Laopu Gold's 2,300% rally faces test after stock hits HK$1,000

HONG KONG: A breathtaking rally in Laopu Gold Co is facing a critical test after its stock price hit HK$1,000 ($127), a rare milestone that may deter retail investors due to the steep price tag.

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The jewellery maker soared more than 2,300% since its listing in late June 2024 to set a new record earlier yesterday, emerging as the new face of Chinese luxury and outperforming over 500 peers in the Hang Seng Composite Index. Its share price far surpasses the second-most expensive stock in Hong Kong: bubble tea maker Mixue Group, which is trading at around HK$580.

While Laopu's ascent underscores market zeal toward China's new consumption stocks catering to Gen Z demand, investors will likely demand more to purchase shares at this level. With a minimum trading unit set at 100 shares by the company, it means a buyer must shell out HK$100,000 — the equivalent of $12,750 — to gain exposure to Laopu.