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    673   BMG2107P1059

CHINA HEALTH GROUP LIMITED

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China healthcare firms surge after vaccine waiver plan meets EU resistance

05/10/2021 | 12:15am EDT
FILE PHOTO: China's vaccine specialist CanSino Biologics Inc in Tianjin

SHANGHAI (Reuters) - Shares of Chinese healthcare firms soared on Monday, rebounding from last week's drubbing after a U.S. proposal to waive patents for COVID-19 vaccines met with fierce opposition from European governments and pharmaceutical giants.

A sub-index tracking health care firms was 1.83% higher at midday, after falling more than 6.8% last week, its worst weekly performance in 10 weeks. That compared with a 0.15% loss for the blue-chip CSI300 index on Monday.

The health care sector received a further boost after Shanghai Fosun Pharmaceutical said on Sunday that a subsidiary has agreed to provide a factory to make up to 1 billion doses annually of the COVID-19 vaccine developed by BioNTech in China.

On Monday, Fosun Pharmacetical's Shanghai shares soared by the 10% daily limit. Its Hong Kong shares jumped as much as 22.58% higher and were last up 17.78%.

Shanghai shares of CanSino Biologics Inc gained 9.344% and its Hong Kong shares jumped 5.14%

U.S. President Joe Biden backed a proposal last week to waive patent rights on coronavirus vaccines, but his support was rebuffed by European leaders who questioned the usefulness of a waiver and argued that making and sharing vaccines more quickly should take priority.

The European Union, however, is ready to discuss a concrete proposal around vaccine waivers despite scepticism, the chairman of EU leaders said on Saturday.

The jump in Chinese vaccine shares also came as analysts downplayed the threat posed by patent waivers.

"The main vaccine threshold is actually more on the production side, and patent liberalisation will not necessarily lead to a large number of mRNA vaccines being copied by companies," said Wang Ruizhe, an analyst at Capital Securities.

Pfizer-BioNTech and Moderna vaccines use new mRNA technology involving the injection of a small part of the virus's genetic code (RNA) to stimulate the recipient's immune response.

Wang said that a strong reaction from U.S. pharmaceutical companies to the waiver proposal meant there were still "variables" around relaxations of vaccine intellectual property.

(Reporting by Andrew Galbraith; Editing by Jacqueline Wong)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIONTECH SE 3.41% 351.81 Delayed Quote.331.56%
CANSINO BIOLOGICS INC. 10.68% 373 End-of-day quote.111.33%
CHINA HEALTH GROUP LIMITED -1.41% 0.07 End-of-day quote.79.49%
MODERNA, INC. 11.51% 386.51 Delayed Quote.231.78%
PFIZER, INC. 3.91% 45.68 Delayed Quote.24.10%
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD. 5.24% 86.71 End-of-day quote.60.60%
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Financials
Sales 2021 87,9 M 11,3 M 11,3 M
Net income 2021 -7,74 M -1,00 M -1,00 M
Net Debt 2021 0,77 M 0,10 M 0,10 M
P/E ratio 2021 -31,1x
Yield 2021 -
Capitalization 290 M 37,3 M 37,3 M
EV / Sales 2020 7,25x
EV / Sales 2021 2,79x
Nbr of Employees 116
Free-Float 64,4%
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Managers and Directors
Ho Chung CEO, Executive Director & Authorised Rep
Jiu Ru Ding Chief Financial Officer
Fan Zhang Chairman
Xue Jun Jiang Independent Non-Executive Director
Yan Hua Du Independent Non-Executive Director
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