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Shares in Shanghai-headquartered Trip.com rose by 14% in morning trade in the U.S. on hopes shorter … [+]
Shares in China’s tourism and travel businesses soared in U.S. trading today after the country said on Tuesday it would reduce Covid-related mandatory quarantines on internationally arriving passengers to seven days from the previous 14-21 days.
Among the leaders was Trip.com, the country’s biggest online travel site, whose Nasdaq-traded shares climbed by 14% to $28.11 at 12:15 p.m. today. That put Trip.com, which is nearly 11% owned by China online search leader Baidu, on track to its best close since February.
Huazhu, the big China hotel chain chaired by China billionaire Ji Qi, rose by 5.9% to $37.87. Ji is a member of the board at Trip.com, along with Forbes Midas List members Neil Shen and JP Gan. GreenTree, a smaller Shanghai-headquartered hotel chain, rose by 6.6%.
China’s tourism industry has been hurt by travel restrictions since the pandemic began two years ago. Lockdowns in Shanghai this year triggered supply chain disruptions in companies including Tesla, reduced investments, and has led to an outflow of expatriates in what has been one of the country’s most international cities.
Airlines stocks also rose. China Eastern, based in Shanghai, rose by 6.7%. China Southern, headquartered in Guangzhou, climbed 3.8%.
China’s benchmark CSI Index rose by 1% to a three-month high of 4,490.52 earlier today on growth hopes.
After the new seven-day quarantine period, new arrivals are required to spend three days at home, media reported.
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