Blizzard sees many shiver but some smile
Updated: 2008-01-30 07:11
By Karen Cho(HK Edition)
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The god of fortune seems to be siding with Bosideng and coal producer rather than stranded travelers.
For tens of thousands of people flocking home for the spring festival, the start of the Year of the Rat is marked by long queues outside train stations, clogged toilets and frustration, as the mainland was hit by the worst snowstorm in decades.
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An advertisement of Bosideng feathered coats in a shopping mall in Shanghai. Jing Wei |
The blizzard has wreaked havoc on the mainland's vast transportation system, grounding trains and planes at the height of the traveling season. The freezing weather also broke power lines, leading to bouts of blackouts - an omen to commuters and citizens alike.
However, the miseries turned out to be a blessing for down manufacturer Bosideng and coal producers.
Shares in Bosideng, the Jiangsu-based winter clothing maker had suffered immensely, due to concerns over global warming eating into the company's growth prospect, since its trading debut on the Hong Kong bourse last October.
It never managed to regain lost grounds when share prices dipped below its initial offering price of HK$3.28 since early last November.
However, the tide seems to be turning as the bout of chilly weather rekindled investor interest in the down clothing manufacturer. Bosideng made an impressive surge of 11.43 percent yesterday to close at HK$2.34.
Bosideng is not the only winner in the recent bout of devastating flurries.
The shortage of coal, brought on by heightened demand as chilled residents rushed to warm up their fire places sent coal shares on a stellar run on the Hong Kong Stock Exchange.
Coking coal miner Hidili Industry International Development booked a 5.33 percent gain yesterday, while Yanzhou Coal shares also climbed 1.72 percent.