Goldzenn built a gold toilet and a gold carriage — then HSBC wound it up

Lam Sai Wing founded Hang Fung Gold Technology in 1999, building it into a Hong Kong jewellery chain that operated under the Goldzenn brand. The company became famous for spectacle: a HK$60 million gold carriage displayed at its Nathan Road store, and a solid-gold toilet that earned two Guinness World Records and became a tourist attraction. Kelly Chen was the brand ambassador. The company won 'Hong Kong Top Brand' awards and was listed on the Hong Kong Stock Exchange.

The company expanded aggressively, borrowing heavily from banks to fund growth. When the global financial crisis hit in 2008, credit tightened and Goldzenn's debt burden became unsustainable. Rumoured to owe HSBC HK$1 billion, the company could not meet its obligations.

On 17 October 2008, HSBC petitioned the High Court of Hong Kong to wind up the company. The same day, the court appointed Deloitte as provisional liquidator. The winding-up petition effectively ended Goldzenn's independence. The company's shares were suspended and the brand's retail operations were thrown into uncertainty.

Goldzenn survived as a brand but not as an independent company. In November 2013, Luk Fook Group acquired a 50% stake for HK$301 million. In 2023-2024, Luk Fook further increased its ownership, making Goldzenn a wholly-owned subsidiary. The original founding company was gone.