WUHAN CITY, China, Nov. 12,
2019 /PRNewswire/ -- Kingold Jewelry, Inc. ("Kingold" or
the "Company") (NASDAQ: KGJI), one of China's leading manufacturers and designers of
high quality 24-karat gold jewelry, ornaments and
investment-oriented products, today announced its unaudited
financial results for the third quarter and nine months ended
September 30, 2019.
2019 Third Quarter and Subsequent Financial Highlights (all
results compared to prior year period)
- Net sales were approximately $382.8
million, a decrease from the prior year due to lower sales
volume partially offset by higher gold prices
- Processed a total of 13.7 metric tons of 24-karat gold
products
- Lower sales volume was the result of an upward trajectory in
the price of gold leading customers to delay gold purchases
- Kingold completed a reverse stock split of the Company's issued
and outstanding shares of common stock in October 2019, and after giving effect to the
reverse stock split, there were approximately 11,018,955 shares of
common stock outstanding as of September 30,
2019
- Net loss was approximately $24.0
million, or $2.18 per diluted
share (retrospectively restated for effect of 1-for-6 reverse stock
split)
Outlook for 2019
- The Company has seen gold demand begin to recover following the
conclusion of the quarter as gold prices have stabilized
- As a result of the shift in demand, the Company is revising
guidance to around 110 metric tons of 24-karat gold products in
2019.
2019 THIRD QUARTER AND NINE MONTH OPERATIONAL REVIEW
|
Metric Tons of
Gold Processed
|
|
Three Months
Ended:
|
|
September 30,
2019
|
September 30,
2018
|
|
Volume
|
% of Total
|
Volume
|
% of Total
|
|
Branded*
|
9.3
|
68.0%
|
16.6
|
56.1%
|
|
Customized**
|
4.4
|
32.0%
|
13.0
|
43.9%
|
|
Total
|
13.7
|
100.0%
|
29.6
|
100.0%
|
|
Nine Months
Ended:
|
|
September 30, 2019
|
September 30,
2018
|
|
Volume
|
% of Total
|
Volume
|
% of Total
|
|
Branded*
|
35.3
|
55.5%
|
46.5
|
57.7%
|
|
Customized**
|
28.3
|
45.5%
|
34.0
|
42.3%
|
|
Total
|
63.6
|
100.0%
|
80.5
|
100.0%
|
|
|
* Branded
Production:
|
The Company
acquires gold from the Shanghai Gold Exchange to produce branded
products.
|
|
|
** Customized
Production:
|
Clients who
purchase customized products supply gold to the Company for
processing.
|
During three months ended September 30,
2019, Kingold processed a total of 13.7 metric tons of gold,
of which branded production accounted for 9.3 metric tons (68.0%)
and customized production accounted for 4.4 metric tons (32.0%).
During the three months ended September 30,
2018, the Company processed a total of 29.6 metric tons of
gold, of which branded production accounted for 16.6 metric tons
(56.1%) and customized production accounted for 13 metric tons
(43.9%).
During the nine months ended September
30, 2019, Kingold processed a total of 63.6 metric tons of gold, of which branded
production accounted for 35.3 metric tons (55.5%) and customized
production accounted for 28.3 metric tons (45.5%). During the nine
months ended September 30, 2018, the
Company processed a total of 80.5 metric tons of gold, of which
branded production accounted for 46.5 metric tons (57.7%) and
customized production accounted for 34.0 metric tons (42.3%).
2019 THIRD QUARTER FINANCIAL REVIEW
Net Sales
Net sales for the three months ended September 30, 2019 were approximately
$382.8 million, a decrease of
approximately $243.4 million, or
38.9%, from net sales of $626.2
million for the three months ended September 30, 2018. The overall decrease in
revenue was mainly the result of the following reason:
- Total sales volume (in terms of quantity sold) decreased from
29.6 metric tons in three months ended September 30, 2018 to 13.7 metric tons in three
months ended September 30, 2019. The
decrease in sales volume was affected by customers' perception of
the investment in gold. Usually when the market average
selling price per gram of gold rises, customers reduce their gold
purchases and wait until the unit price of gold drops in the near
future. The Company has since seen this gold demand return as
the market price has stabilized.
The sales volume decrease was offset somewhat by an increase in
average per selling unit price for both branded and customized
production gold products.
