Laopu Gold fell by three points, and Maogeping fell by more than four points. Both Hong Kong-listed high-end consumer stocks weakened today.

Although Laopu is tied to gold, its pricing relies more on the line of brand premium, and it's a different story from gold price mining companies; Maogeping follows the growth logic of domestic beauty brands.

High-end discretionary consumption is easily the first to have its valuation cut during market volatility. Is it a signal of peak consumption power or simply profit-taking? It looks more like the latter—both stocks had significant gains earlier, and there has been no turning point in their fundamentals.