HK Stock Market Move | LAOPU GOLD (06181) falls more than 3% in morning session; traditional gold jewelry brands collectively offer discounts and cut prices; major bank says sales in the second half face multiple impacts.

LAOPU GOLD (06181) fell more than 3% in morning trading. As of press time, it was down 3.51% at HK$302.8, with turnover of HK$52.1769 million. On the news front, traditional gold jewelry brands such as Baolan and Laopu collectively offered discounts and cut prices during Double 11. According to a 21st Century Business Herald report, staff at LAOPU GOLD's Tmall flagship store told reporters that the 2026 Double 11 event runs from October 15 to November 14, during which products are eligible for a discount of RMB100 for every RMB1,000 spent, reflected as a 10% discount at checkout. In addition, a RMB2,000 gift voucher can be used on purchases of RMB30,000 or more, and a RMB4,000 gift voucher on purchases of RMB60,000 or more, while some older items can enjoy an additional 5% discount. Nomura said in a research report that LAOPU GOLD's sales momentum remained weak in the third quarter, with no substantial improvement quarter-on-quarter by the bank's estimates, while second-quarter revenue fell about 30% year-on-year. The bank believes sales in the second half may face multiple drags, including macroeconomic factors such as gold price volatility and the negative wealth effect from the sharp correction in A-shares, which may weaken sales. The bank maintained its "Buy" rating but slashed its target price by about 50.3% to HK$450 from HK$905.