China's Fosun Tourism jumps most in 6 weeks on upbeat earnings outlook

Fosun Tourism

01/02/2024 06:25

** Shares of Fosun Tourism Group  1992.HK  jump 10.4% to
HK$4.44, the biggest intraday pct gain since Dec 21
    ** Stock on track to snap six consecutive sessions of losses
    ** The resort operator and holiday tourism group expects its
2023 business volume from tourism operation to jump no less than
15% YoY with a turnaround to a net profit of no less than 270
mln yuan ($37.6 mln) from net loss of 545 mln yuan in 2022
    ** Co says operations of its Club Med, Atlantis Sanya,
Vacation Asset Management Center, Foryou Club and other services
continued their strong recovery momentum, benefiting from the
worldwide easing of travel restrictions 
    ** Shares of controlling shareholder Fosun International
 0656.HK  rise 3.2%, rebounding from its lowest since November
2012
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.2%
and Hang Seng Index  .HSI  adds 0.7%
    ** Fosun Tourism shares down 28.3% YTD, Fosun International
down 7.8% YTD  
   ($1 = 7.1794 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))