BRIEF: Mokingran Jewellery approved for Hong Kong listing
Jewelry retailer Mokingran Jewellery Group Co. Ltd. has been approved to list on the Hong Kong Stock Exchange, paving the way for its IPO in the weeks ahead. The listing’s approval by the exchange was reflected with the company’s uploading of a post-hearing information filing on Wednesday.
Mokingran’s stores mostly target smaller cities in China’s jewelry market. It had 1,670 franchisees at the end of June operating 2,850 stores, along with another 36 self-operated stores.
The company’s revenue rose 7% to 9.98 billion yuan ($1.38 billion) year-on-year in the first half of 2024. But its profit fell 54% to 47.43 million yuan, mainly due to increasing gold prices during the period that resulted in losses on the company’s gold futures contracts.
By Lau Chi Hang
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