Gross Profit
Gross profit for the three months ended September 30, 2019 was approximately $15.2 million, a decrease of approximately
$46.0 million, or 75.2%, from
$61.2 million for the same period in
2018. The decrease in gross profit was primarily due to lower sales
volumes for the period, offset by an increase in average unit
selling price for branded and customized production sales.
Gross Margin
For the three months ended September 30,
2019 and 2018, gross margin was 4.0% and 9.8%,
respectively.
Net Income
The Company reported a net loss of approximately $24.0 million, or $2.18 per diluted share based on weighted average
number of common shares outstanding – diluted of 11,018,955 for the
three months ended September 30,
2019, as compared to a net income of approximately
$13.2 million, or $1.20 per diluted share based on 11,020,225 weighted average number of common
shares outstanding – diluted for the three months ended
September 30, 2018. The decrease in
our net income was a result of decreased revenue, increased
interest expense and decreased taxable income as discussed
above.
2019 NINE MONTH FINANCIAL REVIEW
Net Sales
Net sales for the nine months ended September 30, 2019 were $1.43 billion, compared to net sales of
$1.84 billion for the nine months
ended September 30, 2018.
Gross Profit
Gross profit for the nine months ended September 30, 2019 was approximately $140.0 million, compared to $189.3 million for the same period in 2018.
Gross Margin
For the nine months ended September 30,
2019 and 2018, gross margin was 9.8% and 10.3%,
respectively. The overall decrease in gross profit and gross margin
reflected the above combined factors that impacted the Company
during the third quarter.
Net Income
For the foregoing reasons, Kingold reported a net loss of
approximately $5.0 million, or
$0.46 per diluted share based on
11,018,955 weighted average number of shares - diluted for the nine
months ended September 30, 2019,
compared to net income of $40.0
million, or $3.62 per diluted
share based on 11,051,897 weighted
average number of shares - diluted for the nine months ended
September 30, 2018.
Balance Sheet Highlights
As of September 30, 2019, Kingold
had approximately $0.7 million in
cash and approximately $16.3 million
restricted cash. The Company also had short-term investments of
approximately $195.1 million because
it used the excessive cash on hand to purchase interest-bearing
wealth management financial products from a Trust company and such
short-term investments are redeemable at any time.
These short-term investments are highly liquid and can be used
as working capital when needed. Kingold has financed its
operations with cash flow generated from operations and primarily
through borrowings from various financial institutions as well as
from related parties.
OUTLOOK FOR 2019
Based on its existing resources and capacity along with the
shift in demand for 24-karat gold products in China, the Company estimates gold processed
will be around 110 metric tons during 2019.
About Kingold Jewelry, Inc.
Kingold Jewelry, Inc. (NASDAQ: KGJI), centrally located in
Wuhan City, one of China's largest cities, was founded in 2002
and today is one of China's
leading designers and manufacturers of 24-karat gold jewelry,
ornaments, and investment-oriented products. The Company sells both
directly to retailers as well as through major distributors across
China. Kingold has received
numerous industry awards and has been a member of the Shanghai Gold
Exchange since 2003. For more information, please visit
www.kingoldjewelry.com.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as
amended. You can identify these forward - looking statements by
words such as "expects," "believe," "project," "anticipate," or
similar expressions. The forward-looking statements in this release
include statements regarding Kingold's outlook with respect to its
2019 outlook for gold processing. Readers are cautioned that actual
results could differ materially from those expressed in any
forward-looking statements. Forward-looking statements are subject
to a number of risks, including those contained in Kingold's SEC
filings available at www.sec.gov, including Kingold's most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date on
which they are made. Kingold undertakes no obligation to update or
revise any forward-looking statements for any reason.
Company Contact
Kingold Jewelry, Inc.
Bin Liu, CFO
Phone: +1-847-660-3498 (US) / +86-27-6569-4977 (China)
bl@kingoldjewelry.com
Investor Relations Counsel:
The Equity Group Inc.
