The price of gold has hit a record high. How can gold sellers find the ＂second bucket of gold＂？

　　Chinanews. com December 5 th (Zhongxin Finance reporter Zuo Yukun) The price of gold has climbed to a record high.

　　On December 4, Beijing time, futures gold and spot gold opened sharply higher in the morning. COMEX gold futures stood at the $2,150/oz mark, and spot gold rose to $2,144/oz. Although it has declined since then, a "new high" has been born.

　　Under the hot situation, gold and jewelry companies have once again ignited the enthusiasm for listing, and they have handed in their watches to attack IPO.

　　"The big gold bracelet on your hand is more valuable."

　　At the beginning of this week, the price of gold continued to rise and broke the "ceiling" again.

　　New york gold futures (referred to as "COMEX gold") and London spot gold once both broke through the $2,100/oz mark in early Asian session on December 4th. COMEX gold futures hit a maximum of $2,152.3 per ounce in intraday trading; Spot gold in London rose to a maximum of $2,144.68 per ounce, both of which continued to hit record highs.

　　Industry analysts believe that the rise in gold prices is related to the recent performance of the US dollar. According to reports, last week, the Federal Reserve reiterated that it would be cautious and tried to downplay the expectation of interest rate cuts, but the market did not buy it. On the contrary, Wall Street’s expectation of interest rate cuts was further strengthened, pushing the price of gold to continue to rise. In addition, the US economic data showed a more obvious weakening, resulting in a significant drop in the interest rate of US debt and the US dollar, which also benefited the price of precious metals.

　　In addition, the data released by the World Gold Council on October 31 showed that the global central bank purchased 337 tons of gold net in the third quarter, which was the third highest quarterly net gold purchase in history. Although it failed to break the record in the third quarter of 2022, the central bank’s demand for gold purchases since the beginning of 2023 has reached 800 tons, setting a new record since the association has this data. Central banks are expected to maintain strong demand for gold purchases for the rest of this year.

　　Practitioners have also felt this shock. Mr. Yu, who is engaged in gold jewelry business in Shenzhen Shuibei, told Zhongxin Financial reporter on the 4th: "Yesterday, there were some gold prices in Shuibei below 480 yuan/gram, and today the highest point actually reached 495g/yuan, although it fell back in the afternoon, but it is really rare to see such a big increase in one day."

　　"Daikin bracelets" and "Daikin necklaces" also rose in value. The reporter learned that on the 4th, the domestic gold price of gold jewelry brands such as Chow Tai Fook, Luk Fook Jewelry and Chaohongji continued to rise compared with the previous day, and many of them have exceeded 630 yuan/gram.

　　"Recently, the price of gold was relatively cheap during the period of’ October 1st’, and the price of gold jewelry was more than 580 yuan without being reduced. Since then, it has been rising. In the middle and late October, the price of grams has already fallen above 600 yuan. " A salesperson of Chow Tai Fook told reporters.

　　In the face of rising gold prices, consumers are inevitably happy and worried. I want to make a move, and I want to sigh. But besides you and me, there are still some people and enterprises that are experiencing the "golden torment", and they are the gold jewelry companies that want to go public.

　　"Hot" seeks listing, and gold jewelry companies queue up for IPO.

　　The soaring gold price and the enthusiasm of terminal consumption have once again ignited the desire of gold jewelry companies to seek listing.

　　Recently, Laopu Gold, known as the first gold jewelry company in China to promote the concept of "ancient gold", launched an impact on the IPO of Hong Kong stocks. This is the second time that Laopu Gold has hit the capital market. Previously, it sought a listing in A shares in 2021, and it was cancelled the day before the meeting. The company has also been questioned by the market because of negative cash flow, high inventory and the transfer of suppliers’ interests.

　　The popularity of the national tide continues, and the old shop gold with high-end positioning also has a higher gross profit level. From 2020 to the first half of 2023, its gross profit margin was 43.1%, 41.2%, 41.9% and 41.7% respectively, which is very high in the whole gold jewelry market.

　　In the prospectus submitted by Laopu Gold this time, it also introduced its own products with quite a style. For example, gold inlaid products such as rose window necklace, butterfly clavicle necklace and bindilian treasure box gold ware; All-gold gold products, such as silk safety buckle, Ruyi Xiangyun pattern bracelet, one-horned magic symbol, etc.

　　Coincidentally, Mengjinyuan Gold Jewelry Group Co., Ltd. (referred to as "Mengjinyuan") also submitted a listing application to the main board of the Hong Kong Stock Exchange in September this year. Before the listing in Hong Kong, Mengjinyuan also failed to hit the A-share IPO.

　　Mengjinyuan has positioned itself as "China high-purity seiko gold jewelry expert" and is one of the few gold jewelry brands that can mass-produce 999.9 gold jewelry. It also claims that the company has made breakthrough achievements in the fields of gold purification and precision manufacturing. According to the disclosure in the prospectus, on the whole, the performance of Mengjinyuan is on the increase.

　　Although the income ranks high, the gross profit margin of Mengjinyuan is less than 6% in the past three years because of the high proportion of plain gold ornaments in the product structure, while the gross profit margins of peers such as Chow Tai Fook and Zhou Shengsheng are all higher than 20% in 2022. In addition, most gold jewelry brands mainly purchase gold from Shangjin Institute, while Mengjinyuan mainly focuses on "exchange of old materials" for a long time. Previously, when Mengjinyuan applied for listing in A-shares, these issues were the focus of regulatory attention.

　　Leofoo Jewelry is also a gold jewelry company that is also exploring on the way to listing. As early as May 2019, Leofoo had pre-disclosed the prospectus for the first time. After that, there were twists and turns, and three A-share IPOs failed. The most recent one was on November 8 this year, when Shenzhen Stock Exchange decided to terminate the review of the initial public offering of Leofoo Jewelry and its listing on the main board. Some people think that Leofoo may follow the example of Laopu Gold and Mengjinyuan and switch to IPO of Hong Kong stocks.

　　It is found that the well-known enterprises in the industry have basically set foot on the capital market. Chow Tai Fook, Zhou Shengsheng and Luk Fook Group are listed in Hong Kong stocks, while enterprises such as Lao Fengxiang, China Gold and Zhou Dasheng are listed in A shares. Other brands are really "hard not to be jealous".

　　"In mainland A-shares, the market valuation of such enterprises is generally not high, and it is not an innovative industry, so it is difficult to go public; Relatively speaking, companies such as Hong Kong stocks are listed more, and the threshold is low, and the valuation comparison is relatively intuitive, so they seek to go public in Hong Kong. " Pan Helin, co-director and researcher of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Joint Business School, told reporters. (End)