Gold, silver mooncakes enjoying hot sales in Beijing

Gold, silver mooncakes enjoying hot sales in Beijing

Staff Reporter

2013-09-08

C823N0033H_2013資料照片_N71_copy1

Silver mooncakes are a hot item leading up to the Mid-Autumn Festival this year. (Photo/CNS)

Mooncakes made of gold and silver are selling like crazy in Beijing as gifts for the Mid-Autumn Festival, which falls on Sept. 19, the website of the state-owned China News Service reports. Several banks were selling various types of heavy metal mooncakes as collectible gifts, the report stated. The Agricultural Bank of China launched a silver mooncake weighing 16 grams for 248 yuan (US$40), a 32g set for 480 yuan (US$80) and another for 628 yuan (US$100). A silver mooncake gift package being sold by another bank is priced at 398 yuan (US$65), while a gold gift package is priced at 3,380 yuan (US$550). In addition to metal cakes, crabs made of gold and walnuts made of silver have also appeared on the gift market. Only a limited number of walnut products are available, with a pair of silver walnuts priced at 1,500 yuan (US$250), a banker said.Sold in various weights of gold or silver, many of the products have reportedly already sold out in the run-up to the festival. Due to the strong sales more banks have jumped onto the bandwagon of selling the gifts.

For edible mooncake retailers and bakers the forecast is gloomy this year in the wake of government crackdowns on needless spending by officials.

Mooncakes, a traditional Chinese delicacy made of lotus seed paste, are given to family and friends in China as gifts to celebrate the festival.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: