Key facts
- Laopu Gold Co. Ltd. shares have fallen nearly 70% from their all-time high.
- The company has lost approximately HK$120 billion ($15.3 billion) in market value.
- The selloff is linked to the retreat of global bullion prices from record levels.
Shares of Chinese luxury jeweler Laopu Gold Co. Ltd. have plummeted nearly 70% from their all-time high, erasing approximately HK$120 billion ($15.3 billion) in market value. This significant drop is occurring as global bullion prices retreat from their record levels. The selloff underscores the substantial benefit Chinese premium jewelry brands have received from the gold boom and raises questions about their ability to maintain rich valuations when the underlying commodity's price declines.