[HONG KONG] In the fight against the coronavirus, a vaccine trial is almost always a boost for pharma stocks.
Chongqing Zhifei Biological Products shares have surged 80 per cent since the vaccine maker disclosed at the end of June that China's drug regulator approved clinical human testing of a Covid-19 vaccine. With a 256 per cent rally this year through Wednesday, the stock is the best performer in the ChiNext Index. It slipped 7.6 per cent as at the midday break on Thursday.
The gains have pushed the fortune of Jiang Rensheng, Zhifei's chairman, to US$19.4 billion, putting him close to entering the exclusive club of China's 10 richest people that's dominated by tech and real estate moguls, according to the Bloomberg Billionaires Index. His net worth more than doubled in July alone, the fastest surge among the world's 500 wealthiest people, and is up by US$14.4 billion this year. Mr Jiang, 66, owns about 56 per cent of Zhifei.
Wealth isn't the true measure of success, social responsibility is, Mr Jiang told students at his alma mater in May 2019. His company sells vaccines for diseases such as the flu and meningitis and is China's sole marketer of a Merck & Co treatment to prevent cervical cancer. Zhifei reported net income of 1.5 billion yuan for the first six months of 2020, up 30 per cent from last year. It said its coronavirus vaccine is going through phase one and two clinical trials.
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