According to CNBC, the stock price of China’s biggest cemetery operator and funeral service surged to the highest level in over a year as funeral homes and crematoriums across China are busy and packed full of corpses.
As the Chinese regime abruptly abandoned its controversial zero-COVID policy, the virus now sweeps across the country. Unprepared and overwhelmed, China’s healthcare system is under tremendous pressure with unprecedented cases. Many funeral parlors are full of dead bodies waiting their turn for cremation.
Fu Shou Yuan International Group stock reached a record high in 2022 on Hong Kong’s Hang Seng exchange on Friday, December 23. Its stock has increased about 80% in two months as COVID batters mainland China.
As of November, Fu Shou Yuan’s shares had decreased nearly 40% for 2022, but the stock price now enjoys a 15% year-to-date gain.
On the contrary, Bloomberg reported that the CSI 300 Index, which gauges China’s largest 300 firms, has decreased by about 21% this year and is one of the world’s worst performers. It also sets for the steepest decline since Washington initiated a trade war with Beijing in 2018.
Fu Shou Yuan International Group debuted in 2013 on Hong Kong’s stock exchange. Its market value now is worth over $2 billion.
Despite death flooding hospitals and funeral homes, China’s official death data remains significantly low. The Chinese regime changed the definition of COVID-related deaths, tallying only those who die of COVID-caused pneumonia or respiratory failure. The move has drawn the ire of world health experts.
The Chinese regime announced on Sunday, December 25, that it would stop publishing daily COVID data. The reliability of its data was questioned as millions of infections appeared across the country while the official numbers stayed significantly low.