Surging temple and lottery stocks mirror China's weak recovery

SHANGHAI/SINGAPORE : Shares in some Chinese temple operators and lottery sellers surged for a second day on Thursday amid a weak post-COVID recovery, as despondent young people rush to pray or gamble amid greater economic uncertainty.

In stark contrast, the youth unemployment rate hit a record 20.4 per cent in April, and multiple indicators showed economic recovery is losing steam following an initial bounce after China lifted its zero-COVID policy.Emei Shan Tourism Co, operator of the Mount Emei scenic spot, and Anhui Jiuhuashan Tourism Development Co, operator of the Jiuhua Mountain, both saw their shares soar 10 per cent to hit the daily limit for a second day on Thursday.

China Sports Industry Group, the listed company behind the state-run sports lotteries business, also surged 10 per cent for two consecutive sessions. "I don't expect the youth unemployment rate to see an inflection point soon as the graduation season approaches," he said."Meanwhile, as the summer holiday comes, the youth will have more time to travel."

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US seeks to curb investment in Chinese chips, AI and quantum computingWASHINGTON : New rules under consideration would restrict the flow of U.S. investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing, a U.S. Treasury official said on Wednesday. Speaking before a Senate Banking Committee hearing, Paul
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Chinese graduates lower their ambitions in moribund jobs marketBEIJING — Applied maths graduate Liang Huaxiao tried to land a job with one of China's tech giants for two years. Then she tried customer service and sales. Then she applied for assistant roles in a bakery and in a beauty parlour. Like a rising number of her highly educated peers, Liang keeps trading down to try and find a...
Source: asiaonecom - 🏆 10. / 59 Read more »