Market Overview - The Hong Kong stock market failed to maintain its rebound, with the Hang Seng Index closing down 0.94% at 25,781.77 points and a total turnover of 227.54 billion HKD [1] - The largest external uncertainty facing the market is the US-China rivalry, which has impacted investor sentiment and caused short-term volatility [1] Blue Chip Performance - Pop Mart (09992) rose 2.4% to 256.4 HKD, contributing 6.98 points to the Hang Seng Index, with projected revenue growth of 245%-250% year-on-year for Q3 2025 [2] - Other blue chips included China National Pharmaceutical Group (01099) up 4.27% and Shenzhou International (02313) up 1.72%, while Chow Tai Fook (01929) fell 5.65% [2] Sector Performance - Large tech stocks showed weak performance, with Alibaba down nearly 2% and Tencent down over 1% [3] - Gold and silver stocks faced significant declines due to geopolitical factors and profit-taking, with China Silver Group (00815) down 8.33% [4] - Banking stocks were active, with Chongqing Bank (01963) and Agricultural Bank of China (01288) both up 1.56% [4][5] Notable Company Developments - Xuan Bamboo Bio (02575) reached a new high, rising 31.87% after presenting positive clinical trial results for breast cancer treatment [7] - Chalco International (02068) surged 30.52% amid reports of potential asset swaps with Rio Tinto [8] - Guanghe Communication (00638) debuted below its offering price, falling 11.72% [9] - Laopuhuang (06181) saw a significant drop of 8.21% after announcing a discounted share placement [10] - Innovent Biologics (01801) announced a global strategic partnership with Takeda Pharmaceutical, potentially worth up to 114 billion USD [11]

Core Viewpoint - Lao Pu Gold (06181.HK) has experienced a decline in stock price over the past three days, with a current price of 704 HKD, reflecting an 8.21% drop [1] Group 1: Recent Stock Performance - The stock price of Lao Pu Gold fell by 3.68% on October 20 and by 3.88% on October 21 [1] - The recent decline in stock price is notable, with a total drop of 8.21% over three days [1] Group 2: New H Share Placement Announcement - On October 22, Lao Pu Gold announced a new H share placement, planning to issue 3,711,800 new H shares at a price of 732.49 HKD per share [1] - The total amount raised from this placement is expected to be 2.719 billion HKD [1] Group 3: Previous Fundraising Activities - In May 2023, Lao Pu Gold completed a previous placement of 4,310,000 new H shares at a price of 630.00 HKD per share, raising a total of 2.7153 billion HKD [2] - The net amount raised from the May placement, after deducting commissions and estimated expenses, was approximately 2.698 billion HKD [2] - The total funds raised from both placements in 2023 amount to 5.434 billion HKD [2]

Core Viewpoint - The company, Lao Pu Gold, announced a discounted placement of shares at a 4.5% discount, raising HKD 2.7 billion, which led to a significant drop in its stock price by over 8% [2] Group 1: Share Placement Details - Lao Pu Gold entered into a placement agreement to sell 3.71 million new H-shares at a price of HKD 732.49 per share, representing approximately 2.66% of the total issued H-shares [2] - The placement price reflects a discount of about 4.5% compared to the closing price of HKD 767.00 on October 21, 2025, and a discount of approximately 5.59% compared to the average closing price of HKD 775.90 over the previous five trading days [2] - The expected total amount raised from the placement is approximately HKD 27.19 billion, with a net amount of about HKD 27.07 billion after deducting commissions and estimated expenses [2] Group 2: Use of Proceeds - The company plans to allocate 70% of the raised funds for inventory reserves, 10% for store expansion and optimization, and 20% for working capital and general corporate purposes [2] Group 3: Previous Fundraising and Performance - In May 2025, Lao Pu Gold announced a previous placement of 4.31 million new H-shares, raising approximately HKD 26.98 billion, with 80% of the funds intended for core business development [3] - As of September 30, 2025, nearly all of the funds from the previous placement had been utilized, leaving about HKD 10 million unspent [3] - The company reported a significant increase in revenue and profit for the six months ending June 30, 2025, with revenue of HKD 12.354 billion, a year-on-year increase of 251%, and an adjusted net profit of HKD 2.35 billion, up 290.6% [4] Group 4: Price Adjustments - Lao Pu Gold announced a price adjustment for its products, set to take effect on October 26, 2025, marking the third price increase in the year [3] - The recent price adjustments have seen increases of 10%-12% for most products, with previous adjustments in February and August resulting in price hikes of 5%-12% [3]

