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President Xi’s meal sends shares soaring
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Shares of a Chinese food company became one of the market’s hottest stocks yesterday after Xi Jinping gave its spicy pickles the presidential stamp of approval.
Xi ate zhacai, made from the root of the mustard plant, with a bowl of millet porridge on his plane during his current tour of Central Asia, the Xinhua news agency reported.
The pickle is the signature product of Fuling Zhacai Group and buyers with a new-found appetite for its shares sent them surging 10 percent, the maximum allowed, though others scoffed at the reaction.
“China’s stock market doesn’t want value investing. Speculation is the most important,” said Xiao Wu Heng in his microblog.
There was “always unparalleled and rich imagination” in the market, said another.
By yesterday afternoon the shares had surrendered some gains but were still up 8.46 percent at 34.60 yuan (US$5.58).
It is not the first time the country’s first family has put the spotlight on a Chinese product.
Xi’s wife, Peng Liyuan, sparked interest in Chinese brands and designers with her fashion choices.
Zhacai is so widely consumed, especially by China’s migrant workers, that the government uses sales to track labor flows, one newspaper claimed.
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