Shares of Chinese funeral company rise amid spike in Covid cases
Workers in protective gear handle a coffin and coffin box at the Dongjiao Funeral Home, reportedly dedicated to helping Covid victims, in Beijing, China, Monday, December 19, 2022.
Bloomberg | Bloomberg | Getty Images
Hong Kong-listed shares in China’s largest cemetery and funeral services operator rose to their highest level in more than a year as the country battles a wave of Covid infections.
Shares of Fu Shou Yuan International Group hit a 2022 high of HK$7.04 per share as of Friday’s close, up about 80% in two months as the country abruptly lifted most of its Covid control measures and case numbers skyrocketed. increased.
Fu Shou Yuan International Group shares have fallen nearly 40% in 2022 as of November, but are now on track with a 15% year-to-date gain.
The company, with a market capitalization of over $2 billion, debuted in 2013 backed by the Carlyle Group and hedge fund Farallon Investors.
Carlyle co-founder William Conway visited Fu Shou Yuan’s main cemetery in Shanghai with a group of executives in December 2010 before agreeing to purchase $25 million worth of stock before the company went public.
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