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.

Learn more about China from CNBC Pro

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.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button