BUZZ-HK-listed Laopu Gold surges on robust earnings outlook; rivals climb

Reuters02-21

** Shares of Laopu Gold 6181.HK jump as much as 20.8% to HK$566, post their highest and biggest one-day pct gain since debut on June 28, 2024

** The Chinese gold jewellery maker and retailer expects to record net profit of 1.4 billion-1.5 billion yuan ($193.37 million-$207.18 million) for 2024, up 236%-260% from a year ago

** Co, with current market capitalisation of HK$90.58 bln ($11.66 bln), says the strong performance is due to expansion of brand influence, which resulted in higher revenue from existing boutiques across online and offline channels

** Brokers said recent strength in gold price also aidded demand for the precious metal

** Gold set for eighth weekly gain as tariff threats boost safe-haven demand

** Shares of rival Chow Tai Fook Jewellery 1929.HK, with market capitalisation of HK$78.8 billion, climb 3.8% to HK$8.13, highest since October 8, 2024; Luk Fook 0590.HK gains 1.2%

** Hang Seng Commerce & Industry Index .HSNC surges 4.4x%, Hang Seng Index .HSI rises 2.9%

** Shares of Laopu Gold has gained 94.2%, YTD

($1 = 7.2401 Chinese yuan)

($1 = 7.7707 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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