China's Premium Brands Fall Out of Favor With Stock Investors [Yahoo! Finance Canada]
ZHONGSHENG GP HL UNSP/ADR (ZSHGY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg 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. ADVERTISEMENT Consumption has remained tepid despite Beijing's efforts to boost spending, which include trade-ins for appliances and cars to relaxed loan rules for automobiles. While companies that offer affordable products have performed better than their luxury peers in the market, doubts over the strength of China's economic recovery are giving investors cold feet about consumer stocks in general. “This downturn trend for premium names hasn't bottomed out yet,” said Xiang Xiaotian, a director at Shanghai Chengzho
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