Fosun Pharma Leads Hong Kong Healthcare Stocks Higher on Vaccine Optimism
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
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
Write to Justina Lee at firstname.lastname@example.org
(END) Dow Jones Newswires
May 09, 2021 23:51 ET (03:51 GMT)
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