Shares of Chinese funeral company rise as Covid infections rise

Workers in protective gear handle a coffin and a coffin case at Dongjiao Funeral Home, designated to deal with Covid fatalities, in Beijing, China, on Monday, December 3. 19, 2022.

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Hong Kong-listed shares of China’s largest cemetery operator and funeral service hit their highest level in more than a year as the country grapples with a wave of Covid infections.

Shares of Fu Shou Yuan International Group hit a 2022 high of HK$7.04 per share at Friday’s close, having risen about 80% in two months as the country put an end to abruptly on most of its Covid control measures and saw the number of cases rise.

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Shares of Fu Shou Yuan International Group were up nearly 40% for 2022 in November, but are now poised for a 15% year-to-date gain.

The company, with a market capitalization of more than $2 billion, debuted in 2013 with backing from Carlyle Group and hedge fund firm Farallon Investors.

Carlyle co-founder William Conway had visited the main Fu Shou Yuan cemetery in Shanghai with a group of executives in December 2010 before agreeing to buy $25 million worth of shares before the company exited on the stock market

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