Employees in protective gear attend to a casket and casket on the Dongjiao Funeral Home, reportedly designated to handle Covid deaths, in Beijing, China, Monday, December 19, 2022.
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Hong Kong-listed shares of China’s largest operator of cemeteries and funeral services rose to their highest level in greater than a 12 months as the country grapples with a wave of Covid infections.
Fu Shou Yuan International Group’s shares hit a 2022 high of HK$7.04 per share as of Friday’s close – after gaining about 80% in two months – as the country abruptly ended most of its Covid control measures and saw a spike in cases.
Fu Shou Yuan International Group shares have fallen nearly 40% in 2022 since November, but at the moment are on target for a 15% gain because the starting of the 12 months.
The corporate, with a market capitalization of over $2 billion, went public in 2013 with the backing of the Carlyle Group and hedge fund Farallon Investors.
Carlyle co-founder William Conway visited Shanghai’s Fu Shou Yuan Central Cemetery with a bunch of executives in December 2010 before agreeing to purchase $25 million value of stock ahead of the corporate’s IPO.