HK-listed China Pioneer Pharma rises on progress of virus test kits, face mask sales

Shanghai Pioneer Holding

04/06/2020 05:41

** Shares of pharmaceutical products and medical devices
distributor China Pioneer Pharma Holdings Ltd  1345.HK  surge as
much as 11.6% to HK$1.35, their highest since May 22, after two
consecutive sessions of fall
    ** The stock later trims gain to HK$1.31, still up 8.3%,
heading for the best day since May 26
    ** Co says Food and Drug Administration (FDA) of the United
States has started with Pre-Emergency Use Authorization
(Pre-EUA) process on Coronavirus test kits which the company is
the exclusive agent in the U.S. for 10 years from 2020
 urn:newsml:reuters.com:*:nFWN2DG0T2
    ** Says the test kits are products of a third party Shenzhen
Microprofit Biotech Co Ltd, and are subject to the Pre-EUA
process and requirements, but there are still uncertainties in
the prospects of the test kits and their commercialization
    ** Shanghai-based firm also says sales of protective face
masks are expected to have positive effect on sale performance
of medical products and devices (https://bit.ly/2XYfzfx)
    ** As of last close, the stock had risen 127.6% this year
    ** China Pioneer has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 4.1 percentage points in the
past one month
    ** The Hang Seng China enterprises index  .HSCE  slides
0.2%, and the benchmark index  .HSI  edges down 0.1%
    

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))