Shanghai Laofengxiang Co., Ltd. evolved from Laofengxiang Jewelry Store and was established in 1848. Its trademark "Laofengxiang" comes from the name of Laofengxiang Jewelry Store, which is a classic jewelry brand in China spanning three centuries. Lao Fengxiang used to be a 100% state-owned enterprise. 1992, the company issues A shares, and the SASAC of Huangpu District holds 42% of the shares of our listed company. Now it has completely transformed into a listed company with mixed ownership.