Xu Gaoming.
Jonathan Wong/South China Morning Post via Getty Images
This story is part of Forbes’ coverage of China’s Richest 2025. See the full list here.
Amid rising gold prices, shares of jewelry maker Laopu Gold have skyrocketed nearly fivefold from a year ago, propelling its founder Xu Gaoming into the ranks of the country’s richest for the first time with an $11 billion fortune. Called the “Hermès of gold jewelry,” it features elaborate Chinese designs and traditional craftsmanship.
In the first half of 2025, revenue more than tripled year-on-year to 12.4 billion yuan ($1.7 billion), while net profit soared nearly fourfold to 2.4 billion yuan.
Xu got his start as a government clerk in a local fisheries bureau in the 1980s and worked at a tourism firm before creating the brand in 2009. He took it public on the Hong Kong stock exchange last year, raising just over $100 million. With over 40 stores in mainland China, Hong Kong and Macau, Laopu Gold opened its first overseas outlet in Singapore in June.