(Yicai) April 8 -- Shares of Caina Technology sank after the United States Food and Drug Administration put the Chinese syringe maker on its import alert list over potential device failure.

Caina [SHE: 301122] closed down 15.1 percent at CNY22.48 (USD3.11) in Shenzhen today, after earlier plunging by the 20 percent exchange-imposed daily trading limit. The stock has fallen 34 percent so far this year.

The FDS announced on April 3 an import alert for Jiangsu Caina Medical for not meeting device quality system requirements to prevent these products from entering the US, updating an earlier import alert issued on March 28.

Caina is actively communicating with the FDA through lawyers to resolve the issues, but it is not yet possible to predict whether Caina Medical can be removed from the import alert list, the Wuxi-based parent company said in a statement yesterday. Until then, Caina’s business revenue and profit will be significantly affected, it added.

Caina’s revenue reached CNY177 million (USD24.5 million) in the six months ended June 30 last year, of which 94 percent came from overseas markets, according to the firm’s interim report. Caina Medical is Caina’s core subsidiary, contributing 81 percent of the revenue in the above period.

Last month, Caina announced it had received market access approval from the FDA for its Safety Sliding Blood Collection Set, which became the company’s 29th product to be registered by the FDA.

Editor: Futura Costaglione