Movement Alert｜Lao Pu Gold Falls 3.04% in Regular Trading, Deep Gold Price Correction and High-Premium Customer Attrition Extend Selloff

Market Focus06-23

On June 23, Lao Pu Gold fell 3.04% in regular trading, trading at 420.2 HKD/share, with turnover of HKD 191 million, extending its recent downtrend.

On the news front, international gold prices continued a deep correction, with spot gold retreating over 25% from its yearly high to as low as USD 4,023/oz, erasing nearly all prior gains and pressuring the gold jewelry sector broadly. Citi previously slashed its target price on Lao Pu Gold from HKD 1,162 to HKD 700, noting the company's premium over traditional gold jewelers has exceeded 55% following a February price hike. The broker highlighted weaker-than-expected Tmall 618 performance and price-sensitive customer attrition, with nationwide store sales declining approximately 30% year-over-year in March and April.

Meanwhile, Nomura reiterated a Buy rating with a HKD 1,114 target, arguing the stock's 9.9x forward P/E already reflects downside risks from gold volatility. Reports indicate Lao Pu has begun offering promotional discounts for the first time, signaling softening demand even at the premium end of the market.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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