Public Reaction and Corporate Stock Performance under Biodiversity Concerns: Insights from a Recent Himalayan Firework Incident

Biodiversity provides essential ecological, economic, and cultural value, yet it continues to decline under anthropogenic pressures driven largely by economic development. Although many corporations are developing biodiversity-related measures and reporting frameworks, their actual environmental awareness and responsibility remain critical. On 19 September 2025, the outdoor sports brand Arc’teryx held a large-scale fireworks event, Ascending Dragon in the Himalayas, in Shigatse, China, which drew widespread criticism for its potential negative environmental impacts. To evaluate the societal and financial consequences of this incident, we analyzed Chinese public responses based on Weibo discourse (public reaction), Baidu Search Index (public attention), and the stock performance of Anta, Arc’teryx’s parent company. Both reaction and attention peaked two days after the event, and we found a negative correlation between online trends and stock performance. Causal analysis further demonstrated a significant causal influence of Baidu search activity related to Anta on its stock price. Textual analysis revealed that public concern centered primarily on environmental impacts, followed by expectations of corporate responsibility. To our knowledge, this is the first study to demonstrate that a negative environmental event, together with the resulting public reaction and attention, can directly and immediately influence a company’s financial performance. These findings underscore the importance of genuine biodiversity awareness and responsible decision-making in corporate practice.