图片来源：界面图库 智通财经编辑 | 江怡曼 10月22日，在宣布折价4.5%配股募资27亿港元后，老铺黄金（06181.HK）的股价一度重挫逾8%。截至智通财经发稿， 公司报706.5港元/股，下跌7.82%。 当天，老铺黄金在港交所公告，于2025年10月21日（联交所交易时段后），本公司与配售代理订立配售协议，配售代理 尽力促使不少于六名承配人购买371万股新H股，配售价为每股732.49港元。配售股份分别占老铺黄金公告日期已发行H 股及已发行股份总数的约2.66%及约2.15%，且分别占经配发及发行配售股份扩大后的H股及已发行股份总数的约2.59% 及约2.10%。 根据公告，配售价较2025年10月21日联交所收市价767.00港元折让约4.50%，较截至2025年10月20日止连续五个交易日 平均收市价775.90港元折让约5.59%。假设悉数配售，预计所得款项总额及净额（扣除佣金及估计开支后）分别约为 27.19亿港元及27.07亿港元，净发行价约为每股729.23港元。 关于募资用途，老铺黄金列出了三项：一是70%用于存货储备。二是10%用于门店拓展及现有门店位置优化与面积扩 建。三是20%用 ...

Core Viewpoint - The company, Laopu Gold, plans to issue 3.71 million new H-shares at a discount of approximately 4.50% to raise around HKD 2.7 billion for inventory reserves and store expansion, marking its second fundraising since 2025 [1][2]. Fundraising Details - The placement price is set at HKD 732.49 per share, which is about 4.50% lower than the closing price of HKD 767.00 on October 21, 2025, and approximately 5.59% lower than the average closing price of HKD 775.90 over the preceding five trading days [1]. - If fully subscribed, the total gross and net proceeds (after commissions and estimated expenses) are expected to be approximately HKD 2.719 billion and HKD 2.707 billion, respectively, with a net issuance price of about HKD 729.23 per share [1]. Use of Proceeds - 70% of the funds will be allocated for inventory reserves to meet increasing demand during peak sales seasons, considering the long procurement and sales cycle [2]. - 10% will be used for store expansion and optimization of existing store locations, including costs related to rent, design, renovation, and employee recruitment [2]. - 20% will be directed towards working capital and general corporate purposes, including the recruitment of high-level talent [2]. Previous Fundraising - In May 2025, Laopu Gold announced a placement of 4.31 million new H-shares, raising approximately HKD 2.698 billion, with 80% of the funds intended for core business development [3]. - As of September 30, 2025, most of the previous funds have been utilized, with only about HKD 10 million remaining [3]. Financial Performance - For the six months ending June 30, 2025, Laopu Gold reported revenues of HKD 12.354 billion, a year-on-year increase of 251%, and an adjusted net profit of HKD 2.35 billion, up 290.6% [3]. - Revenue from gold products accounted for 99.9% of total revenue, with a significant increase in loyal membership reaching approximately 480,000, up by 130,000 from the previous year [3]. Stock Performance - On October 22, 2025, Laopu Gold's stock price dropped over 8% at one point, closing down more than 6% [4].

Core Viewpoint - The company Lao Pu Gold (stock code: 06181.HK) has announced a placement of 3,711,800 new H-shares at a price of HKD 732.49 per share, which represents a discount to recent trading prices. The net proceeds from this placement are expected to be approximately HKD 2.7 billion, with funds allocated for inventory reserves, store expansion, and working capital [2][3]. Financial Performance - For the first half of 2025, Lao Pu Gold reported sales revenue of RMB 14.18 billion, a significant increase of 249.4% compared to RMB 4.06 billion in the same period last year [4][6]. - The company's revenue for the same period reached RMB 12.35 billion, reflecting a growth of 251% from RMB 3.52 billion year-on-year [6][7]. - The gross profit for the first half of 2025 was RMB 4.71 billion, up 223.4% from RMB 1.45 billion in the previous year [6]. - The profit before tax was RMB 2.96 billion, marking a 279.8% increase from RMB 780.4 million year-on-year [6]. - The net profit for the period was RMB 2.27 billion, a rise of 285.8% compared to RMB 587.8 million in the same period last year [6][8]. Market Position and Stock Performance - Lao Pu Gold's stock price has experienced significant volatility, having previously reached a peak of HKD 1,108, but has since fallen by 30.78% to HKD 767, with a current market capitalization of HKD 132.4 billion [9]. - The company is recognized as one of the fastest-growing entities in the Hong Kong stock market, alongside peers such as Pop Mart and Mixue [9]. Use of Proceeds from Placement - The proceeds from the recent share placement will be allocated as follows: 70% for inventory reserves, 10% for store expansion and optimization, and 20% for working capital and general corporate purposes [2].

