China campaign of the day

But a shift in investor sentiment suggests the days of China’s youth going under the knife in pursuit of perfection might be numbered, as President Xi Jinping tries to reshape the country’s cultural and business landscape as part of a “common prosperity” drive. S

ince the start of July, the market value of the country’s three biggest publicly traded medical aesthetics companies has fallen by a third, representing a collective loss of more than $17bn, despite the popularity of cosmetic procedures. Investment bank Citic estimated sales revenues in China’s aesthetic medicine market were more than Rmb330bn ($51bn) in 2020.

But analysts warn that the industry could suffer a heavy blow if Beijing concludes that the sector’s negative social influence is on a par with private tutoring and online gaming — industries where strict regulations have crushed the market values of dominant groups in recent months.

“It is perfectly possible we may see another industry disappear,” said Mark Tanner, managing director of China Skinny, a marketing company.

Here is more from the FT.

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