Grand Pharma jumps after saying unit's fine not affecting operation

Grand Pharmaceutical

30/05/2023 08:28

** Shares of Grand Pharmaceutical Group Ltd  0512.HK  jump
as much as 7.8% to HK$5.10, highest since May 19, and on track
to snap four consecutive sessions of decline
    ** Stock on course for the biggest one-day pct rise since
Dec. 29 if gains hold
    ** The pharma preparations and medical devices maker says
China State Administration for Market Regulation has punished
its unit for violating anti-monopoly laws and confiscated 149.5
mln yuan ($21.6 mln) illegal gains and fined it 136.1 mln yuan
    ** However, company says its production and operation
situation is normal while the administrative fine will not have
any material adverse impact on its financial position
    ** Says it has cooperated with the authority, accepted the
punishment and made rectifications as required and it will also
improve its level of governance
    ** The Hang Seng Commerce & Industry Index  .HSNC  gains
0.3% and the healthcare index  .HSCIH  climbs 0.4%, while the
Hang Seng Index  .HSI  slips 0.1%
    ** As of last close, the stock had added 2.8% this year
 
 ($1 = 6.9121 Chinese yuan renminbi)

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