Fosun Pharma Leads Hong Kong Healthcare Stocks Higher on Vaccine Optimism
May 09 2021 - 11:06PM
Dow Jones News
By Justina Lee
Healthcare stocks are trading higher in Hong Kong, led by
Shanghai Fosun Pharmaceutical (Group) Co., after it announced a
joint venture with German biotechnology company BioNTech SE to
manufacture and sell coronavirus vaccines.
Shares of Shanghai-based Fosun Pharma rose as much as 23% to
61.35 Hong Kong dollars Monday morning, nearing a record, after the
company said on Sunday it will have a plant in China capable of
producing up to a billion doses annually of BioNTech's Covid-19
vaccine.
Fosun Pharma's shares were recently trading 17% higher at
HK$58.50, bringing its year-to-date gains to 58%.
Gains by the stock and other Hong Kong-listed healthcare shares
helped the Hang Seng Healthcare Index rise 2.7%. The broader Hang
Seng Index was down 0.4%.
Sinopharm Group Co. advanced 6.4%, after the World Health
Organization on Friday approved the company's Covid-19 vaccine for
emergency use. CanSino Biologics Inc. added 6.1%. Wuxi Biologics
(Cayman) Inc., which on Friday said it completed the acquisition of
manufacturing facilities in China and Germany, gained 2.7%.
The sector's rise comes amid a resurgence of Covid-19 cases
world-wide, with pharmaceutical companies and governments racing to
supply sufficient vaccine doses as the coronavirus continues to
mutate. Brokerage IG noted that India's Covid-19 cases aren't
showing signs of peaking, which would build the case for a
nationwide lockdown.
Write to Justina Lee at justina.lee@wsj.com
(END) Dow Jones Newswires
May 09, 2021 23:51 ET (03:51 GMT)
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