Adam Prior (in US)
Phone: +212 836-9606
aprior@equityny.com
Lucy Ma (in China)
Phone: 86-10 5661 7012
lma@equityny.com
|
KINGOLD JEWELRY,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME(LOSS) AND COMPREHENSIVE
INCOME (LOSS)
(IN U.S. DOLLARS)
(UNAUDITED)
|
|
|
For the nine
months ended
September 30,
|
|
|
For the three
months ended
September 30,
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
NET
SALES
|
$
|
1,434,337,556
|
|
$
|
1,844,491,390
|
|
$
|
382,790,132
|
|
$
|
626,171,072
|
|
COST OF
SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
(1,293,608,652)
|
|
|
(1,654,427,318)
|
|
|
(367,382,898)
|
|
|
(564,685,762)
|
|
Depreciation
|
|
(724,359)
|
|
|
(801,384)
|
|
|
(235,731)
|
|
|
(255,546)
|
|
Total cost of
sales
|
|
(1,294,333,011)
|
|
|
(1,655,228,702)
|
|
|
(367,618,629)
|
|
|
(564,941,308)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
140,004,545
|
|
|
189,262,688
|
|
|
15,171,503
|
|
|
61,229,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
11,617,494
|
|
|
7,399,734
|
|
|
2,265,898
|
|
|
2,424,458
|
|
Stock compensation
expenses
|
|
5,364
|
|
|
16,092
|
|
|
-
|
|
|
5,364
|
|
Depreciation
|
|
258,110
|
|
|
406,962
|
|
|
92,438
|
|
|
146,475
|
|
Amortization
|
|
8,261
|
|
|
8,703
|
|
|
2,690
|
|
|
2,767
|
|
Lease
expense
|
|
62,943
|
|
|
197,811
|
|
|
20,500
|
|
|
62,888
|
|
Total operating
expenses
|
|
11,952,172
|
|
|
8,029,302
|
|
|
2,381,526
|
|
|
2,641,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
128,052,373
|
|
|
181,233,386
|
|
|
12,789,977
|
|
|
58,587,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Income
|
|
-
|
|
|
64,433
|
|
|
-
|
|
|
64,433
|
|
Interest
Income
|
|
908,416
|
|
|
1,384,438
|
|
|
271,304
|
|
|
562,294
|
|
Interest expense,
including amortization of debt issuance costs of $2,187,956 and
$3,482,031 for the three months, and $6,738,816 and $8,042,451 for
the nine months ended September 30, 2019 and 2018,
respectively
|
|
(135,252,496)
|
|
|
(128,898,077)
|
|
|
(44,911,067)
|
|
|
(41,479,730)
|
|
Total other expenses,
net
|
|
(134,344,080)
|
|
|
(127,449,206)
|
|
|
(44,639,763)
|
|
|
(40,853,003)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS BEFORE TAXES
|
|
(6,291,707)
|
|
|
53,784,180
|
|
|
(31,849,786)
|
|
|
17,734,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
PROVISION (BENEFIT)
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
17,292,113
|
|
|
9,214,312
|
|
|
6,481,926
|
|
|
1,787,717
|
|
Deferred
|
|
(18,549,129)
|
|
|
4,523,643
|
|
|
(14,327,255)
|
|
|
2,699,588
|
|
Total income tax
provision (benefit)
|
|
(1,257,016)
|
|
|
13,737,955
|
|
|
(7,845,329)
|
|
|
4,487,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
(5,034,691)
|
|
|
40,046,225
|
|
|
(24,004,457)
|
|
|
13,247,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain
(loss) related to investments in gold, net of tax
|
|
363,076,281
|
|
|
(56,908,875)
|
|
|
209,005,270
|
|
|
(18,935,552)
|
|
Foreign currency
translation loss
|
|
(43,484,477)
|
|
|
(19,080,264)
|
|
|
(41,688,955)
|
|
|
(13,077,661)
|
|
Total other
comprehensive income (loss)
|
$
|
319,591,804
|
|
$
|
(75,989,139)
|
|
$
|
167,316,315
|
|
$
|
(32,013,213)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME (LOSS)
|
$
|
314,557,113
|
|
$
|
(35,942,914)
|
|
$
|
143,311,858
|
|
$
|
(18,765,709)
|
|
Earnings (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.46)
|
|
$
|
3.63
|
|
$
|
(2.18)
|
|
$
|
1.20
|
|
Diluted
|
$
|
(0.46)
|
|
$
|
3.62
|
|
$
|
(2.18)
|
|
$
|
1.20
|
|
Weighted average
number of shares*
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
11,018,955
|
|
|
11,018,955
|
|
|
11,018,955
|
|
|
11,018,955
|
|
Diluted
|
|
11,018,955
|
|
|
11,051,897
|
|
|
11,018,955
|
|
|
11,020,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Retrospectively
restated for effect of 1-for-6 reverse stock split
|
|
|
KINGOLD JEWELRY,
INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(IN U.S.
