Shares of China’s Covid-19 vaccine makers surge as health authorities are set to approve jabs for Omicron variants
- A gauge tracking 55 Covid-19-treatment related stocks listed in China rose 2.8 per cent, the most since mid-December, according to Eastmoney
- Hybio Pharmaceutical, Guangdong Zhongsheng Pharmaceutical and Shandong Xinhua Pharmaceutical jumped by the maximum daily limit on the mainland
Chinese pharmaceutical stocks that slumped after Beijing lifted its stringent zero-Covid policy are gaining traction again, as health authorities said new vaccines for coronavirus variants are in the pipeline to tackle future outbreaks.
A gauge tracking 55 Covid-19-treatment related stocks listed on the mainland rallied 2.8 per cent on Tuesday, the most since mid-December when Covid cases surged after the nation abandoned the anti-pandemic policies and reopened the economy, according to data provider Eastmoney.
Shenzhen-listed Hybio Pharmaceutical surged by the 20 per cent daily limit to 12.88 yuan, its best showing since April last year, while peers Guangdong Zhongsheng Pharmaceutical and Shandong Xinhua Pharmaceutical gained by the maximum 10 per cent limit permitted in Shanghai. In Hong Kong, Hansoh Pharmaceutical jumped 4.7 per cent to HK$13.76, while Wuxi Biologics rose 0.7 per cent to HK$44.85.
Health authorities in China are bracing for another wave of Covid-19 cases, which is expected to reach 40 million cases per week by the end of this month and climb to 65 million cases per week in late June, he said.
