There’s not much fun these days at Fosun Tourism Group (1992.HK), one of China’s leading tourism companies and owner of the Club Med resort chain.

The company’s latest quarterly update shows it’s suffering from a post-Covid hangover, with its China business significantly underperforming the market. Its global business, anchored by the Club Med chain, did slightly better, but was nothing to write home about either. Meantime, the company’s stock is down more than 40% this year and now trades at all-time lows, in sharp contrast to Chinese peers that have mostly posted strong gains this year.

So, why all the gloom at a company whose formation dates back to the roughly $1 billion purchase of Club Med in 2015 by Fosun International (0656.HK), one of China’s leading conglomerates? While the latest quarterly operating data isn’t too exciting, it hardly explains Fosun Tourism’s recent fall from grace in the investment community.