Fuqi International
| Company type | Public (formerly NASDAQ, now OTC Pink) |
|---|---|
| Industry | Jewelry |
| Founded | 2001 |
| Headquarters | Shenzhen , China |
Area served | China |
| Products | Luxury jewelry crafted from gold, platinum, diamonds, and other precious gemstones |
Number of employees | 950 (2008) |
Fuqi International (previously listed as ) specializes in designing luxury jewelry crafted from precious metals such as gold and platinum, targeting the Chinese high-end market. The company also produces bespoke jewelry incorporating diamonds and various other valuable gemstones. Incorporated in Delaware, Fuqi International is headquartered in Shenzhen, China, and operates through its fully owned subsidiaries: Fuqi International Holdings Co., Ltd. (British Virgin Islands) and Shenzhen Fuqi Jewelry Co., Ltd. (China).
History
Established in 2001, Fuqi went public with its IPO in 2007. By December 31, 2008, the company managed 69 retail outlets and counters throughout China and employed roughly 950 staff members. Wholesale jewelry sales accounted for approximately 97% of its total revenue.
Fuqi was removed from the NASDAQ on March 29, 2011, and has since been traded on the OTC Pink marketplace.
Class action lawsuit
Following the announcement of accounting inaccuracies and weaknesses in internal controls on March 17, 2010, Fuqi’s stock value plunged by more than 35%, closing at $11.90 per share amid unusually high trading volume. In April 2010, several class action lawsuits were initiated and later consolidated into a single complaint filed on February 15, 2011.
Awards
- Recognized as one of "5 Stocks Approaching Greatness" by Motley Fool on March 9, 2010
- Honored with the “Chinese Famous Brand” title by the China Light Product Quality Assurance Center; awarded “Famous Brand in the China Jewelry Industry” by the Gems & Jewelry Trade Association of China; included in “Shenzhen 300 Enterprises with Ultimate Growth” by the Shenzhen City Enterprises Evaluation Association; and designated as a “China Top Brand” by the General Administration of Quality Supervision, Inspection and Quarantine of China in October 2007