By Reuters Staff
3 Min Read
SHANGHAI, May 6 (Reuters) - Shares in Chinese vaccine makers slumped on Thursday after U.S. President Joe Biden’s support for a proposed waiver of intellectual property rights on COVID-19 vaccines sent investors scrambling to reconsider high valuations.
The Shanghai shares of CanSino Biologics Inc, a single-dose COVID-19 vaccine maker, tumbled as much as 16.91%. The company’s Hong Kong shares fell even further, at one point diving nearly 22%.
Shares of Shanghai Fosun Pharmaceutical Group fell by the 10% daily limit, as the CSI300 healthcare sub-index dropped more than 5%.
On Wednesday, Biden indicated his support for a waiver amid growing concern that big outbreaks in India could allow the rise of vaccine-resistant strains of the deadly virus, undermining a global recovery.