China-exposed and travel-related stocks – and Corporate Travel Management is both – were pummelled in Tuesday’s trading session. The ASX200 fell 1.4 per cent, BHP fell 3.3 per cent, Qantas fell 5.2 per cent; Corporate Travel fell 7 per cent.

Note that its Asia segment accounts for 39 per cent of Corporate Travel’s total transaction value, compared to 8.2 per cent of Flight Centre’s (whose stock fell 3.8 per cent on Tuesday). These numbers do not include their revenue from ex-Australia travel into Asia.