DOLLARS)
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
$
|
651,318
|
|
$
|
233,391
|
|
Restricted
cash
|
|
14,632,279
|
|
|
4,798,185
|
|
Accounts
receivable
|
|
654,455
|
|
|
451,059
|
|
Inventories
|
|
268,214,300
|
|
|
127,034,673
|
|
Investments in
gold
|
|
2,323,335,559
|
|
|
1,593,557,391
|
|
Value added tax
recoverable
|
|
242,624,812
|
|
|
259,582,324
|
|
Short-term
investments
|
|
195,062,420
|
|
|
-
|
|
Prepaid expenses and
other current assets
|
|
374,843
|
|
|
87,590
|
|
Total current
assets
|
|
3,045,549,986
|
|
|
1,985,744,613
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
4,420,547
|
|
|
5,395,330
|
|
Restricted
cash
|
|
1,681,073
|
|
|
7,766,372
|
|
Investments in
gold
|
|
267,177,647
|
|
|
700,225,896
|
|
Land use
right
|
|
373,324
|
|
|
395,719
|
|
Other noncurrent
assets
|
|
459,524
|
|
|
285,768
|
|
Total long-term
assets
|
|
274,112,115
|
|
|
714,069,085
|
|
TOTAL
ASSETS
|
$
|
3,319,662,101
|
|
$
|
2,699,813,698
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term
loans
|
$
|
1,423,679,826
|
|
$
|
1,034,947,774
|
|
Related party
loan
|
|
69,832,280
|
|
|
72,699,779
|
|
Due to related
party
|
|
4,410,957
|
|
|
3,976,742
|
|
Income tax
payable
|
|
18,050,006
|
|
|
18,504,197
|
|
Other taxes
payable
|
|
2,184,430
|
|
|
2,577,102
|
|
Convertible notes
payable
|
|
599,739
|
|
|
-
|
|
Derivative
liabilities
|
|
267,000
|
|
|
-
|
|
Accrued expenses and
other payables
|
|
17,682,301
|
|
|
15,749,564
|
|
Total current
liabilities
|
|
1,536,706,539
|
|
|
1,148,455,158
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
127,501,207
|
|
|
24,218,911
|
|
Related party
loans
|
|
534,228,724
|
|
|
373,327,862
|
|
Long term
loans
|
|
168,107,252
|
|
|
515,477,020
|
|
Other long-term
liability
|
|
154,098
|
|
|
-
|
|
TOTAL
LIABILITIES
|
|
2,366,697,820
|
|
|
2,061,478,951
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
-
|
|
|
-
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 500,000 shares authorized, none issued or
outstanding as of September 30, 2019 and December 31,
2018
|
|
-
|
|
|
-
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized, 11,018,955 shares issued
and outstanding as of September 30, 2019 and December 31,
2018*
|
|
11,019
|
|
|
11,019
|
|
Additional paid-in
capital
|
|
224,420,422
|
|
|
224,348,001
|
|
Retained
earnings
|
|
|
|
|
|
|
Unappropriated
|
|
348,178,634
|
|
|
353,213,325
|
|
Appropriated
|
|
967,543
|
|
|
967,543
|
|
Accumulated other
comprehensive income, net of tax
|
|
379,386,663
|
|
|
59,794,859
|
|
Total
Shareholders' Equity
|
|
952,964,281
|
|
|
638,334,747
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
3,319,662,101
|
|
$
|
2,699,813,698
|
|
|
|
|
|
|
|
* Retrospectively
restated for effect of 1-for-6 reverse stock split, see Note
15
|
|
|
KINGOLD JEWELRY,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
(IN U.S.
