China’s Simcere Jumps in New York After 2011 Net Beats Analyst Forecasts
Simcere Pharmaceutical Group (SCR), a Chinese drugmaker, jumped the most since 2008 after reporting that 2011 profit rose, beating analysts’ forecasts.
Simcere’s American depositary receipts jumped 7.5 percent, the biggest intraday gain since Dec. 30, to $8.90 by 10:23 a.m. in New York. The stock earlier rose as much as 19 percent, the largest advance since November 2008. Each ADR represents two common shares.
Net income of Simcere, based in Nanjing in China’s eastern Jiangsu province, rose 3.5 percent last year to 178.4 million yuan ($28.3 million), the company said in a statement today before U.S. markets opened. That exceeded the 142.4 million yuan average forecast of six analysts, according to data compiled by Bloomberg.
The company said fourth-quarter profit declined 27 percent from a year earlier to 42.8 million yuan, compared with a 39.4 million yuan average estimate of two analysts. Simcere was the biggest gainer on the Bloomberg China-US 55 Index (CH55BN) of the most- traded Chinese stocks in the U.S. today.
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