China’s tourism, catering companies surge amid speculation of Beijing’s reopening plan
STOCKS
China’s tourism, catering companies surge amid speculation of Beijing’s reopening plan
STOCKS

China’s tourism, catering companies surge amid speculation of Beijing’s reopening plan

 

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China’s consumer stocks stage a strong rally, with catering companies, tourism companies, liquor makers leading the gains, driven by market speculation that Beijing will set up an expert team to put together a “ reopening plan” with a goal of materially reopening the country by March next year. 

Shares of China’s largest hot pot restaurant chain Haidilao International are surging more than 12% in Hong Kong, Xiabuxiabu up more than 10%, Jiumaojiu International up more than 6% and Yum China gaining more than 5%.

Tourism companies are also bouncing, with Trip.com jumping more than 10% and Tongcheng-Elong up 5.6%. 

In mainland China, an index tracking the catering and tourism sector compiled by Wind Information is surging 9.5%, making it the best-performing sector in the A-share market.

An index tracking liquor makers is surging 7.6% in the A-share market, with the country’s iconic distiller Kweichow Moutai jumping more than 8% to break through 1,400 yuan mark.