LAOPU GOLD (06181) rose more than 4%. As of the time of writing, the stock was up 4.25% to HK$577, with a turnover of HK$261 million. On the news front, recent reports indicated that during the May Day holiday, the Shuibei gold and jewelry market in Shenzhen continued to see robust foot traffic, with many out-of-town tourists seen shopping for gold jewelry while pulling luggage. Some tourists mentioned that prices in Shenzhen's Shuibei district are relatively affordable, prompting them to travel specifically to purchase gold. Furthermore, during the holiday period, several branded gold jewelry stores in Shenzhen were found to have initiated various levels of discount promotions on fixed-price gold items, with the lowest discounts reaching around 30% off. JPMorgan pointed out that LAOPU GOLD's share price has declined by 22% cumulatively since April, primarily due to investor concerns over retail sales trends amid gold price volatility and the potential for a share placement. The firm maintains a positive view on LAOPU GOLD, believing that recent holiday demand has remained resilient, the likelihood of a near-term share placement is low, and ongoing channel upgrades present an attractive risk-reward profile. The current valuation implies forecasted 2026 and 2027 price-to-earnings ratios of only 10.7x and 8.7x, respectively, suggesting a potential valuation re-rating is expected.