LAOPU GOLD (06181) saw a decline of nearly 4% in morning trading. At the time of reporting, the stock was down 3.8%, trading at HK$607.5 with a turnover of HK$602 million. A research report from Citigroup indicated that during a promotional event in April at the company's SKP department store location, a recent drop in gold prices led to the loss of entry-level, price-sensitive customers. The report estimated that same-store sales experienced a double-digit decline, although the core customer base remained stable. The bank anticipates that other LAOPU GOLD stores will see a smaller decline in same-store sales, due to differences in customer demographics and promotion schedules. Citigroup believes that investor concerns over same-store sales performance have been present for some time and that the current valuation is not expensive.