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Wednesday, August 18, 2010

Chinese Jewelry Company Opens Trading on NASDAQ

Kingold Jewelry Inc., a Chinese gold jewelry manufacturer and designer, ended its first day of trading on NASDAQ at just under $8 a share, a 10 percent gain on the day.

The company, based in the central city of Wuhan, was founded in 2002 and is one of China's leading designers and manufacturers of 24K gold jewelry sold by weight. The company sells both directly to retailers and through major distributors across China. Kingold has been a member of the Shanghai Gold Exchange since 2003. It trades under the symbol, KGJI. Prior to moving to NASDAQ its shares were traded on the Over the Counter securities market.

Zhihong Jia is the chairman and CEO of the company. He and other Kingold officials presided over the closing bell today. Hopefully, I’ll get a better image of the scene later. Meanwhile, you can see a video of the proceeding on the NASDAQ Facebook page.