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Growing fears that China could face a new wave of Covid-19 amid public fears of weakening immunity drove shares of the country’s drugmakers soaring on Monday.
Other pharmaceutical companies producing the first wave of drugs also profited. (Bloomberg)
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Shares in Shenzhen Xinxiang Tuoxin Pharmaceuticals rose 20 percent, while Huiyuan Pharmaceuticals rose 15 percent. As the risk sentiment faded, the gains outperformed the broader market and the CSI 300 Index fell 1.6%.
Concerns about the risk of new infections circulating on social media fueled the rally given earlier waves subsided months ago. While the Chinese Center for Disease Control and Prevention said the Covid positivity rate continued to trend downward, from a peak of 29 percent in December to 1.7 percent on April 20, it also mentioned a new subvariant, XBB.1.16.
The word “Covid” was at one point the most searched topic on Weibo over the weekend, while the topic “Second Wave Covid” had more than 95 million views on Monday. However, official figures have yet to indicate a surge in infections. The CDC’s April 22 statement showed that daily infection statistics and fever clinic visits have remained stable since their peak in December.
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Meanwhile, Zhang Wenhong, one of China’s top Covid advisors, told a summit last week that vulnerable groups should be vaccinated with booster shots and citizens should stock up on medicines to prepare for the arrival of new variants.
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Other pharmaceutical companies that produced the first wave of drugs also profited. Shijiazhuang Yiling Pharmaceutical rose 5.5 percent and China Resources Sanjiu Pharmaceutical rose 8.7 percent.
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