Laopu Gold Lands in SG: Can Zhou Liu Fu Catch Up in Stock Market?
$LAOPU GOLD(06181)$ new store in Singapore will officially open on June 21. This will be the brand's first overseas store.
Who is Laopu Gold?
Over the past few months, Laopu Gold has taken both the consumer and capital markets by storm, becoming a hot topic. On June 5, its share price broke past HK$1,000, reaching a high of HK$1,015 before closing at HK$904, making it the new “king of Hong Kong stocks.” Despite a recent pullback, Laopu Gold’s stock is up 241% year-to-date, significantly outperforming other gold stocks. Since its IPO in July 2024, the stock has surged more than 10x in less than a year.
In China, Laopu Gold continues to see long queues at premium shopping malls. The craze has drawn attention from the global luxury sector, with senior executives from $LVMH-Moet Hennessy Louis Vuitton(LVMHF)$ and $Compagnie Financiere Richemont AG(CFRHF)$ (Cartier’s parent company) either directly or indirectly referencing the explosive demand for Laopu Gold.
In Southeast Asia, demand for designer gold jewelry is rising alongside growing consumption power and personalization trends. The regional jewelry market is expected to expand at a CAGR of 3.35% through 2033, with Singapore’s jewelry market projected to grow at an average annual rate of 4.51% between 2025 and 2029.
Unlike traditional gold brands, Laopu Gold positions itself as a luxury brand, with prices much higher than standard gold jewelry. Yet, its exquisite craftsmanship continues to attract strong consumer demand.
Will you visit the new Laopu Gold store in Singapore this weekend to see how stunning their pieces are?
Another gold player is stepping into the spotlight: $ZHOU LIU FU(06168)$ is set to debut on the HK Stock Exchange.
ZLF plans to issue 46.808 million shares in its IPO, raising approximately HK$1.123 billion at an offer price of HK$24 per share, giving it a market cap of about HK$10.2 billion. The company targets the mid-range jewelry market and ranks 10th in China’s gold jewelry industry—far behind leaders like $CHOW TAI FOOK(01929)$ and $Lao Feng Xiang Co.,Ltd.(600612)$.
Low valuation & reliable sponsors
Despite its weaker fundamentals, ZLF is trading at a relatively low valuation, with a P/E of 13x, well below the sector average (20x), Chow Tai Fook (22x), and Lao Feng Xiang (14x). Backed by high-profile sponsors CICC and CSC Financial, the latter also led Laopu Gold’s IPO. ZLF might benefit from its "low valuation + gold theme + southbound trading access".
However, the company’s recent actions raise some red flags.
Since 2023, ZLF has been closing stores and shifting toward a more conservative strategy. Before the IPO, it issued a last-minute dividend of RMB 645 million, with over 90% going to the controlling shareholder, triggering concerns over cash-out motives.
Brand-wise, Zhou Liu Fu is often criticized for being a “copycat” of more famous names like Chow Tai Fook, Chow Sang Sang, and Luk Fook. Its reputation took another hit after it was exposed by CCTV’s 315 Consumer Rights Day program for misleading consumers into buying 18K gold instead of pure gold by concealing product weight.
Meanwhile, some investment banks are turning bearish on the gold rally.
Citi forecasts gold prices will peak at USD 3,100–3,500/oz in Q3 2025, before retreating to USD 2,500–2,700/oz by late 2026.
So, will you subscribe to Zhou Liu Fu’s IPO?
Or this weekend, will you check out or shop at Laopu Gold’s stunning new Singapore store?
REWARDS
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$ZHOU LIU FU(06168)$ 🤩🌟🤩✈️ I won’t be jetting over from New Zealand this weekend, unless Laopu starts accepting Airpoints and offers a solid gold boarding pass with every bracelet.
Still, Laopu’s new flagship in Singapore isn’t just another store, it’s a strategic power move. A 10x rally in under a year, queues curling out of China’s premium malls, and now its first overseas outpost, this is gold not as a commodity, but as cultural capital ✨💍📈
Meanwhile, Zhou Liu Fu’s IPO reads more like a cautionary tale than a compelling debut. Sure, the 13x P/E is attractive on paper, but so is costume jewellery under dim lighting. A last-minute pre-IPO dividend funnelled mostly to the controlling shareholder, a branding play that feels more mimicry than identity, and a reputation dented by a Consumer Rights Day exposé for mislabelling 18K gold, these are not the hallmarks of long-term confidence 🧐⚠️📉
Laopu, on the other hand, understands the luxury game. It sells status, scarcity, and storytelling. And it is doing so at a time when Southeast Asia’s appetite for premium self-expression is rising fast. Singapore’s jewellery market alone is forecast to grow over 4.5 percent annually through 2029. That’s not a trend, that’s an opportunity glittering with potential 🌟🛍️📊
So no, I won’t be visiting in person, but I will be watching the foot traffic, the receipts, and the sentiment. Because sometimes the strongest signal isn’t in a filing, it’s in the length of the queue.
