China's Premium Brands Fall Out of Favor With Stock Investors [Yahoo! Finance]
ZHONGSHENG GP HL UNSP/ADR (ZSHGY)
NASDAQ:AMEX Investor Relations:
en.zs-group.com.cn
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Source: Yahoo! Finance
(Bloomberg) -- China's once-mighty shoppers have turned into reluctant spenders in the face of an economic slowdown, a shift that's proving particularly painful for stocks related to premium brands. Most Read from Bloomberg Southwest Plane Plunged Within 400 Feet of Ocean Near Hawaii Wells Fargo Fires Over a Dozen for ‘Simulation of Keyboard Activity' Bump Stock Ban Tossed Out by Supreme Court in Gun-Rights Win Tesla Investors Get Behind Musk's Fight for $56 Billion Pay Deal Yes, Everyone Really Is Sick a Lot More Often After Covid High-end liquor maker Kweichow Moutai Co., luxury car dealer Zhongsheng Group Holdings Ltd. and Nike distributor Topsports International Holdings Ltd. have all fallen around 10% or more this year, bucking gains in equity benchmarks. Analysts attribute the underperformance to China's consumption downgrade trend, as evidenced by lackluster spending during the Dragon Boat Festival and early signs of weakness in the ongoing 618 shopping event.
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