By Justina LeeShares of CSPC Pharmaceutical Group Ltd. and CanSino Biologics Inc. rose Monday after news that both companies have received approval to conduct clinical trials for their respective Covid-19 vaccines in China. CSPC Pharmaceutical's shares rose by as much as 11% to 9.79 Hong Kong dollars (US$1.25), while shares of CanSino Biologics rose as much as 12% to HK$140. CanSino Biologics Inc said in a press release that studies before clinical trials had shown its vaccine candidate could elicit high-level neutralizing antibodies against Covid-19 variants, including Omicron. CSPC Pharmaceutical also said its pre-clinical trials showed that its vaccine works against variants including Omicron and Delta. So far, the Chinese government has spent over CNY120 billion to procure Covid-19 vaccines, according to the country's National Healthcare Security Administration, Citi notes.

Source: Wall Street Journal April 04, 2022 04:06 UTC