This article only represents the author's own views.

The five-day May 1 holiday, China’s first major break since lifting its Covid restrictions, saw a burst of travel nationwide, with tourist attractions and hotels packed to the gills. But the picture has been less rosy for China Tourism Group Duty Free Corp. Ltd. (CTG) (1880.HK; 601888.SH), whose own financial house is showing signs of disarray, even as tourists flock to its trademark duty free stores.

While other tourism tickers have jumped with the China’s travel recovery, CTG shares, which were listed in Hong Kong last August, have lost nearly half their value in the last three months, falling to HK$150 from a high of HK$280 on Jan. 27. Hardly a nice souvenir for stock buyers hoping to reap profits from China’s long-awaited travel recovery.