The Wuhan Institute of Biological Products, backed by China National Pharmaceutical Group (Sinopharm), has published unblinding results for the phase I and II clinical trials of its COVID-19 inactivated vaccine. The results show that all vaccine candidates experienced no serious adverse reactions. Meanwhile, the Institute will push forward phase III clinical trials by forming partnerships with global institutions and companies. In the finance sector, China Pacific Insurance (CPIC) [2601:HK] decided to issue its global depositary receipts (GDRs) at USD17.6 per GDR. As planned, the company will issue 102.9m GDRs without exercising the over-allotment option and debut in London under the Shanghai-London Stock Connect program. CPIC could raise USD1.81bn worth of net proceeds from the listing. A-share markets gained today. SHCOMP rose 0.14% to 2,935.87. SICOM increased 0.19% to 11,420.84 and CSI 300 gained 0.08% to 4,017.59. ChiNext Price Index went up 0.15% to 2,263.96. The Hang Seng Index climbed 0.56% today to 24,481.41.
In other financial news, the Shenzhen Stock Exchange (SZSE) has reached an agreement with Hainan provincial government as part of the country’s efforts to build a free trade port in the region. Under the deal, SZSE will encourage Hainan-based enterprises from tourism and high-tech industries to debut on the bourse. The marketplace will also support public companies in Hainan to seek expansion through mergers and acquisitions, and refinancing. In the telecom sector, the US Commerce Department has eased restrictions on Huawei to allow domestic firms to collaborate with the Chinese telecom company on formulating 5G standards. American companies will be able to share technologies with Huawei for developing industrial standards but they would still need licenses to do so for commercial purposes.