Qianye Jewelry stores hold clearance sales with gold price as low as 990 yuan per gram; stock down nearly 93% YTD

According to a report by Beijing Business Today, several offline stores of veteran Chinese jewelry chain Qianye Jewelry have launched clearance sales. The Fangyuanli store, located closest to the company's headquarters, has reduced gold prices to as low as 990 yuan per gram.

Staff members confirmed that once Qianye Jewelry's inventory is cleared, the store will rebrand and begin selling gold and jewelry from other brands. However, some other Qianye Jewelry outlets remain unaffected and continue normal operations.

Surge in Customer Traffic

Multiple offline stores reported a noticeable increase in customer traffic over recent days.

• "Some customers worried that Qianye's classic designs would become discontinued, purchasing more than 30 items at once," said a staff member.
• One Qianye Jewelry store reportedly achieved daily sales exceeding one million yuan.
• Another employee noted: "Since we are a franchisee, we are still operating normally for now. However, Qianye Jewelry's order system has crashed, so we have to write receipts by hand when customers make purchases."

Background of Financial Distress

Previously, Qianye Jewelry was exposed to rumors regarding unpaid employee wages and its boss fleeing. Its lead underwriter issued a risk warning stating that the company's actual controllers, Lin Mingjie and his wife Gao Xiaosong, had both gone missing, and products had been removed from multiple e-commerce platforms.

According to earlier reports by 21st Century Business Herald, journalists attempted to contact the company multiple times but received no answer. When journalists called several offline franchise stores in Beijing posing as consumers, staff confirmed that the physical stores were currently operating normally and that wage payments had not been affected.

Company Profile

Beijing Qianye Jewelry Co., Ltd. is primarily engaged in the research, development, design, and sales of gold, diamond, and other inlaid jewelry. The company listed on the New Third Board in 2015. Its actual controllers are Lin Mingjie, Gao Xiaosong, and Lin Huixian. Lin Mingjie is the controlling shareholder, while Gao Xiaosong and Lin Huixian are his wife and sister, respectively, making it a typical family-run enterprise.

Stock Performance

In the secondary market, Qianye Jewelry's stock surged 8.7% on September 18. However, the stock fell nearly 42% within the week and has dropped approximately 93% year-to-date, leaving its total market capitalization at only 27.6 million yuan.

Disclaimer: The content of this article is for reference only and does not constitute investment advice. Investors act on their own risk.

Source: 21st Century Business Herald (Reporter Wan Qianqian), Beijing Business Today Editor: Liu Xueying

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