HK Movers | Sub-New Shares Rally. Laopu Gold Soars 10% to a New Record High; Toy Maker Bloks up 6%; Mao Geping Cosmetics Up 4%
Laopu Gold soared 10% to a new record high, shares have risen 210% YTD. Morgan Stanley’s recent consumer survey found that the rapid growth in gold jewelry is due to product upgrade, improved gem demand and premiumization trend, favoring premium local brands and foreign luxury brands to gain market share over mass and unbranded jewelry, according to Morgan Stanley's research report.
Shares of Chinese toy maker BLOKS rose 6% on Wednesday. Shanghai-based Bloks started as a maker of brick-based toys and entered the assembly character toy market in 2022. It is China's largest player in the assembly character toy segment, according to a report it commissioned from consultancy Frost & Sullivan.
MAO GEPING stock rose 4% as the Shenzhen Stock Exchange added the company to the southbound Stock Connect.
The Hangzhou-based company was founded by make-up artist Mao Geping in 2000. Mao sought to promote Chinese make-up artistry and aesthetics globally. The brand’s products often depict designs that mimic classical Chinese paintings.
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