Workers in protective gear handle a coffin and coffin case at the Dongjiao Funeral Home reportedly dedicated to treating Covid deaths, in Beijing, China, Monday December 19, 2022.
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Hong Kong-listed shares of China’s largest cemetery operator and undertaker rose to their highest level in more than a year as the country grapples with a wave of Covid infections.
Shares in Fu Shou Yuan International Group hit a 2022 high of HK$7.04 a share on Friday – after rising about 80% in two months – as the country abruptly ended most of its Covid control measures and the case numbers increased.
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Shares in Fu Shou Yuan International Group are down nearly 40% in November 2022, but they’re now on track to gain 15% year-to-date.
The company, which has a market cap of more than $2 billion, debuted in 2013 with backing from the Carlyle Group and hedge fund firm Farallon Investors.
Carlyle co-founder William Conway had visited Shanghai’s Fu Shou Yuan main cemetery with a group of executives in December 2010 before agreeing to buy $25 million in shares before the company went public .