Shares in Chinese makers of Covid-19 vaccines tumbled after Washington backed a proposal to temporarily suspend intellectual property rights for the jabs.
In afternoon trading on Thursday, Fosun Pharma lost 9 per cent, CanSino Biologics 14 per cent and Walvax Biotechnology 10 per cent. ChiNext, a tech-focused index of companies listed in Shenzhen, fell 2.2 per cent while the broader CSI 300 of China’s biggest stocks dropped 1.1 per cent.
The market moves underscored the international repercussions of the US announcement on Wednesday, which stands to increase the global supply of vaccines.
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