Laopu Gold

Laopu Gold

Laopu Gold, formally Laopu Gold Co., Ltd., was founded by Xu Gaoming and distributes its shares on the Hong Kong Stock Exchange under the ticker 6181. The company traces its origins to a Beijing gold shop but has been reshaped by Xu into a brand positioned to compete with Cartier and Van Cleef & Arpels on price per gram. The wealth origin is proprietary gold fabrication: Laopu melts, alloys, and finishes products using a patented gold-beading technique that yields a matte, textured surface, a visual departure from the high-polish aesthetic common in Chinese gold retail. The firm concentrates on pure-gold jewelry and ornamental gold artifacts, a product mix that insulates it from the diamond-value volatility facing Western luxury peers. Laopu sells exclusively through self-operated stores and is not available via third-party retailers or major e-commerce platforms. As of mid-2025, the network comprised roughly 35 points of sale, predominantly located in China's highest-grossing luxury malls, including SKP Beijing and Plaza 66 Shanghai. The international debut at 37 Avenue Montaigne, which opened in early 2025, marks the firm's first capital deployment outside Greater China and targets mainland Chinese travelers alongside local European clients. The team is anchored by Xu Gaoming and a group of master goldsmiths trained in the firm's proprietary manual engraving methods. Laopu does not operate a foundation, a family office, or a club vehicle; the corporate entity remains the sole economic vehicle for brand investment and manufacturing scale. In July 2024, Laopu completed its initial public offering on the Hong Kong Stock Exchange, raising approximately USD 115 million, with the proceeds earmarked for store expansion and manufacturing automation at its Beijing atelier. Unlike classical luxury houses that separate manufacturing from retail through licensing or wholesale agreements, Laopu collapses the value chain: the person who alloys the gold works for the same entity that sells the finished bangle at an SKP counter. This vertical integration removes the distributor markup layer and allows Laopu to hold gross margins above 40 percent, per its 2024 annual results filing, while simultaneously competing on craftsmanship narrative against Richemont-owned maisons.