Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
LAOPU GOLD/ CHOW TAI FOOK/ LUK FOOK HOLD Plunges 7%+ in Early Trading as CN Implements New Gold Tax Policy
Recommend 25 Positive 40 Negative 38 |
||||
|
||||
|
Gold jewelry stocks caved under pressure this morning as a new gold tax policy has been put in effect in China starting today. New consumer stock LAOPU GOLD (06181.HK) opened 4.7% lower and once sank to an over seven-month low of HKD620 since late March. It last traded at HKD631.5, down 7.74%, with a turnover of HKD443 million. In addition, CHOW TAI FOOK (01929.HK) last dropped 7.1% to HKD14.14, with a turnover of HKD374 million. LUK FOOK HOLD (00590.HK) opened flat but then slid quickly. It last printed at HKD23.06, down 7.32%, with a turnover of HKD28.8034 million. CHOW SANG SANG (00116.HK) was last at HKD13.03, down 6.46%, with a turnover of 13.6447 million. ZHOU LIU FU (06168.HK) also fell about 3%. China's Ministry of Finance (MOF) and the State Administration of Taxation (SAT) jointly issued an announcement regarding the tax policy on gold, declaring the implementation of a new gold tax policy effective immediately. It specified that "standard gold" traded on the Shanghai Gold Exchange and the Shanghai Futures Exchange is exempt from value-added tax (VAT) for on-exchange transactions. However, if physical delivery occurs, different taxes will be levied based on the purpose of use. The new policy will be in effect from November 1, 2025, until December 31, 2027. For non-investment purposes, the exchanges will exempt VAT and issue a general invoice to the purchasing member unit based on the actual transaction price. If the purchasing member unit is a general VAT taxpayer, the input tax amount is calculated based on the amount stated on the general invoice and a deduction rate of 6%. Amid weakened market expectations for a rate cut by the Fed in December, spot gold prices sank below the USD4,000 mark, last trading at USD3,992 per ounce. Gold miners were lackluster. CHINAGOLDINTL (02099.HK) last printed at HKD124.5, down 5.25%, with a turnover of HKD69.8472 million. SD GOLD (01787.HK) slipped 3.4%. ZIJIN MINING (02899.HK), ZHAOJIN MINING (01818.HK), ZIJIN GOLD INTL (02259.HK), TONGGUAN GOLD (00340.HK), and WANGUO GOLD GP (03939.HK) faded 2.2-2.9%, LINGBAO GOLD (03330.HK) lost 1%. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
