Cansino Biotech (06185) fell more than 4% at the end of the session. As of press release, it was down 3.69% to HK$20.9, with a turnover of HK$158.48,900.
The Zhitong Finance App learned that Cansino Biotech (06185) fell more than 4% at the end of the session. As of press release, it fell 3.69% to HK$20.9, with a turnover of HK$158.48,900.
According to the news, on January 10, a document called “Stop Issuance of COVID-19 Program Performance Pay Plan” was distributed online. It was paid by Beijing Kexing Zhongwei Biotechnology Co., Ltd. It mentioned that all of the company's COVID-19 vaccines have been discontinued and that the company currently does not sell COVID-19 vaccine products. According to reports, many manufacturers, including Cansino Biotech, have previously suspended production of COVID-19 vaccines.
Furthermore, Lyon released a research report stating that while maintaining Cansino Biotech's “buy” rating, the target price was drastically reduced from HK$200 to HK$29. The bank expects Cansino Biotech's sales to reach 374 million yuan in 2023, a year-on-year decrease of 63.9%, and the net loss is expected to increase to 1,125 million yuan due to the decline in COVID-19 vaccine sales. After a difficult year in 2023, the bank believes that the company's profit and loss in 2024 will reverse as MCV vaccine sales increase.