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Fu Shou Yuan is the largest burial(Rev: 83.8% OPM: 54.4%) and funeral service(Rev: 13.9% OPM: 10.2%) provider in China. It is the only listed death care provider on HKSE after the privatization of Nirvania Asia in 2016. It is a counter cyclical business where increased death and aging overtime can potentially equate to more business.

FSY as of December 2019 has 24 cemeteries in operation and 26 funeral facilities throughout the PRC. Their business coverage has now expanded to thirty plus cities, across 16 provinces. Even though they are the largest in China, they have less than 3% revenue of the total market share(1.8bil out of 85bil) in China. The growth potential is substantial.

They have also been embracing technology and the cloud which enables them to consolidate and monetize certain aspects of their business.

 "The Group also vigorously...