Fuqi International (formerly traded as ) is a designer of precious metal (gold and platinum) jewelry for the
luxury goods market in China. It also manufactures jewelry items that contain diamonds and other precious stones on a custom-order basis. Fuqi is a Delaware corporation with its principal executive office located in
Shenzhen
Shenzhen (; ; ; ), also historically known as Sham Chun, is a major sub-provincial city and one of the special economic zones of China. The city is located on the east bank of the Pearl River estuary on the central coast of southern province ...
, China. Fuqi operates through its wholly owned subsidiary, Fuqi International Holdings Co., Ltd., a British Virgin Islands corporation and its wholly owned subsidiary, Shenzhen Fuqi Jewelry Co., Ltd., a company established under the laws of China.
History
Fuqi was founded in 2001 and had its
IPO
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
in 2007.
As of December 31, 2008 (the date of its last
10-K SEC filing), Fuqi had 69 jewelry retail counters and stores in China and approximately 950 employees. 97% of its revenue came from wholesale jewelry sales.
On March 29, 2011, Fuqi was de-listed from
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
and has been trading on
OTC Pink
OTC Markets Group (previously known as Pink Sheets) is an American financial market providing price and liquidity information for almost 10,000 over-the-counter (OTC) securities. The group has its headquarters in New York City. OTC-traded sec ...
since.
Class action lawsuit
On March 17, 2010, FUQI's shares declined more than 35% overnight,
following an announcement of the company's accounting errors and internal control deficiencies, to close at $11.90 per share, on trading volume 20 times the usual.
Several
class action lawsuit
A class action, also known as a class-action lawsuit, class suit, or representative action, is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member or members of that group. The class action ...
s were filed in April, with a consolidated class action complaint filed on Feb 15, 2011, by ABRAHAM, FRUCHTER & TWERSICY, LLP.
Awards
* "5 Stocks Approaching Greatness" - Motley Fool, March 9, 2010
* “Chinese Famous Brand”, by China Light Product Quality Assurance Center; “Famous Brand in the China Jewelry Industry”, by Gems & Jewelry Trade Association of China; one of the “Shenzhen 300 enterprises with Ultimate Growth”, by Shenzhen City Enterprises Evaluation Association; “China Top Brand” by General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of China, October 2007
External links
*
SEC filingsClass action case
References
Companies based in Shenzhen
Companies established in 2001
Jewellery companies of China
Chinese brands
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