China Drugmaker Plunges After Wanda Scion Doubts Covid Medicine Efficacy
- Shijiazhuang Yiling Pharmaceutical falls by 10% in Shenzhen
- Wang Sicong reposted video questioning if WHO recommended drug
Photographer: Costfoto/Future Publishing/Getty Images
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Shares of a traditional Chinese medicine maker plunged by the daily limit after the son of one of China’s richest men questioned the efficacy of its drug commonly used to treat mild cases of Covid-19 in China.
Shijiazhuang Yiling Pharmaceutical Co. fell by 10% in Shenzhen on Monday after Wang Sicong -- Dalian Wanda Group Co. Chairman Wang Jianlin’s son -- reposted a video late last week on Weibo that questioned whether the World Health Organization had ever recommended the firm’s drug as Covid-19 treatment. The city of Shanghai has been distributing the medicine to its residents as the financial hub battles the virus outbreak.