(Yicai Global) Feb. 14 -- Shares in ABA Chemicals and two other Chinese active pharmaceutical ingredient manufacturers surged by the exchange-imposed limit today despite them declaring they have not been approached by US pharmaceutical giant Pfizer, whose Covid-19 pill has just been approved for sale in China, to help with local production.

ABA Chemicals’ share price [SHE:300261] jumped 20 percent to end the day at CNY18.36 (CNY2.89). Both Zhejiang Jianfeng Group [SHA:600668] and Jinghua Pharmaceutical Group [SHE:002349] advanced 10 percent. The Nasdaq-style ChiNext board has a daily ceiling of 20 percent, compared with 10 percent on the main boards.

We have not received any orders from Pfizer, the three companies told Yicai Global today. Taicang, eastern Jiangsu province-based ABA Chemicals and Nantong-based Jinghua Pharma had made separate statements earlier in the month that they do not do business with Pfizer.

Pfizer became the first foreign firm to have its Covid-19 drug approved by Chinese regulators over the weekend. Porton Pharma Solutions surged 20 percent today after the Chinese drugmaker said it had received a USD681 million purchase order from the New York-based firm although no direct connection was made with the Covid-19 pill.

Paxlovid, a drug which can be used to treat adults in high-risk groups with mild to moderate symptoms of Covid-19, was also approved for emergency use in the US on Dec. 22 last year. Within one week of going to market the tablet generated USD76 million in revenue. Earnings are expected to reach USD22 billion this year, Pfizer said in its annual report.

Stakeholders in Jianfeng Group will be kicking themselves. The Beijing-based company said in December last year that the synthetic method used in Paxlovid’s raw materials originally belonged to unit Biocompounds Pharmaceutical. But Biocompounds sold the patent before Jianfeng bought in as the method was considered too costly to have a competitive edge.

Editor: Kim Taylor