Eight consecutive limit-ups! How did Laixintongling become a monster stock?

Zebra Consumer Fan Jian

It's simply insane.

No warnings or 劝阻 can stop it. The stock price of loss-making listed company Laixintongling (603900.SH) keeps soaring，连续拉出 8 个涨停板， doubling in 10 trading days.

Is it because of the recent gold hype? That's a stretch. Laixintongling has little to do with this trend—its main business is diamond 镶嵌饰品， with 素金和黄金 products contributing minimal revenue.

Notably, major shareholders are 减持 during this frenzy. With so many rushing to 抬轿， it's hard for them not to 收割一把。

Crazy 8-Day Rally

The last time Laixintongling's stock went this wild was eight years ago during its IPO. Back then, it was called "Tongling Jewelry," the first jewelry stock on the Shanghai exchange. It had fame，话题， and a 炒作-savvy 老板沈东军. More importantly, its profitability outpaced peers.

But after internal strife and leadership changes, Laixintongling lost its edge.

This February, its stock hit a historic low of 3.37 元/股 after 业绩预亏. For over a month, it barely recovered.

Then on March 29, Laixintongling suddenly 涨停. Occasional spikes are explainable—but what followed defies logic.

From March 29 to April 10, it logged 7 consecutive 涨停板， doubling in 10 days. This wildly deviated from the SSE Index and 珠宝 sector.

Despite repeated risk warnings about 业绩亏损和炒作风险， and 否认资本运作， the rally continued. On April 11, it opened 涨停， briefly dipped, then 封死涨停 at 9.93 元/股 (market cap: 3.427B).

Not a Gold Play

If forced to justify this surge, blame gold's rally—though it's tenuous. Laixintongling's core is 钻石/翡翠珠宝;素金 revenue is negligible.

Its business roots trace back to founder 沈东军， a TV-savvy "霸道总裁" who even acted in dramas. His wife 马峭 (daughter of "翡翠王"马崇仁) helped him and her brother 马峻 build the 珠宝 empire.

Focused on high-margin 钻石饰品 since rebranding as "王室珠宝，" over 90% of 2022 revenue came from diamonds.素金贡献率 was just 2.92%. Gold retail only started August 2023 (预计占比: 10.84%).

Yet 业绩萎靡: 2022 亏损 39.73M yuan; 2023 预亏扩大至 76.17M.

Timed 减持

Post-内斗，沈东军 split shares in 离婚， resigned, and ceded control to 马峻。马峭 sold her 15.58% stake to 王丽丽/克复荣光 in 2021 (6.80 元/股， 361M total). Payment dragged until March 2023 (仅付 63M), citing poor 金融资产收益。

克复荣光 then timed 减持 perfectly: after announcing 1% 减持 in January (when prices barely covered 成本), it sold 195,120 shares (0.57%) during the April rally at peaks.

沈东军 also 减持 aggressively post-lockup, cutting his 15.58% stake to 10.55% by November 2023 (套现过亿). This rally may tempt further 减持。