This week in Other Barks and Bites: Senate AI Insight Forum meets to discuss the ramifications of AI technology on intellectual property rights; Chinese President Xi Jinping orders stronger IP protections for foreign companies operating in China; and more.
Montmorillonite powder, an antidiarrheal drug, sold out in China and topped Weibo s trending search list on the morning of New Year s Day, after it was widely circulated on social media platforms that the contagious Omicron subvariant XBB causes gastrointestinal symptoms such as nausea, vomiting, and diarrhea.
Provided by Dow Jones By Clarence Leong Shanghai Fosun Pharmaceutical (Group) Co. s Hong Kong-listed shares soared as much as 20% on Monday, touching an all-time high of HK$59.45. The surge mirrored its A-shares, which jumped 10% on both Wednesday and Friday, following its first-quarter results. The company s first-quarter operating income advanced 37% from a year earlier to 8.06 billion yuan ($1.24 billion), while net profit rose 47% to CNY847.2 million, thanks to growth in drug sales, as well as a low-base effect as the company was hit by the Covid-19 pandemic last year. Its A-shares last traded at CNY60.24, outperforming its peers with a 51% gain for the month of April. In contrast, Jiangsu Hengrui Medicine Co. s share price fell 8.7% last month, while Guangzhou Baiyunshan Pharmaceutical Holdings Co. rose 10%. The mainland China market was closed Monday for a holiday.