Core Viewpoint - Lao Pu Gold (06181) is experiencing a significant decline in stock price, dropping over 7% following the announcement of a new share placement aimed at raising approximately 2.707 billion HKD for various corporate purposes [1] Group 1: Stock Performance - Lao Pu Gold's stock is down 7.69%, trading at 708 HKD with a transaction volume of 550 million HKD [1] Group 2: Share Placement Details - The company plans to place 3.7118 million new H-shares at a price of 732.49 HKD per share, representing a discount of about 4.5% compared to the previous closing price of 767 HKD [1] - The net proceeds from the placement are estimated to be around 2.707 billion HKD [1] Group 3: Use of Proceeds - 70% of the proceeds will be allocated for inventory reserves - 10% will be used for store expansion and optimization of existing store locations - 20% will be directed towards replenishing working capital and general corporate purposes [1] Group 4: Product Price Adjustment - On October 17, Lao Pu Gold announced a product price adjustment scheduled for October 26, with the extent and range of adjustments to be based on actual standards at online and offline stores [1] - Dongwu Securities noted that this price adjustment could mitigate the impact of recent gold price surges on profit margins, potentially boosting short-term product sales and enhancing consumer perception of the brand [1]

今日（10月22日）早盘，港股市场小幅低开。 截至发稿，恒生指数报25897点，下跌129.93点，跌幅0.50%。 个股方面，潼关黄金（00340.HK）跌超8%，中国黄金国际（02099.HK）、老铺黄金（06181.HK）、灵 宝黄金（03330.HK）跌超6%，招金矿业（01818.HK）、紫金矿业（02899.HK）、山东黄金 （01787.HK）、紫金黄金国际（02259.HK）跌超5%。 焦点公司方面，泡泡玛特（09992.HK）昨日大跌8%，并在盘后公布三季度业绩，今日早间，泡泡玛特 股价高开超7%。 打开百度APP畅享高清图片 恒生科技指数报5958点，下跌49.31点，跌幅0.82%。 焦点板块方面，受国际金价跳水影响，今日黄金股板块集体大跌。 消息面，国际金银大跌，现货黄金跌5.18%，报4130.41美元/盎司，盘中一度创自2013年4月以来的最大 单日跌幅。现货白银跌7.16%，报48.705美元/盎司，盘中一度创下自2021年以来的最大跌幅。COMEX 黄金期货当月连续合约结算价下跌250.30美元，跌幅5.74%，报4109.1美元/盎司。 据媒体报道，分析人士指出，资金获利回调 ...

Core Viewpoint - The stock of Laopu Gold (06181.HK) has experienced a significant decline, dropping over 7% in value, indicating potential market volatility or negative sentiment surrounding the company [1] Group 1 - Laopu Gold's stock price fell by 7.69%, reaching 708 HKD [1] - The trading volume for Laopu Gold amounted to 550 million HKD [1]

智通财经APP获悉，老铺黄金(06181)现跌超7%，截至发稿，跌7.69%，报708港元，成交额5.5亿港元。 消息面上，老铺黄金公布，拟配售371.18万股新H股，每股作价732.49港元，较上一交易日收盘价767盘 元折让约4.5%，所得款项净额为约27.07亿港元，拟用于以下用途：70%用于存货储备；10%用于门店拓 展及现有门店位置优化和面积扩建；20%用于补充流动资金及一般企业用途。 值得注意的是，10月17日，老铺黄金发布预告，公司将于10月26日进行产品价格调整。具体调整的幅度 与范围将以线上线下门店实际标准为准。东吴证券指出，此次产品调价可以对冲近期金价急涨对毛利率 的影响，提价预告有利于催化短期产品销售，同时加强公司消费者对自身"眼光"的认知。 ...