Laopu Gold’s Xu Gaoming Joins Billionaire Ranks After Luxury Jewelry Brand's Soaring IPO in Hong Kong
Xu Gaoming, a former government clerk turned jewelry mogul, is now China’s newest billionaire after the successful Hong Kong IPO of Laopu Gold, his luxury gold jewelry company known for fusing high-end design with traditional Chinese craftsmanship.
The 59-year-old founder has amassed an estimated net worth of $1 billion, according to Forbes, after Laopu Gold shares surged by 97.5% post-IPO. The Beijing-based company, often referred to as the “Hermès of Gold Jewelry” for its intricate designs and premium pricing, raised HK$787.7 million ($100.8 million) by issuing 19.5 million shares at HK$40.50 each.
A Clerk-Turned-Creative Force in Jewelry
Xu's journey began in the 1980s as a clerk in Yueyang’s local fisheries bureau in Hunan Province. After earning a degree via correspondence from Huazhong Agricultural University in 1988, he worked for over a decade in local government. In 1995, he launched a tourism-focused business selling souvenirs before founding Laopu Gold in 2016, capitalizing on rising consumer interest in “heritage gold jewelry” with cultural significance.
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The company focuses on complex designs rooted in Chinese tradition, including elements like the “hu lu” gourd, a symbol of good luck and protection. Some of Laopu Gold’s pieces fetch eye-watering prices — one signature bracelet retails for 44,680 yuan ($6,145).
Skyrocketing Sales Amid a Gold Market Boom
Laopu Gold is reaping the rewards of a gold price surge. In 2023, the company saw its revenue double to 3.2 billion yuan ($437 million), while profit jumped nearly 5X to 416.3 million yuan, according to its IPO prospectus.
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| Shanshan Kao |
Although Laopu Gold products are available online via Alibaba and JD.com, the company still leans heavily on brick-and-mortar sales — with 33 high-end boutiques spread across 14 Chinese cities, focusing on exclusivity and curated experiences.
Carving Out a Luxury Niche in a Competitive Market
Laopu Gold positions itself as a niche premium brand in China's crowded jewelry space. According to Mintel luxury analyst Blair Zhang, the brand’s success lies in “complicated craftsmanship” and a “differentiation strategy” that distances it from mass-market players like Chow Tai Fook.
Zhang Yi of iiMedia Research compared Laopu Gold’s designs to antiques, noting that the brand’s value lies in its cultural authenticity and traditional symbolism, making it appealing to customers not just as jewelry, but as collectible investments.
IPO Challenges, Tencent Backing & Global Expansion Plans
Laopu Gold's IPO was not without obstacles. The company had previously tried to list on mainland Chinese exchanges in 2021 and 2022, but regulators raised concerns over unusually high profit margins and related-party transactions. After resolving those issues, the company opted for Hong Kong, joining a wave of Chinese brands targeting international investors.
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Backed by major firms like Tencent and China Southern Asset Management, Laopu Gold plans to use the IPO proceeds to expand internationally and boost brand awareness as it eyes global luxury markets.
The Road Ahead: Rising Costs & Cultural Capital
Despite the success, Laopu Gold faces mounting challenges, including rising gold prices, store operating costs, and market saturation. Analysts warn that if gold prices stabilize or fall, the brand must lean even more heavily on its aesthetic and cultural storytelling to maintain demand.
Still, experts agree Laopu Gold has already achieved a strong differentiation with its fusion of luxury and tradition, a strategy that’s resonating deeply with modern Chinese consumers.
Conclusion: A Billion-Dollar Brand with Ancient Roots
From civil servant to luxury titan, Xu Gaoming’s story reflects the evolution of China’s consumer economy — where tradition, innovation, and wealth intersect. With a clear brand identity rooted in Chinese heritage and a firm foothold in the luxury market, Laopu Gold is positioning itself not just as a jewelry company, but a cultural icon in the making.
