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Forbes
a day ago
- Business
- Forbes
Chairman Of Chinese Gold Jeweler Zhou Liu Fu Becomes A Billionaire After Stock Surge
Getty Li Weizhu, the chairman of Zhou Liu Fu Jewellery, joined the billionaire ranks after shares of his Shenzhen-based gold jewelry retailer soared 67% over their first two trading days on the Hong Kong stock exchange on Friday. Li, 47, is Zhou Liu Fu's largest shareholder with a 57% stake through wholly-owned investment vehicles. Based on his stake, Forbes estimates his net worth to be $1.2 billion. Li's older brother Weipeng, who is Zhou Liu Fu's cofounder and vice chairman, has a fortune of $522 million based on his 24% ownership, Forbes estimates. Li entered the three-comma club a day after Zhou Liu Fu made its debut on the Hong Kong bourse on Thursday. The company raised HK$1.3 billion ($164.6 million) in its initial public offering. Zhou Liu Fu didn't respond to a comment request. Zhou Liu Fu is widely considered a clone of Chow Tai Fook Jewellery, controlled by Hong Kong billionaire Henry Cheng, and Luk Fook Holdings, another Hong Kong-listed jeweler, due to its name's similarity to those of its more established rivals. The 'Zhou' in Zhou Liu Fu is the Mandarin spelling of 'Chow' in Chow Tai Fook, while 'Liu Fu' is the Mandarin equivalent of 'Luk Fook' in Luk Fook Holdings. Zhou Liu Fu said in its prospectus that it was named as a co-defendant in seven legal disputes. Among them was a 2023 case in which Zhou Liu Fu and one of its franchisees were sued for product trademark infringement; the company has denied those allegations. The case was settled after Zhou Liu Fu agreed to stop selling the disputed products and paid off all related fees to the plaintiff. Meanwhile, the company has in turn also been suing smaller rivals for trademark infringement. Zhou Liu Fu said in its prospectus that it was the plaintiff in 25 ongoing legal disputes, many of which involved trademark infringement claims. Zhou Liu Fu applied to list on the Shenzhen stock exchange in 2019, but got turned down by regulators, who cited concerns over the company's trademark ownership disputes and its heavy reliance on revenue from franchised stores. The regulators eventually greenlighted Zhou Liu Fu's Shenzhen IPO application in 2022, but the company later opted to switch to Hong Kong amid a revival in the city's IPO market. Formally known as Zhou Tian Fu, the company was established by Weipeng and a friend in 2004, when China further opened up its jewelry industry by launching a massive trading center in Shenzhen's Shuibei area and turning it into one of the world's biggest retail markets for gold. Weizhu, who had a brief stint at a bank after graduating from the Guangdong University of Foreign Studies with a finance degree, joined Zhou Liu Fu simultaneously as a general manager. In 2004, he acquired all of the stake from his brother's friend. Like many other Chinese gold jewelers, Zhou Liu Fu over the years expanded aggressively through the franchise model. Focusing on the mass market segment of the jewelry industry, the company is China's fifth largest jewelry chain by store count in 2024, citing consultant Frost & Sullivan. It boasts 4,125 stores in the country, nearly 98% of them are franchisees and more than half are located in third-tier cities or below. Zhou Liu Fu also has four overseas shops in Cambodia, Laos and Thailand. Despite China's consumption slowdown, Zhou Liu Fu saw its 2024 net profit rise 7% to 706.3 million yuan ($98.5 million) on revenue that climbed 11% to 5.7 billion yuan. The company attributed the growth to the expanded franchise network. Zhou Liu Fu's IPO follows the Hong Kong debut of younger rival Laopu Gold last June. Shares of Laopu Gold have since then skyrocketed more than 1,100%, propelling its founder Xu Gaoming into the ranks of the world's richest. The Beijing-based company defied China's broader retail downturn through its premium position. Its intricately crafted gold jewelry priced independently of daily gold market fluctuations has become a craze with Chinese consumers seeking a safe-heaven asset. In response, Zhou Liu Fu has in recent years sought to elevate its brand image, opening stores at high-end malls and launching products that incorporate traditional Chinese gold craftsmanship techniques. MORE FORM FORBES Forbes Ex-China Fisheries Clerk Becomes Billionaire With 'Hermès Of Jewelry' By Yue Wang Forbes Ex-Baidu AI Scientist Becomes A Billionaire After Shares Of His Self-Driving Tech Startup Jump 16% By Zinnia Lee Forbes Billionaire Brothers' Chinese Bubble Tea Giant Mixue Surges In Hong Kong Debut By Zinnia Lee
South China Morning Post
5 days ago
- Business
- South China Morning Post
