So... how did a gold jewelry giant outperform even tech stocks? Since its Hong Kong IPO in June 2024 at HK$40.50, this Beijing-based luxury jeweler has delivered one of the most spectacular stock rallies. Its shares are up over 1,800% – turning a HK$40,000 investment into more than HK$750,000 in just over a year. At HK$131 billion market cap, this is Laopu Gold (SEHK: 6181) – a Chinese heritage jewelry brand that’s called the “Hermès of gold”. So… how did a gold jewelry giant outperform even tech stocks? This is a different kind of gold The story starts with Laopu’s unique positioning in China’s luxury market. Firstly, its business model stands apart from its major peers like:

• Chow Tai Fook (1929.HK): A market leader with extensive retail network
• Luk Fook (590.HK): Traditional gold retailer focused on mass market
• Chow Sang Sang (116.HK): Heritage brand but struggling with growth
• Lao Feng Xiang (600612.SS): Mainland competitor with commodity-style pricing

...