Chinese gold jewelry retailer Laopu Gold saw its stock price surge past HK$1,000 ($127) per share this week, hitting an all-time high with gains exceeding 300% YoY. Founder Xu Gaoming announced aggressive expansion plans during the company’s latest earnings call, targeting luxury brand status by closing underperforming locations. The company will shutter stores generating less than 500 million RMB ($69 million) annually while aiming for 1 billion RMB ($139 million) per store long-term. Laopu Gold reported 9.8 billion RMB ($1.36 billion) in 2024 sales, up 167.5% YoY, with net profit jumping 253.9% to 1.473 billion RMB ($204 million). Average store revenue reached 240 million RMB ($33 million).