Shares in Chinese pharma firm tank as COVID-19 medicine Lianhua Qingwen questioned | Forum

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gee
gee Apr 18 '22
Shares in Chinese pharma firm tank as COVID-19 medicine Lianhua Qingwen questioned






Shares in one of China's largest traditional medicine producers plunged on Monday (Apr 18) after reports questioned the efficacy of pills approved by the government as a coronavirus treatment.



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Shanghai authorities have joined their Hong Kong counterparts in handing out "Lianhua Qingwen" - a herbal remedy marketed for fever and sore throats - as the cities battle their worst COVID-19 outbreaks since the pandemic's start.

But on Sunday, popular Chinese health platform Dingxiang Yisheng said the capsules, made by Shijiazhuang Yiling Pharmaceutical, could not prevent cases of the virus, in a report then picked up by state media.

Monday's share dump sent them falling to 32.39 yuan (US$5) with the stocks hitting the daily limit of 10 per cent on the Shenzhen exchange.

Last week, Wang Sicong, an influencer and son of one of China's wealthiest scions, ignited debate about the drug on Weibo when he reposted a social media video questioning whether the World Health Organization had ever recommended it for use against COVID-19.

The United States and other countries have warned there is no evidence the medicine works to prevent or cure coronavirus, even as it has increasingly been promoted by government authorities in China and Hong Kong.