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Consumer Durables

Chow Tai Fook Jewellery Group Ltd.

Company Background

Chow Tai Fook Jewellery Group is one of the world's largest jewelry companies, with total assets of around $8 billion. The company operates more than 2,200 stores across 500 cities worldwide including Hong Kong, mainland China, the U.S., Singapore, Malaysia and South Korea. It is also strengthening its e-commerce business. The jeweler was founded in 1929 and listed on the Hong Kong Exchange in 2011. It has a workforce of more than 34,000.

The company's core business is manufacturing and sales of gem-set, gold, platinum and karat gold products. It manages a vertically integrated business model which engages in everything from raw materials procurement, design and production to marketing and sales through its retail networks. Chow Tai Fook operates four diamond cutting and polishing factories and 10 jewelry factories. In 2014, it acquired U.S.-based luxury-brand diamond company Hearts On Fire to expand its business platforms.

Hong Kong conglomerate Chow Tai Fook (Holdings), led by billionaire Henry Cheng Kar-shun, has a majority stake in Chow Tai Fook Jewellery Group. Cheng also leads Hong Kong-listed New World Development, a diversified company focused on property development, hotels, department stores, infrastructure and service.

Business Summary

Chow Tai Fook Jewellery Group Ltd. operates as an investment holding company, which engages in the sale of jewellery through its subsidiaries. It operates through the following segments: Jewellery Business in the Mainland China; and Business in Hong Kong, Macau, and Other Markets. The company was founded in 1929 and is headquartered in Hong Kong.

Financial Highlights

Mar 2023 HKDUSD
Gross Profit22,731.90M2,899.94M
Operating income8,982.00M1,145.84M
Income before tax7,446.20M949.92M
Net income5,384.40M686.89M
Diluted EPS0.530.06
Dividends Per Share1.220.15
Total Assets87,340.50M11,126.25M
Total liabilities53,980.70M6,876.56M
Total equity32,397.40M4,127.08M
Operating cash flow9,699.40M1,237.36M
Currency in HKDCurrency in USD

Historical Data

 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 66,660.90M 56,750.80M 70,163.80M 98,937.70M 94,684.40M
Gross Profit 18,719.00M 16,034.80M 20,264.60M 23,303.90M 22,731.90M
Operating income 6,694.50M 5,779.20M 8,354.70M 9,357.10M 8,982.00M
Income before tax 6,352.00M 4,201.00M 8,390.00M 8,977.20M 7,446.20M
Net income 4,576.80M 2,901.00M 6,026.40M 6,712.30M 5,384.40M
EBITDA 7,632.30M 8,137.80M 10,461.90M 11,370.80M 11,182.50M
Diluted EPS 0.45 0.29 0.60 0.67 0.53
Dividends Per Share 0.65 0.24 0.40 0.50 1.22
Total Assets 62,237.10M 65,243.40M 64,308.20M 87,737.30M 87,340.50M
Total liabilities 30,762.80M 38,189.80M 32,740.60M 53,182.60M 53,980.70M
Total equity 30,750.70M 26,343.30M 30,767.10M 33,619.30M 32,397.40M
Operating cash flow 8,168.40M 7,895.70M 10,227.20M 13,722.70M 9,699.40M
 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 8,500.39M 7,260.26M 9,050.22M 12,709.61M 12,079.02M
Gross Profit 2,386.99M 2,051.36M 2,613.87M 2,993.63M 2,899.94M
Operating income 853.66M 739.34M 1,077.64M 1,202.02M 1,145.84M
Income before tax 809.98M 537.44M 1,082.20M 1,153.21M 949.92M
Net income 583.61M 371.13M 777.32M 862.26M 686.89M
EBITDA 973.24M 1,041.08M 1,349.44M 1,460.70M 1,426.56M
Diluted EPS 0.05 0.03 0.07 0.08 0.06
Dividends Per Share 0.08 0.03 0.05 0.06 0.15
Total Assets 7,928.34M 8,417.52M 8,271.73M 11,203.27M 11,126.25M
Total liabilities 3,918.85M 4,927.14M 4,211.30M 6,790.94M 6,876.56M
Total equity 3,917.31M 3,398.74M 3,957.46M 4,292.88M 4,127.08M
Operating cash flow 1,041.61M 1,010.11M 1,319.17M 1,762.82M 1,237.36M

Valuation Measures

Mar 2023
Operating margin9.48%
Profit margin5.68%


  • Executive Director, MD-Corporate, HK & Macau: Siu Kee Wong
  • Chief Operating Officer: Annie Wong
  • Secretary, Executive Director & Finance Director: Ping-Hei Cheng
  • Head-Information & Communication Centre: Siu-Kwong Tsang
  • General Manager-Business Strategy & Analytics: Tin-Hei Lee


  • Cheng Yu Tung Family Ltd. (72.3%)
  • CHEN YU WAI (5.0%)
  • Yueford Corp. (5.0%)
  • The Vanguard Group, Inc. (0.6%)
  • Norges Bank Investment Management (0.6%)
  • BlackRock Fund Advisors (0.5%)
  • Hermes Investment Management Ltd. (0.2%)
  • Bank of Communications Schroder Fund Management Co., Ltd. (0.2%)
  • BlackRock Advisors (UK) Ltd. (0.2%)
  • PineBridge Investments Asia Ltd. (0.2%)

Contact Details

  • Website:
  • Address: 33/F, New World Tower, 16-18 Queen's Road Central, Hong Kong, Hong Kong
  • Phone: +852.2526.8649

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Last Updated on 22 Sep, 2023

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