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Chinese listed companies ramp up virus efforts after president's call

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01/23/2020 | 04:39am EDT
Children wear masks to prevent an outbreak of a new coronavirus at the Hong Kong West Kowloon High Speed Train Station, in Hong Kong

A number of Chinese listed companies - ranging from biotech firms, drugmakers, mask producers and thermometer manufacturers - announced efforts in response to a national call to fight the outbreak of the Wuhan coronavirus.

The new, flu-like virus, first discovered in the central Chinese city of Wuhan, has killed 17 and infected nearly 600 people. Cases have been detected in other major population centres, including Beijing and Shanghai, as well as overseas, triggering a public scramble for face masks and flu medicines.

Chinese President Xi Jinping has ordered all-out prevention and control efforts to fight the new virus, and urged governments at all levels to make people's safety and health a top priority.

Tianjin TEDA Co said in an exchange filing on Thursday that its subsidiary, TEDA Filters, is stepping up production of filtration materials used in facial masks to meet surging demand.

Biotech firm Xilong Scientific Co said late on Wednesday that it has developed diagnostic devices for the new virus and will send the products to disease control centers in some parts of China.

Wuhan Guide Infrared Co told the official China Securities Journal that the company has donated 4 million yuan worth of infrared thermometer devices to the government of Hubei, the province where Wuhan is located.

Shares in TEDA, Xilong Scientific and Guide Infrared have jumped roughly 40%, 24%, and 9% this week, respectively. The blue-chip index CSI300 <.CSI300> is down nearly 4% during the same period.

Other firms, including biotech firm BGI Genomics Co, mask producer Guangzhou Improve Medical Instruments Co and drugmaker Guangdong Zhongsheng Pharmaceutical Co, have also disclosed efforts to help in the fight against the spread of the virus.

E-commerce platforms, including Alibaba's Taobao, JD.com, Pinduoduo Inc and Suning.com, have announced crackdowns on price hikes of products needed to fight the virus as demand surges.

(Reporting by Samuel Shen and Brenda Goh; Editing by Neil Fullick)

Stocks mentioned in the article
ChangeLast1st jan.
BGI GENOMICS CO., LTD. 1.17% 82.98 End-of-day quote.0.83%
CSC FINANCIAL CO., LTD. 2.62% 31.3 End-of-day quote.0.32%
GUANGDONG ZHONGSHENG PHARMACEUTICAL CO., LTD. 2.83% 12.01 End-of-day quote.1.35%
GUANGZHOU IMPROVE MEDICAL INSTRUMENTS CO., LTD. 1.80% 11.85 End-of-day quote.1.80%
JD.COM, INC. -1.95% 41.17 Delayed Quote.16.86%
PINDUODUO INC. -2.26% 39.71 Delayed Quote.5.00%
SUNING.COM CO., LTD. 1.58% 9.02 End-of-day quote.0.56%
TIANJIN TEDA CO., LTD. 5.43% 10.48 End-of-day quote.2.75%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.03% 7.06483 Delayed Quote.2.07%
WUHAN GUIDE INFRARED CO., LTD. 7.93% 37.15 End-of-day quote.5.30%
XILONG SCIENTIFIC CO., LTD. 9.99% 8.26 End-of-day quote.7.27%
ZHONGSHENG GROUP HOLDINGS LIMITED 1.94% 28.95 End-of-day quote.4.70%
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