Laopu's 1,600% Rally Illustrates Hong Kong's Frenzy Over IPOs
If there was any doubt IPO fever has returned to Hong Kong, look no further than Laopu Gold Co. 's rally of more than 1,600% since its listing less than a year ago.
Its shares surged as much as 15% in Hong Kong trading on Wednesday before closing 3% higher. Now at $15 billion, the Beijing-based jeweler boasts a larger market value than Chow Tai Fook Jewellery Group Ltd. or Pandora A/S. That's despite the Chinese company, which specializes in making gold jewelry inspired by Buddhist themes, generating only a fraction of the revenue and profits that Chow Tai Fook or Pandora earn.
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