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Zhou Liu Fu Chairman Li Weizhu Joins Billionaire Ranks After Blockbuster Hong Kong IPO
Shenzhen-based gold jewelry chain Zhou Liu Fu made a dazzling debut on the Hong Kong Stock Exchange, catapulting its chairman Li Weizhu into the billionaire class. After a 67% share price surge over its first two days of trading, Forbes estimates Li’s net worth at $1.2 billion, solidifying his status as one of China’s newest self-made billionaires in the gold jewelry industry.
From General Manager to Billionaire Chairman
Li Weizhu, 47, holds a 57% stake in Zhou Liu Fu through wholly owned investment vehicles. His older brother, Li Weipeng, who co-founded the company and currently serves as its vice chairman, owns 24%, giving him an estimated net worth of $522 million. The rapid appreciation in Zhou Liu Fu’s stock comes after the company raised HK$1.3 billion (US$164.6 million) through its IPO on Thursday.
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Li, a graduate of the Guangdong University of Foreign Studies with a background in finance, joined Zhou Liu Fu in 2004 after a brief stint in banking. He took over the business from his brother's original co-founder and helped scale the company into one of China’s largest jewelry franchises.
A Brand with Familiar Echoes
Zhou Liu Fu has drawn attention — and controversy — for its similar name to major Hong Kong jewelry brands like Chow Tai Fook and Luk Fook Holdings. In Mandarin, “Zhou” translates to “Chow” and “Liu Fu” to “Luk Fook,” leading many to label the brand a clone of its better-known competitors.
Despite the name similarities, Zhou Liu Fu has carved out a strong position in the market, especially through its aggressive franchise model, which accounts for nearly 98% of its 4,125 stores across China. More than half of these outlets are located in third-tier cities and below, reflecting a focus on the mass market.
Legal Challenges and Strategic Pivot
Zhou Liu Fu’s rise hasn’t been without legal hurdles. The company was named in seven legal disputes, including a 2023 lawsuit over trademark infringement, which it settled by halting sales of the disputed products and paying related fees. Meanwhile, the company has also initiated 25 legal actions of its own against smaller brands for similar trademark violations.
The company originally attempted to list on the Shenzhen Stock Exchange in 2019, but regulators denied the application due to concerns over trademark ownership and revenue dependency on franchises. Approval was granted in 2022, but Zhou Liu Fu pivoted to Hong Kong, attracted by the city's stronger IPO market resurgence.
Riding the Gold Wave Despite Economic Headwinds
In 2024, Zhou Liu Fu reported solid financials with net profit rising 7% to 706.3 million yuan ($98.5 million) and revenue up 11% to 5.7 billion yuan. The growth is credited to its expanding store network, especially in less saturated regions of China.
The company is also seeking to move upmarket, mirroring the approach of high-end rival Laopu Gold, whose shares have soared over 1,100% since its own Hong Kong IPO last year. In response, Zhou Liu Fu has launched collections inspired by traditional Chinese gold craftsmanship and opened premium retail locations in upscale shopping malls to strengthen its brand prestige.
International Expansion and Competitive Landscape
While Zhou Liu Fu remains rooted in China’s booming gold jewelry market, the company has begun expanding overseas with four international locations in Cambodia, Laos, and Thailand. Still, the company faces stiff competition from more premium brands like Laopu Gold, whose positioning as a “safe-haven” luxury brand has captured the attention of young Chinese consumers wary of market instability.
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The Rise of a Gold Empire
What began as a modest venture in 2004 has transformed into a multi-billion yuan empire, positioning Zhou Liu Fu as China’s fifth-largest jewelry chain by store count, according to Frost & Sullivan. For Li Weizhu, the IPO isn’t just a financial milestone — it’s the culmination of two decades spent building a brand that reflects China’s shifting consumer landscape and hunger for gold as both a luxury good and an investment.
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