Stocks of Chinese pharma cos spike amid sharp increase in Covid cases

Amid a spike in COVID-19 infections in China, shares of the Chinese pharmaceutical countries have also seen a massive increase in their values on Wednesday, Hong Kong-based The Standard reported

Amid a spike in COVID-19 infections in China, shares of the Chinese pharmaceutical companies have also seen a massive increase in their values on Wednesday, Hong Kong-based The Standard reported.

The Standard is an English-language free newspaper in Hong Kong. It also has its digital version available which also covers all the latest happenings of Hong Kong.

Shares of CanSino Biologics (6185) increased by 4.4 per cent, Kintor Pharmaceutical (9939) increased by 6.7 per cent, Shandong Xinhua Pharmaceutical (0719) increased by 6.1 per cent, and Shanghai Junshi Biosciences (1877) increased by 3.1 per cent, reported The Standard.

Among others, Shanghai Fosun Pharmaceutical (2196) and Clover Biopharmaceuticals (2197) both saw gains of 1.15 and 1.45 per cent, respectively.

Meanwhile, Covid-19 infections in the mainland are expected to hit a peak of 65 million per week in June.

The spike in shared was reported right after China's leading Covid-19 expert, Zhong Nanshan, said that by the end of this month, coronavirus infections are expected to increase from 40 million cases a week to 65 million per week, The Standard reported.

Notably, China ended its zero-Covid policy last December. The stringent measures under Xi Jinping's zero-covid policy led to widespread protests across China and drew extreme criticism globally.