Chinese stocks boosted by Covid vaccine progress and looser restrictions rumour
Chinese pharmaceutical stocks and the broader market received a boost on Wednesday after local authorities approved a new vaccine to tackle coronavirus, amid rumours that Beijing was looking at relaxing its zero-Covid policy.
Shares in CanSino Biologics rose as much as 70 per cent in Hong Kong after the Chinese pharma group said its inhaled Covid-19 vaccine had been approved for use in some cities. Its mainland China-listed shares also added as much as 20 per cent.
The wider Chinese market rallied for a second day, with the Hang Seng index adding as much as 2.6 per cent and the CSI 300 gaining up to 1.9 per cent, after unsubstantiated claims on social media that Beijing was preparing a road map to loosen lockdown measures and travel restrictions.
This story originally appeared on: Financial Times - Author:Eleanor Olcott
