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

According to a report by Beijing Business Today, multiple offline stores of the long-established chain jewelry retailer Qianye Jewelry have begun clearance sales. At the Fangyuanli store—the closest location to the company's headquarters—gold jewelry prices have dropped as low as 990 yuan per gram.

Store staff stated that once Qianye Jewelry's inventory is cleared, the store will rebrand and begin selling other brands of gold and jewelry. However, some other Qianye Jewelry stores remain unaffected and continue normal operations.

Surge in Customer Traffic

Several offline stores reported a significant increase in customer foot traffic in recent days.

"Some customers worried that Qianye's classic designs would become discontinued, so one customer purchased more than 30 pieces at once," a staff member said.

One Qianye Jewelry store reportedly achieved a single-day sales revenue of over 1 million yuan. Another employee noted:

"Because we are a franchise store, we are still operating normally. However, Qianye Jewelry's order system has crashed, so we have to write orders by hand after customers make purchases."

Image source: Beijing Business Today

Background: Unpaid Wages and Missing Executives

Earlier, Qianye Jewelry was embroiled in rumors of unpaid employee wages and claims that the "boss had fled." The company's lead brokerage firm issued a risk warning, stating that the company's actual controller, Lin Mingjie, and his wife, Gao Xiaosong, had both gone missing. Products on multiple e-commerce platforms had also been removed.

According to a previous report by 21st Century Business Herald, repeated attempts to contact the company by phone went unanswered. When reporters, posing as consumers, called several Qianye Jewelry franchise stores in Beijing, staff confirmed that the stores were operating normally and that salaries had not been affected.

Company Profile

Beijing Qianye Jewelry Co., Ltd. is primarily engaged in the research, development, and design of gold, diamond, and other inlaid ornaments. The company was listed on the New Third Board (NEEQ) 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

On the secondary market, Qianye Jewelry's stock surged 8.7% on September 18. However, the stock has fallen nearly 42% this week and has plunged approximately 93% year-to-date, leaving the company with a total market capitalization of just 27.6 million yuan.

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Source: National Business Daily, compiled from 21st Century Business Herald and Beijing Business Today