Chinese firms drive US$13 billion Asia-Pacific boom in convertible bonds
Issuance of equity-linked debt, including convertible bonds, could hit a record high in Asia-Pacific this year, driven by Chinese firms seeking lower-cost funding and investors betting on market gains amid global volatility, according to bankers. Advertisement So far this year, investors have shown a strong appetite for US$10 billion in convertible and exchangeable bond offerings by issuers from mainland China and Hong Kong, including Baidu, Ping An Insurance (Group) and Chow Tai Fook Jewellery Group – even when the deals carried aggressive terms. They accounted for a big chunk of the US$13 billion total issuance volume in Asia-Pacific excluding Japan and mainland China onshore shares, according to data compiled by Dealogic. The total is on track to exceed last year's record of US$25.7 billion. 'Convertible bonds are an instrument that resonates with many institutional investors in the current market,' said Brian Chau, co-head of equity-linked deals for Asia at UBS. 'They offer downside protection while providing equity upside, which is particularly appealing given the macro volatility.' The market tailwinds started in the second half of last year when big Chinese tech firms rushed to take advantage of convertible bonds. This year, the securities have been attracting more types of issuers and investors. Advertisement In the past 12 months, Asia-Pacific excluding Japan recorded issuance of around US$32.9 billion in convertible and exchangeable bonds – debtlike instruments that pay interest and include an upside call option to convert into either the underlying stock of the issuer itself or exchange them for another stock in which the issuer holds a stake.
Tatler Asia
18-06-2025
- Entertainment
- Tatler Asia
The prosperity story behind iconic jewellery
Unlimited Above De Beers Forces of Nature Brooch In his typically irreverent style, Jeff Goldblum once again proved that flair transcends convention. On the lapel of his sequinned jacket, four jewellery brooches from De Beers' Forces of Nature collection glimmered: Magnetism—a constellation of 15.40 carats of white diamonds; Spirituality—resplendent with 20.94 carats; a delicate Butterfly; and the ethereal Enchanted Lotus. Together, they formed a constellation of creativity. Lucky shine Above The Lu Droplet Stiletto earrings by Hearts on Fire dazzle with 22 brilliant-cut diamonds, capturing the essence of morning dew The Lu Droplet Stiletto earrings by Hearts on Fire dazzle with 22 brilliant-cut diamonds, capturing the essence of morning dew. As jewellery crafted in 18 karat white, yellow or rose gold, their refined silhouette makes a poised yet powerful statement, lending polish to any ensemble. Renaissance Heritage Above Buccellati Idyllium Floralis Bracelets and Rings Buccellati continues to honour age-old goldsmithing with time-honoured methods like hand engraving, each design a subtle nod to the Renaissance. The Idyllium Floralis Eternelle ring exemplifies this devotion with white and yellow gold entwined with lilac enamel bands, adorned with miniature floral garlands. A total of 158 brilliant-cut diamonds catch the light, with a matching bracelet completing the set. Read more: Chaumet and the love story of Napoleon and Josephine: When love inspires the legacy of haute joaillerie Flow of prosperity Above Chow Tai Fook fish pendant, from the Hua Collection Ride the current of abundance with Chow Tai Fook's symbolic fish pendant, a tribute to heritage goldsmithing with details shaped by filigree, casting, and pavé. The pendant's flexible tail lends movement to the piece, evoking the fish's determined ascent upstream. It is more than jewellery—it's a talisman, crafted to accompany one through life's highs and hurdles with grace. Three-tone gold Above A sophisticated combination of white, rose and yellow gold, the Cartier Trinity necklace strikes a balance between power and poise A sophisticated combination of white, rose and yellow gold, the Cartier Trinity necklace strikes a balance between power and poise. The 43cm chain reimagines Louis Cartier's original 1924 creation, its interlocking circles a timeless emblem of unity and individuality. Eternal Moment Above Harry Winston Ruby Ring—no ordinary jewel When Tatler encountered this rare creation from the Harry Winston archives—an oval ruby ring—it was clear this was no ordinary jewel. Set in platinum and flanked by two luminous white diamonds, the ruby's allure lies in its rarity. With stones over three carats becoming ever scarcer, this piece feels destined to become iconic. Back to the starting point Above Dickson Yewn Floral Lattice Gecko and Lily Pad Square ring Dickson Yewn is renowned for designs that transcend convention, and this intricate ring, part of his