Bad medicine: Officials checking vaccines for rabies at the Disease Control and Prevention Centre in Huaibei in China’s eastern Anhui province recently. Chinese biothech shares have plunged over 30 from a peak as a vaccine scandal shook the healthcare industry. — AFP
HONG KONG: There seems to be no end to the troubles afflicting Chinese biotechnology stocks.
Shares have plunged more than 30% from a peak as a vaccine scandal shook the entire health-care industry. Companies have been subject to short-seller attacks and the government’s efforts to lower drug prices. Despite the sector’s woes, valuations are still at elevated levels compared with global peers.
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