legal representative of China Great Wall Computer Import and Export.

On April 22, 2026, the reporter called Modern Ronghe; the staff said they used to work as Ronghe wine customer service at Great Wall Easy Auction but had not done so for half a year and claimed they were unaware of the company’s activities.

Repeated calls to Wang Jun went unanswered. On April 24, 2026, the reporter called the business registration number of China Great Wall Computer Import and Export as an investor, and the staff said, “I don’t know what app you’re talking about. I only handle settlements here. Please register your ID card, name, and ID number. If you don’t register, don’t occupy others’ phone numbers.”

Again, industry story fabrication.

Great Wall Easy Auction claims that its wines once won a gold medal at the 1915 Panama International Exposition, with a brand value exceeding 30 billion yuan. But this is false.

It also claims to back 10 billion digital assets with 10 billion yuan worth of Ronghe wine base wine, issuing CCRWA tokens on the Ethereum chain, allowing investors to convert funds into CCRWA tokens with one click after listing orders on the platform for appreciation. The investor mentioned at the beginning lost 1.02 million yuan after trusting this propaganda.

Furthermore, Great Wall Easy Auction claims to operate nearly 400 offline fruit stores in China, using this to showcase physical assets, dispel investor concerns, and attract traffic for online white wine bidding.

It also claims to have completed a Hong Kong stock listing, with its controlling group Ronghe Development Group investing in a Hong Kong-listed company in September 2025 to complete a backdoor listing. But Daily Econ verified that Ronghe Development Group is a fictitious entity that does not exist, and there are no records of a backdoor listing for the claimed Hong Kong company at the same time. This is fabricated.

The reporter also noted that in February 2026, an investor asked on the Shenzhen Stock Exchange Interactive Platform about the relationship between China Great Wall, Great Wall Computer Import and Export, and the Great Wall Easy Auction app. The listed company replied that there was no relationship with these entities.