Gold market in China

  1. 6,931 Posts.
    A long time ago I think I posted a story about this company. From the South China Morning Post.

    Regards

    Desmond


    Friday, June 7, 2002

    GOLD
    Lustrous future opening up for RNA


    SANDY LI

    Prev. Story | Next Story



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    Gold refiner RNA Holdings will focus its expansion on the mainland retail market, with plans to franchise more than 100 outlets this year.
    RNA has entered a HK$100 million joint venture to provide advisory services to mainland gold-related businesses, ranging from gold ornament and jewellery manufacturing to retailing.

    It holds 68 per cent of RNA (Nantong) Jewel. Jiangsu Zongyi Group, which has a national retail network, holds the rest.

    Jiangsu Zongyi, with a market capitalisation of 10 billion yuan (about HK$9.37 billion), is involved in information technology, strategic investment and timber processing.

    RNA chairman Raymond Chan Fat-chu said the joint venture would allow the company direct access to the mainland's gold and jewellery business.

    RNA, in which Cheung Kong (Holdings) has 26 per cent, had enough capital to pay its share of the investment - HK$68 million - either in cash or assets.

    Sales in the company's mainland operation jumped 30 per cent during the week-long Labour holiday.

    Mr Chan expected mainland jewellery sales to rise another 20 per cent in the second half.

    Since 1999, mainland sales of gold ornaments and jewellery had jumped to 90 billion yuan from 55 billion yuan, he said.

    Mr Chan said RNA was already adviser to Shenzhen's ART Jewellery on gold refinery and production as well as jewellery wholesaling and retailing.

    Its joint venture meant RNA could offer a one-stop service, such as taking gold from melting and refining to fabrication and on through to shops.

    Linking up the entire process ensured companies would market themselves more efficiently and effectively.

    The central bank has licensed RNA (Nantong) to process, import and export gold on a full-ownership basis.


 
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