SHANGHAI: Shares of Chinese healthcare firms soared on Monday , rebounding from last week's drubbing after a US proposal to waive patents for COVID-19 vaccines met with fierce opposition from European governments and pharmaceutical giants.
On Monday, Fosun Pharmacetical's Shanghai shares soared by the 10 per cent daily limit. Its Hong Kong shares jumped as much as 22.58 per cent higher and were last up 17.78 per cent. US President Joe Biden backed a proposal last week to waive patent rights on coronavirus vaccines, but his support was rebuffed by European leaders who questioned the usefulness of a waiver and argued that making and sharing vaccines more quickly should take priority.The European Union, however, is ready to discuss a concrete proposal around vaccine waivers despite scepticism, the chairman of EU leaders said on Saturday.
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