China's New Horizon Health posts best session on product approval

New Horizon Health

07/01/2022 03:08

** Shares of Chinese cancer screening products developer New
Horizon Health Ltd  6606.HK  soar as much as 46.4% to HK$28.20,
the biggest daily percentage gain since their debut on Feb 18 
    ** Stock hits the highest since Dec 1, is the second-biggest
percentage gainer on the Hong Kong bourse
    ** The Zhejiang, China-based co says the country's National
Medical Products Administration has approved registration
application of UU Tube as Class III medical device, its
stool-based self-conducted screening product for gastric cancer 
 urn:newsml:reuters.com:*:nFWN2TL1FT
    ** Daiwa maintains "buy" rating on New Horizon, saying the
management guided that they will start commercialization of UU
Tube this month and the co is among those China healthcare names
that are undervalued
    ** "We think there is no need to be too pessimistic on China
healthcare, given the cheap valuation at present," Daiwa said
    ** Hang Seng Composite Index  .HSCIIG , tracking industrials
falls 1.3%, and the healthcare index  .HSCIH  slips 0.3%
    ** The Hang Seng China Enterprises Index  .HSCE  climbs 0.5%
and Hang Seng Index  .HSI  gains 0.6%


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