China Drugmakers Rise in Shenzhen on Report of Government Spending Support

China’s drugmakers rose in Shenzhen trading after a newspaper reported that the nation may spend more than 10 billion yuan ($1.5 billion) to support biotechnology and pharmaceutical industries.

Guilin Layn Natural Ingredients Corp. jumped 6.5 percent to 30 yuan at the 11:30 a.m. local-time break. Anhui Anke Biotechnology (Group) Co. rose 4.7 percent to 24 yuan and Shenzhen Neptunus Bioengineering Co. added 2.4 percent to 12.32 yuan.

The 21st Century Business Herald reported today that the plan, aiming to support development of new drugs, has been submitted to the National Development and Reform Commission and may be announced as soon as the end of this month.

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