# Xu Gaoming

The Gilded Correction: China’s Luxury Gold Giant Sees $13 Billion Market Wipeout

Lao Pu Gold has experienced a 51.9% stock price decline over ten months, erasing over HK$100 billion in market value. The controlling Xu family has seen their personal net worth drop by HK$59 billion as the market corrects after a period of extreme valuation for heritage luxury brands.