Changbaishan stock fell sharply after 9 daily limits in 12 days
How long can Harbin’s hot “ice and snow market” last?
The tourism boom in Harbin has spread to the capital market, and Changbaishan, an A-share listed company, has taken over this "vast wealth".
After the New Year's Day holiday, Changbai Mountain experienced nine daily limits in 12 days, and the investment circle was very lively.
However, after Changbai Mountain issued an announcement on the evening of January 17 that "the revenue from ice and snow projects accounts for a relatively small proportion of the company's overall revenue, and the company's main business is still the tourist passenger transportation business and hotel business." At the close of trading on January 18, the company's stock fell nearly 6%.
Some experts said that investors saw the potential of the ice and snow market and the role of Changbai Mountain in it, which is a reflection of the booming tourism industry in Northeast China.
Some people in the industry believe that the current speculation is pure hot money behavior, and this wave of conceptual market will not last long.
Several stocks hit daily limits
In recent times, tourism in Harbin has continued to heat up, driving a nationwide ice and snow tourism boom.
Southerners have always longed for the ice-covered Northeast, but this year they have successfully achieved closer “interconnection”.
The economic effects behind ice and snow tourism are constantly amplifying, and the capital market is also taking note of the trend, with related concept stocks gaining popularity.
Since the beginning of this year, many ice and snow tourism concept stocks have bucked the trend and have risen, including Changbai Mountain, Dalian Sunya, Jiuhua Tourism, etc., all of which have achieved multiple daily limits.
Among them, Changbai Mountain is particularly popular. From January 2 to 17, the stock has reached 9 daily limits, with a cumulative increase of 160.75%, and the stock price has doubled.
The popularity of ice and snow tourism is also reflected in the company’s performance.
On January 18, Changbai Mountain revealed in a reply to shareholders that the tourism industry has recovered in 2023, and the company's tourist volume has also increased significantly compared with the previous three years. According to the announced third quarter performance, the company's performance has recovered well.
"When Harbin ice and snow tourism becomes a hot topic, the market's attention will naturally turn to other tourist destinations with ice and snow resources, and Changbai Mountain is one of them." Zhu Keli, executive director of the China Information Association and founding director of the Guoyan New Economic Research Institute Said in an interview with reporters from West China Metropolis Daily and Cover News.
Changbai Mountain ice and snow projects account for a small proportion of revenue
On January 18, this wave of ice and snow prices encountered its first "Waterloo".
As of the close, Changbai Mountain fell 5.79%, while another ice and snow tourism concept stock, Dalian Sunya, fell directly to the limit, reporting at 31.18 yuan per share.
Previously, Dalian Sunya gained 7 daily limits in 10 days.
As a Northeast tourism company that operates an aquarium, what is the relationship between Dalian Sunya and the fire in Harbin?
According to the annual report released by Dalian Sunya, the company operates the Harbin Polar Park Aquarium, Harbin Polar Park Polar Pavilion, and Harbin Polar Park Dinosaur Pavilion.
Compared with Dalian Shengya, Changbai Mountain does not look like an authentic Harbin tourism concept stock.
On January 18, Changbai Mountain issued an announcement of serious abnormal fluctuations in stock trading, saying that the company will host Heping Ski Resort at the end of October 2023. This hosting business will contribute less than 1% to the overall revenue in 2023. The company's ice and snow project revenue currently accounts for the company's overall revenue. The company's main business is still tourism passenger transport business and hotel business.
Public information shows that the core business of Changbai Mountain Company is tourist passenger transportation, including tourist transportation, tourist vehicle rental, parking lot management and other services in the three scenic spots of Changbai Mountain.
Industry insiders warn against following trends and hype
On the one hand, the ice and snow economy is in full swing, and on the other hand, concepts related to the capital market continue to be popular. The trend of explosive growth in the cultural tourism industry in 2024 is also emerging.
But under the heat, how long can the ice and snow market last?
Lin Xianping, secretary-general of the Institute of Cultural Creativity at Zhejiang University, said that Harbin’s ice and snow tourism is subject to certain cyclical restrictions and impacts, and its ice sculpture city landscape and other outdoor ice and snow sports will basically disappear before April.
This is a time point for Harbin’s tourism industry. The market situation of Changbai Mountain and Ice and Snow Concept may last until the end of March.
"At present, the probability of speculation is relatively high. Especially in periods when market conditions are tepid, speculation and speculation are closely linked, and it is nothing more than a game of drumming and spreading rumors. Using the subject matter as a gimmick, speculating on concepts, hot spots and other stock market chaos It has been going on for a long time, abandoning the fundamentals and technical aspects, rising crazily and falling sharply, which is simply a 'roller coaster' feeling." said Wu Zhongyan, a researcher at the China Local Financial Research Institute.
Wu Zhongyan believes that for retail investors, blindly following the trend can easily fall into the trap of being "harvested".
West China Metropolis Daily - Cover News Reporter Zhu Zhu