Zhou Liu Fu IPO? I’ll pass, and wait for the dust to settle.
Laopu Gold? Now that’s a brand with wattage.
Let the sparkle speak louder than the spreadsheets ✨🔍📎
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nah... won't be jumping at this point... shall just stand at the side walk a d watch [Serious] [Serious] [Serious]
So, will you subscribe to Zhou Liu Fu’s IPO?
Or this weekend, will you check out or shop at Laopu Gold’s stunning new Singapore store?
REWARDS
All valid comments will receive 5 Tiger
Is Zhou Liu Fu (ZLF) a good company to invest in?
With over 4100 stores and a franchise driven growth model, ZLF is a mass market force in China's gold jewellery landscape. There is strong ECommerce momentum and confidence is running high.
But compare it to Laopu Gold $LAOPU GOLD(06181)$ ZLF aims squarely at the mid tier consumer while Laopu Gold is positioned as a premium heritage brand.
ZLF is like Nike while Laopu Gold is like Hermes. So both companies cater to different segments of the jewelery market.
Bottom Line - Laopu Gold is a luxury rocket ship - brilliant but possibly overvalued. Zhou Liu Fu is the grounded, scalable alternative that offers better value.
My choice - Zhou Liu Fu because I love value and building a solid foundation.
@Tiger_SG @Tiger_comments @TigerStars
周六福的IPO吸引力在于“成长性”和“扩张潜力”，它是这波中港珠宝股热潮里的新血。对比周大福、六福这类老牌，它更年轻、品牌形象更新，主打的是性价比和婚庆消费人群，比较像“黄金版的周大生”。短期看，炒作空间肯定有，特别是如果定价合理、认购火热，可能带动一波“新珠宝概念”的行情。但要不要长期持有，还得看它未来门店扩张节奏与品牌差异化策略。
至于老铺黄金的新加坡店，我其实已经计划去看看了。金沙这个位置挑得太精准，目标人群明确，卖的是“高净值+文化符号”。从现场数据来看，单店转化率惊人，说明品牌在海外也有说服力。这对它后续在其他国际城市复制是个强有力验证。
所以说，左手周六福短炒IPO，右手老铺黄金看长期品牌资产升值，这周末，还真是个珠宝投资者的双喜临门时刻。
反而，老铺黄金在新加坡开旗舰店这事儿让我挺感兴趣的。这波国潮黄金风起来后，他们在设计和营销上确实花了心思，结合中式传统和现代审美，审美在线。比起抽新股，不如趁周末去店里看看，实地感受品牌力和消费氛围，顺便看看能不能淘个有设计感的金饰，毕竟买金的确定性可能比炒新来得实在。
I definitely will not subscribe to Zhou Liu Fu’s IPO due to its weak fundamentals. It doesn’t have designs that allow it to standout from its competitors and questionable marketing gimmicks will cause consumers to run far away from it. Furthermore, I believe that gold price won’t stay high for long. Coupled together, I think subscribing to the IPO has a high chance of losing money.
先说我自己——我对黄金品牌的IPO一向是谨慎看待。周六福虽然在国内下沉市场有庞大的线下渠道，品牌认知度也不低，但它和周大福、老凤祥这些“老牌中的战斗机”相比，品牌溢价相对较弱。翻了下招股书，营收增长是稳定的没错，但利润率压得挺紧，说明竞争激烈，成本结构并不算特别有优势。
那我会不会认购周六福的IPO？我倾向于“观望为主”。一方面，黄金饰品确实是大消费复苏里的一个亮点，特别是在金价持续攀高的背景下，很多人愿意“戴金保值”，门店扩张逻辑也有支撑。但另一方面，珠宝零售股在二级市场的表现一向不稳定，比如潮宏基、通灵珠宝，上市几年后股价都起起落落，长期投资的确定性其实并不高。周六福如果定价合理、流通盘不太大，加上市场气氛配合得好，也许能博一个“短炒”，但长线要看它能不能突破“品牌天花板”。
至于老铺黄金在新加坡的新店，我反倒更感兴趣去看看。为什么？因为这家老字号转型做“东方奢华”的路线还挺新鲜，而且它敢在新加坡这样消费层次多元的市场开设旗舰店，显然是想测试国际市场对中国风黄金设计的接受度。如果人流和购买力反响好，也许这类品牌未来真能“走出去”，不再局限在三四线城市里“内卷”。
总之，我不急着认购周六福的IPO，也不会立刻下单买金链子。但我会去老铺黄金看看，感受一下黄金品牌在新时代的“奢华升级”。投资市场讲的是预期和趋势，消费现场讲的是体验和信任——两者缺一不可。
I won't trade this stock. We might see a spike up on the 1st day of the listing.... then follow by a crash