Zhou Liu Fu’s IPO Draws 711x Oversubscription in Hong Kong

Zhou Liu Fu, one of China’s fastest-expanding domestic jewelry brands, made a blockbuster debut on the Hong Kong Stock Exchange on June 26. The company’s IPO drew a staggering 711.11 times oversubscription in the public tranche—setting a recent record for demand in Hong Kong’s capital markets—and priced at the top of its range at HK$24 per share. The stock surged 15% at open, hitting HK$27.6 per share by midday and valuing the company at HK$11.744 billion.

In a market still recovering its footing, the overwhelming response to Zhou Liu Fu’s offering stands out—not just as a vote of confidence in the resilience of the gold jewelry sector, but as a strong endorsement of the international potential of Chinese consumer brands. With gold demand still on the rise, investors are looking to brands that blend scale, digital savviness, and strong regional networks.<