Chinese retail stocks rally; Guofang Group and Baida Group hit daily limit up
In short
Chinese retail and consumer stocks rose on October 9, with Guofang Group (国芳集团) hitting its daily limit up and Baida Group (百大集团) doing so after the retail sector climbed again in the afternoon, CLS, Jiemian and Yicai reported. CLS cited tax data showing average daily sales revenue in service-consumption industries over the National Day holiday rose 19.5% year on year.
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Chinese retail and consumer stocks rose on October 9. CLS reported that the consumer sector strengthened against the market trend during trading. Guofang Group (国芳集团) hit its daily limit up, after Lafang Jiahua (拉芳家化) and Liren Lizhuang (丽人丽妆) had already done so. Xinhua Baihuo (新华百货), Haixin Shipin (海欣食品), Dongbai Group (东百集团) and Miaoke Landuo (妙可蓝多) followed it higher. Jiemian described a localised move in the retail sector and also named Zhejiang Dongri (浙江东日), Zhongbai Group (中百集团) and Yuyuan (豫园股份) among the gainers. Yicai reported that parts of the retail sector were rising. [ 1 , 2 , 3 ]
In the afternoon the retail sector climbed again, according to CLS, Yicai and Jiemian, and Baida Group (百大集团) hit its daily limit up. CLS named Guoguang Liansuo (国光连锁), Dongbai Group, Zhongbai Group and Zhongyang Shangchang (中央商场) among the stocks that followed. Jiemian reported that Huijia Shidai (汇嘉时代) had also hit its limit earlier. As background news, CLS cited State Taxation Administration VAT invoice data showing that service consumption was strong nationwide during the National Day holiday. Average daily sales revenue in the related industries rose 19.5% year on year, with tourism, sightseeing and entertainment services up 23.6% and catering services up 9%. [ 4 , 5 , 6 ]
Why it matters
Three financial outlets followed the move through the day, with the retail sector rising in both the morning and the afternoon. CLS reported it alongside tax data on strong service consumption over the National Day holiday, but gave the data as background news and did not call it the cause.
Key facts
- Guofang Group (国芳集团) hit its daily limit up on October 9. [ 1 , 3 , 4 , 6 ]
- The retail sector climbed again in the afternoon, and Baida Group (百大集团) hit its daily limit up. [ 4 , 5 , 6 ]
- CLS reported that the consumer sector strengthened against the market trend during trading. [ 1 ]
- Dongbai Group (东百集团) also gained, as did Xinhua Baihuo (新华百货), Zhongbai Group (中百集团) and Guoguang Liansuo (国光连锁). [ 1 , 3 , 4 , 6 ]
- State Taxation Administration VAT invoice data showed that average daily sales revenue in service-consumption industries over the National Day holiday rose 19.5% year on year, CLS reported. [ 4 ]
- According to that data, tourism, sightseeing and entertainment services grew 23.6% and catering services 9%. [ 4 ]
Confirmed by several sources
- Guofang Group hit its daily limit up on October 9. [ 1 , 3 , 4 , 6 ]
- The retail sector climbed again in the afternoon, and Baida Group hit its daily limit up. [ 4 , 5 , 6 ]
- Dongbai Group shares rose alongside the sector. [ 1 , 3 , 4 , 6 ]
- Xinhua Baihuo shares rose alongside the sector. [ 1 , 3 , 6 ]
- Zhongbai Group and Guoguang Liansuo shares rose alongside the sector. [ 3 , 4 , 6 ]
Still unclear
- Whether the National Day holiday tax data drove the rally. Only CLS cited the data, and it gave it as background news without saying it caused the gains.
- Lafang Jiahua and Liren Lizhuang hitting their daily limit up. Reported only by CLS.
- Huijia Shidai hitting its daily limit up. Reported only by Jiemian.
- Size of the gains for stocks that did not hit the limit. None of the reports gave percentage moves for individual stocks.
What local media are saying
Timeline, local time
- CLS reports the consumer sector strengthening against the trend, with Guofang Group at its daily limit up. [ 1 ]
- Yicai reports that parts of the retail sector are rising. [ 2 ]
- Jiemian reports a localised move in the retail sector, with Guofang Group at its daily limit up. [ 3 ]
- CLS reports the retail sector climbing again in the afternoon, with Baida Group at its daily limit up, and cites the holiday tax data. [ 4 ]
- Yicai reports the retail sector climbing again in the afternoon. [ 5 ]
- Jiemian reports Baida Group at its daily limit up, and says Huijia Shidai hit its limit earlier. [ 6 ]