After the disappearance of the controlling couple of Mainland chain jewelry store Qianbai Jewelry, multiple stores have started liquidating their inventory. In particular, the gold jewelry at the Fangyuanli store in Beijing has been marked down to 990 yuan per gram, and the staff mentioned that the ordering system has crashed, and once the inventory is cleared, they will switch to selling other brands.
According to a report from “21st Century Economic News”, the Fangyuanli store in Beijing, which is closer to the headquarters of Qianbai Jewelry, is in the process of clearing its stock, with all gold jewelry priced at 990 yuan per gram.
The staff indicated that the store will not be closing down, but once the inventory of Qianbai Jewelry is cleared out, they will switch to selling gold jewelry from other brands. Due to the breakdown of Qianbai Jewelry’s ordering system, consumers can only receive handwritten receipts after making a purchase.
The situation varies among the franchise stores of Qianbai Jewelry. The stores at Sun Palace Kade MALL and Tongcheng Street Hualian have no immediate plans to change brands. The staff at Sun Palace Kade MALL store mentioned that they will directly source goods from suppliers in the future.
Following the news of the controlling couple of Qianbai Jewelry going missing, some stores experienced an increase in customer traffic. Employees shared that some customers were concerned about discontinuation of classic designs and made bulk purchases of over 30 items in a single transaction; while other stores reported daily sales exceeding 1 million yuan.
The unaudited half-year report of Qianbai Jewelry for 2026 as of the end of June revealed that the company’s inventory reached 1.535 billion yuan, accounting for 96.56% of total assets; with only 933,700 yuan in cash on the books, and short-term borrowings amounting to 133 million yuan.
The company’s operating income for the first half of the year was 213 million yuan, a 26.07% decrease compared to the previous year; its e-commerce income was only 19.6325 million yuan, plummeting by 89.75% year-on-year. The inventory turnover rate also dropped from 0.16 in the same period last year to 0.12.
“China Newsweek” reported that by the end of 2025, the inventory turnover days of Qianbai Jewelry had exceeded 1500 days, with some inventory being used as collateral for borrowing.
The stock price of Qianbai Jewelry also witnessed a significant decline. On September 14, the stock dropped to 0.22 yuan; with trading days before and after that date experiencing nearly a fifty percent decrease.
The lead brokerage firm of Qianbai Jewelry, Northeast Securities, disclosed on September 10 that they have been trying to reach the controlling couple, Lin Mingjie and Gao Xiaosong, through phone, email, WeChat groups, and visiting their office, but all efforts have been unsuccessful. Other directors, supervisors, and on-site staff of the company also mentioned their inability to contact the couple, with the reason unknown.
As per the report by “China Newsweek”, the official flagship stores set up by Qianbai Jewelry on various e-commerce platforms have largely come to a standstill, with no access to live customer service on any platform, and the company’s public phone lines remain unanswered.
Zhu Keli, the founding director of the National Research Institute of New Economics, stated that Lin Mingjie and Gao Xiaosong held multiple key positions in the company, and their disappearance has led to the company easily falling into a state of “central paralysis.” He believes that the current dilemma faced by Qianbai Jewelry is the result of a long accumulation of strategic misjudgments, imbalanced sales channels, financial pressures, and an excessively centralized management structure.