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Caixin Global

Articles from Caixin Global

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Thematic (Sector/Industry)

<ul><li>Hundreds of millions of Chinese travelers crowded tourist hotspots across the country over the week-long Labor Day holiday</li><li>Travelers made 274 million domestic trips during the holiday, up 70.83% from last year, according to data from the Ministry of Culture and Tourism</li><li>Revenue from domestic tourism reached 148 billion yuan ($21 billion), an increase of 128.9% from the same period last year</li></ul>

Hundreds of millions of Chinese travelers crowded tourist hotspots across the country over the week-long Labor Day holidayTravelers made 274 million domestic trips during the holiday, up 70.83% from last year, according to data from the Ministry of Culture and TourismRevenue from domestic tourism reached 148 billion yuan ($21 billion), an increase of 128.9% from the same period last year

Hardly Anybody in China Stayed Home for the Holidays

<ul><li>Demand for hotel rooms and air tickets during this year’s Labor Day holiday is on track to exceed pre-pandemic levels of 2019, industry data showed</li><li>Many of the bookings were for destinations in the Yangtze River Delta region, Chongqing municipality, Chengdu and the Beijing-Tianjin-Hebei cluster</li><li>The rebound in travel comes amid a broader recovery in tourism, with Qunar saying that tickets tourist attractions in Beijing, Shanghai, Nanjing, Guangzhou and Xi’an have been selling fast.</li></ul>

Demand for hotel rooms and air tickets during this year’s Labor Day holiday is on track to exceed pre-pandemic levels of 2019, industry data showedMany of the bookings were for destinations in the Yangtze River Delta region, Chongqing municipality, Chengdu and the Beijing-Tianjin-Hebei clusterThe rebound in travel comes amid a broader recovery in tourism, with Qunar saying that tickets tourist attractions in Beijing, Shanghai, Nanjing, Guangzhou and Xi’an have been selling fast.

Labor Day Holiday Travel Demand Tops Pre-Pandemic Levels

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>With re-opening of borders, China's tourism and hospitality industry should see encouraging earnings outlook over the next two years; and we are now only in the early stage of recovery.  </li>
<li>Online travel agencies and hotel and resorts operators including <a href="https://www.smartkarma.com/entities/tongcheng-elong-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel Holdings (780 HK)</a>, <a href="https://www.smartkarma.com/entities/huazhu-group-ltd-79e0c5b5-ad55-42ed-b8d2-a2173defd0ea" target="_blank" data-smartkarma-citation="entities:33487:1" rel="noopener">H World Group (1179 HK)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a> and <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> are well positioned.</li>
<li>These companies all have sound business model, industry leadership position, solid competitive strengths, comprehensive customer coverage and, for some, meaningful global presence in their respective sub-sectors. </li>
</ul>


With re-opening of borders, China's tourism and hospitality industry should see encouraging earnings outlook over the next two years; and we are now only in the early stage of recovery.  
Online travel agencies and hotel and resorts operators including Tongcheng Travel Holdings (780 HK), H World Group (1179 HK), Trip.com (9961 HK) and Fosun Tourism (1992 HK) are well positioned.
These companies all have sound business model, industry leadership position, solid competitive strengths, comprehensive customer coverage and, for some, meaningful global presence in their respective sub-sectors. 


China Tourism and Hospitality Industry: A Year of Revenge

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 31st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CCB, Tencent, Alibaba, China Mobile, Yofc, Smic, Zijin Gold Intl.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 31st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CCB, Tencent, Alibaba, China Mobile, Yofc, Smic, Zijin Gold Intl.


HK Short Interest Weekly: CCB, Tencent, Alibaba, China Mobile, Yofc, Smic, Zijin Gold Intl

<ul>
<li>The just finished "Year of the Rabbit" Chinese New Year has witnessed strong revival in travel appetite. Total domestic travelers increased 23.1% YoY, returning to 88.6% of 2019 level.</li>
<li>
<a href="https://www.smartkarma.com/entities/tongcheng-elong-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng-Elong (780 HK)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a>, <a href="https://www.smartkarma.com/entities/huazhu-group-ltd-79e0c5b5-ad55-42ed-b8d2-a2173defd0ea" target="_blank" data-smartkarma-citation="entities:33487:1" rel="noopener">Huazhu Group (1179 HK)</a>, <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a>, <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a> and <a href="https://www.smartkarma.com/entities/china-film-co-ltd" target="_blank" data-smartkarma-citation="entities:29943:1" rel="noopener">China Film Co (600977 CH)</a> are some of the beneficiaries.</li>
<li>As we passed peak of infections and overseas PCR and visa constraints are further removed, the trend of improvement in travel demand will sustain into the National Day holidays.  </li>
</ul>


The just finished "Year of the Rabbit" Chinese New Year has witnessed strong revival in travel appetite. Total domestic travelers increased 23.1% YoY, returning to 88.6% of 2019 level.

Tongcheng-Elong (780 HK), Trip.com (9961 HK), Huazhu Group (1179 HK), Fosun Tourism (1992 HK), China Southern Airlines (1055 HK) and China Film Co (600977 CH) are some of the beneficiaries.
As we passed peak of infections and overseas PCR and visa constraints are further removed, the trend of improvement in travel demand will sustain into the National Day holidays.  


Chinese New Year Travel Market: Roundup And Implications

Singapore

Trip.com Group is a leading global one-stop travel platform offering accommodation reservations, transportation ticketing, packaged tours, and corporate travel management services. It operates a portfolio of brands including Trip.com, Ctrip, Skyscanner, and Qunar. The company was founded in June 1999 and is headquartered in Shanghai, China.

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Trip.com Group (9961 HK)

Hardly Anybody in China Stayed Home for the Holidays

Hundreds of millions of Chinese travelers crowded tourist hotspots across the country over the week-long Labor Day holiday

Caixin Global

Labor Day Holiday Travel Demand Tops Pre-Pandemic Levels

Demand for hotel rooms and air tickets during this year’s Labor Day holiday is on track to exceed pre-pandemic levels of 2019, industry data showed

Caixin Global

China Tourism and Hospitality Industry: A Year of Revenge

We are only in early stage of China's tourism and hospitality recovery, after its re-opening of borders in Jan. We identify Tongcheng, H World,...

Osbert Tang, CFA

HK Short Interest Weekly: CCB, Tencent, Alibaba, China Mobile, Yofc, Smic, Zijin Gold Intl

We analyzed the latest HK SFC report for aggregate short position as of Jul 31st and highlight short interest changes in CCB, Tencent, Alibaba,...

Ke Yan, CFA, FRM

Chinese New Year Travel Market: Roundup And Implications

Total domestic travelers in China was up 23.1% in CNY. Tongcheng-Elong, Trip.com, Huazhu Group, Fosun Tourism, China Southern Airlines and China...

Osbert Tang, CFA

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