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Investing.com -- Laopu Gold, a top-tier jewelry brand, saw its shares reach a new high ahead of the Lunar New Year holidays, surpassing other leading Chinese retailers and luxury brands that have been impacted by a decrease in demand.
The company's shares climbed by as much as 18% to 432.80 Hong Kong dollars, equivalent to US$55.58, setting a new intraday high. The shares closed 11% higher on Monday, outperforming the Hong Kong benchmark index which saw a modest 0.7% gain.
Since their listing in Hong Kong in June, shares of the Chinese heritage gold jewelry brand have increased approximately tenfold. In contrast, the Hang Seng Index has seen a 14% increase over the same period, while shares of industry leader Chow Tai Fook Jewellery have decreased by 20%.
Laopu's success since its establishment in 2009 indicates that its unique product niche in "heritage gold" and handmade jewelry has been beneficial for the brand, according to a report by Citi when it began stock coverage in November.
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