Lao Feng Xiang to establish new gold refining, luxury sales units

Lao Feng Xiang Co., Ltd. announced plans to establish a gold refining subsidiary, Shanghai Lao Feng Xiang Precious Metals Technology Development Co., Ltd., with a registered capital of 5,000 million yuan. This move aims to position the company as a certified gold refiner on the Shanghai Gold Exchange. The total investment for the refining subsidiary is estimated at 21,500 million yuan, with 5,000 million yuan contributed by shareholders.

Concurrently, Lao Feng Xiang will invest 5,000 million yuan to establish Lao Feng Xiang Luxury Sales Co., Ltd. to strengthen its brand in the high-end market. This new entity will be funded by two of its subsidiaries: Shanghai Lao Feng Xiang Co., Ltd. (80% ownership with 4,000 million yuan) and Shanghai Lao Feng Xiang Diamond Processing Center Co., Ltd. (20% ownership with 1,000 million yuan). Both announcements were approved by the company's eleventh board of directors on September 15, 2025.