FAST NEWS: Luk Fook Group’s 1,800 customers’ data stolen

The Latest: Luk Fook Group Holdings (International) Ltd. (0590.HK) announced Friday that attempts of unauthorized access to the company’ss database had occurred, about 1,800 Hong Kong customer records with partial details were observed to be extracted.

Looking Up: The company has deployed additional containment measures, including but not limited to performing periodic monitoring of its network for identification of potential malicious activity and allowing trusted communication only with the impacted server. It has also implemented additional security measures designed to prevent a recurrence of such an attack and to protect the privacy of its customers.

Take Note: The data breach could result in potential losses to customers and undermine customer and investor confidence in the company.

Digging Deeper: Luk Fook is mainly engaged in the design and sale of gold and platinum jewelry. It was established in 1991 and went public in 1997. The company completed its acquisition of the 3D-GOLD brand from HK Resources (2882.HK) earlier this year, which help to boost its revenue in its latest reporting quarter. It added a net 230 stores in the latest quarter, 218 of which were under the 3D-GOLD brand.

Market Reaction: Luk Fook shares rose on Monday and closed up 1.4% at HK$16.96 by the midday break. The stock now trades at the lower end of its 52-week range.

Translation by A. Au

To subscribe to Bamboo Works weekly free newsletter, click here