Shanghai Pharmaceuticals falls on fine for violating anti-monopoly law

Chugai Pharmaceutical

18/12/2023 06:43

** Shares of Shanghai Pharmaceuticals Holding Co Ltd
 2607.HK  fall as much as 3.9% to HK$10.40, their lowest since
October 2022, on the second session of decline
    ** Company said its unit Shanghai SPH No. 1 Biochemical and
Pharmaceutical Co Ltd fined an aggregate 462.1 mln yuan ($64.82
mln) for violation of China's Anti-Monopoly Law on selling its
polymyxin B sulfate for injection at an unfairly high price 
    ** Shanghai-based company said the fine included forfeit of
337.9 mln yuan illegal income and a fine of 3% of the unit's
revenue generated in 2022 of amounting to 124.2 mln yuan 
    ** Company said its daily production and operation
activities are not materially affected by the administrative
penalty
    ** Shares of Shanghai shares  601607.SS  fall 4.8% to 16.32
yuan, lowest since October 2022
    ** Hong Kong's healthcare index  .HSCIH  falls 2.2%, Hang
Seng Composite Index  .HSCI  eases 1.1%, Hang Seng Index  .HSI 
falls 1%
    ** Hong Kong-listed stock down 18% YTD, Shanghai shares down
6.3% YTD 


($1 = 7.1291 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))