(AF) Xi Jinping’s “common prosperity” drive may have reshaped China’s once-booming beauty sector as investors fear the cultural austerity policy will turn its guns on medical aesthetics firms, the Financial Times reported.
The market value of the three largest operators in the field has fallen by a third, or $17 billion, since the country launched a purge on companies considered too powerful or not aligned with China’s socialist values, the report stated. The policy has already snared private tutoring, consumer technology and online gaming companies, it added. Full report: Financial Times
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