Floral Lattice collection, is no exception. Inspired by scenes from an ancient Chinese courtyard once beloved by royal literati, the piece is rendered in 18k yellow gold and finished with brilliant-cut diamonds. A quiet homage to history, viewed through a modern lens. Rich mandarin ducks Above Swarovski Swan pendant features iconic motif of two swans To mark its 130th anniversary, Swarovski reimagines its iconic motif of two swans nestled in a heart-shaped embrace. Among the variations, one stands out: a duet of gold-tone and rhodium-plated swans, glittering with pavé Swarovski Zirconia. Suspended from a graceful chain, the design underscores the brand's enduring expertise in crystal artistry. Open the sparkling way Above John Hardy JH Essential Pavé Necklace Though delicate in form, a necklace can make the most memorable impression. Take this pavé number from John Hardy's JH Essential collection. Its 14-karat gold design is adjustable, with a diamond-set chain that adds texture and depth. Elegant yet adaptable, it lends itself to both daywear and occasion dressing. Lucky yellow snake Above The Mikimoto Snake Brooch is enjoying a renaissance The brooch is enjoying a renaissance—and Mikimoto's Year of the Snake design captures its charm in full. Available in 18k yellow gold or sterling silver, each version is distinct. The gold piece features a playful snake coiled around a platinum branch, accented with garnets. The silver counterpart, meanwhile, is paired with a deep spinel. Both designs are crowned with Akoya cultured pearls—long associated with luck and prosperity. Personal mark Above Hermès Clou de Forge earrings in rose gold and diamonds From the Clou de Forge collection by Hermès, these earrings fuse sculptural elegance with a sense of mischief. Crafted in 18-karat rose gold and set with radiant diamonds, the earcuff silhouette makes its debut in the Objects Spring–Summer 2025 collection, bringing a subtle yet striking flourish to the modern wardrobe. NOW READ Tiffany & Co. and a dive into the heart of the ocean in 'Sea of Wonder' What makes ceramics so attractive in the world of jewellery? Cartier tells stories through culture and craft in Singapore's historic spaces
South China Morning Post
18-06-2025
- Business
- South China Morning Post
Hong Kong stocks fall on Middle East fears while investors hope for stimulus clues
Hong Kong stocks fell for the second straight day on Wednesday as Middle East geopolitical tensions weighed on markets, stoking fear of supply disruptions. The Hang Seng Index declined 0.8 per cent to 23,776.80 as of 9.50am, adding to the 0.3 per cent loss recorded on Tuesday. The Hang Seng Tech Index retreated 1.3 per cent. On the mainland, the Shanghai Composite Index was little changed, and the CSI 300 Index slid 0.1 per cent. Electric-vehicle maker Li Auto plunged 2.9 per cent to HK$105.40, while machine tool maker Techtronic Industries lost 0.8 per cent to HK$87.90. Short-video sharing platform Kuaishou Technology retreated 2 per cent to HK$58.20, and travel booking agency slipped 0.9 per cent to HK$475.60. Trimming the losses, Chow Tai Fook Jewellery Group added 2.2 per cent to HK$13, and hotpot chain Haidilao International Holding gained 2.7 per cent to HK$15.32. The decline followed overnight losses in the US, where the S&P 500 fell 0.8 per cent and the Dow Jones lost 0.7 per cent, after Middle East hostilities dampened risk appetite.
South China Morning Post
17-06-2025
- Business
- South China Morning Post
Hong Kong stocks waver as investors assess China growth prospects, Middle East tensions
Hong Kong stocks swung between gains and losses on Tuesday as investors weighed China's economic outlook and the military conflict in the Middle East. The Hang Seng Index fell 0.1 per cent to 24,037.56 as of 10.12am local time. The Hang Seng Tech Index gained 0.1 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index were both little changed. Sands China advanced 3.8 per cent to HK$15.44 and Sunny Optical Technology Group gained 3 per cent to HK$66.05. Alibaba Group Holding added 1.8 per cent to HK$114.90. Chow Tai Fook Jewellery Group slumped 4.4 per cent to HK$13.12 on a plan to sell convertible bonds . PetroChina lost 5.2 per cent to HK$6.99 as the stock traded ex-dividend. Investors are waiting for more policy signals from Beijing after a set of mixed economic data from May, when the downturn in property prices accelerated . Meanwhile, they are also watching the military tensions between Iran and Israel, as hostilities could strain oil supply and add inflationary pressure. Other major Asian markets all edged up following an overnight gain in US stocks. Japan's Nikkei 225 climbed 0.5 per cent, while South Korea's Kospi rose 0.9 per cent and Australia's S&P/ASX 200 added 0.1 per cent.