DOLLARS)
|
|
(UNAUDITED)
|
|
|
|
|
September 30,
2019
|
|
September 30,
2018
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net (loss)
income
|
$
|
(5,034,691)
|
|
40,046,225
|
|
Adjustments to
reconcile net (loss) income to cash (used in) provided by operating
activities:
|
|
|
|
|
|
|
Depreciation of
property and equipment
|
|
982,469
|
|
1,208,346
|
|
|
Amortization of
intangible assets
|
|
8,261
|
|
8,703
|
|
|
Amortization of debt
issuance costs included in interest expense
|
|
6,738,816
|
|
8,042,451
|
|
|
Interest expense of
convertible notes
|
|
4,292
|
|
-
|
|
|
Amortization of
deferred financing cost associated with convertible notes
issuance
|
39,505
|
|
-
|
|
|
Share based
compensation for services and warrants expense
|
|
5,364
|
|
16,092
|
|
|
Deferred tax
(benefit) provision
|
|
(18,549,129)
|
|
4,523,643
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
Accounts
receivable
|
|
(228,675)
|
|
558,165
|
|
|
Inventories
|
|
(63,300,010)
|
|
321,200,297
|
|
|
Other current assets
and prepaid expenses
|
|
(493,635)
|
|
(752,148)
|
|
|
Value added tax
recoverable
|
|
7,776,713
|
|
84,623,088
|
|
|
Other payables and
accrued expenses
|
|
2,749,526
|
|
769,590
|
|
|
Investment income
from short-term investment
|
|
(72,862)
|
|
-
|
|
|
Income tax
payable
|
|
(212,447)
|
|
748,416
|
|
|
Other taxes
payable
|
|
(310,511)
|
|
359,224
|
|
Net cash (used in)
provided by operating activities
|
|
(69,897,014)
|
|
461,352,092
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(326,565)
|
|
(491,136)
|
|
Purchase of
short-term investments
|
|
(246,592,662)
|
|
-
|
|
Redemption of
short-term investments
|
|
43,790,262
|
|
-
|
|
Net cash used in
investing activities
|
|
(203,128,965)
|
|
(491,136)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from other
loans - short term
|
|
349,034,006
|
|
-
|
|
Repayments of other
loans - short term
|
|
(382,829,071)
|
|
(554,840,248)
|
|
Proceeds from other
loans - long term
|
|
131,130,344
|
|
435,804,951
|
|
Repayment of related
party loans- short-term
|
|
(220,916)
|
|
(230,227,311)
|
|
Proceeds from related
party loan- long-term
|
|
306,582,758
|
|
443,110,831
|
|
Repayment of related
party loan- long-term
|
|
(125,056,810)
|
|
(534,050,005)
|
|
Repayment of loan
origination fees
|
|
(2,163,651)
|
|
(6,578,966)
|
|
Gross proceeds from
issuance of convertible notes
|
|
1,000,000
|
|
-
|
|
Payments of deferred
financing costs associated with convertible notes
|
|
(110,000)
|
|
-
|
|
Borrowings from
related party
|
|
508,202
|
|
965,643
|
|
Net cash provided by
(used in) financing activities
|
|
277,874,862
|
|
(445,815,105)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATES ON CASH AND RESTRICTED CASH
|
|
(682,161)
|
|
(4,229,857)
|
|
NET INCREASE IN
CASH AND RESTRICTED CASH
|
|
4,166,722
|
|
10,815,994
|
|
CASH AND
RESTRICTED CASH, BEGINNING OF PERIOD
|
|
12,797,948
|
|
17,924,397
|
|
CASH AND
RESTRICTED CASH, END OF PERIOD
|
$
|
16,964,670
|
|
28,740,391
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
Cash paid for
interest expense
|
$
|
126,137,400
|
|
120,133,935
|
|
Cash paid for income
tax
|
$
|
17,504,560
|
|
8,465,896
|
|
|
|
|
|
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES
|
|
|
|
|
|
Investments in gold
transferred to inventories
|
$
|
497,824,202
|
|
557,866,549
|
|
Inventories
transferred to investments in gold
|
$
|
416,042,035
|
|
502,451,549
|
|
Unrealized gain
(loss) on investments in gold, net of tax
|
$
|
363,076,281
|
|
(56,908,875)
|
|
Right-of-use assets
obtained in exchange for operating lease
obligations
|
$
|
184,192
|
|
-
|
View original
content:http://www.prnewswire.com/news-releases/kingold-jewelry-reports-financial-results-for-the-third-quarter-and-nine-months-ended-september-30-2019-300956840.html
SOURCE Kingold Jewelry, Inc.
