(Yicai Global) Sept. 5 -- CanSino Biologics’ stock price surged by over 14 percent in both the Chinese mainland and Hong Kong today after the Chinese vaccine maker said that its inhalation-based Covid-19 vaccine has been approved for emergency use in China and is the first oral spray vaccine to be given the go-ahead in the country.

CanSino’s Shanghai-traded shares [SHA:688185] closed up 9.8 percent at CNY141.50 (USD20.40). Earlier in the day it jumped to CNY147.27. Its Hong Kong-listed stock [HKG: 6185] finished up 7 percent at HKD53.50 (USD6.80). Earlier in the day it hit HKD57.25.

Regulators have approved the Convidecia oral spray vaccine, which is needle-free and does not need to be stored in special bottles or at ultra-low temperatures, as a booster for emergency use, the Tianjin-based company said yesterday. However, there is still some paperwork that needs to be approved before the vaccine can go to market, it added.

CanSino’s inhalation-based Covid-19 vaccine, which is based on the same formula as the firm’s recombinant coronavirus jab, started clinical trials in March last year. It has been shown to produce antibodies specific to the omicron BA.1 variant that remain in the body for more than half a year, the company said in July.

CanSino is in desperate need of a new source of revenue as vaccination rates fall and margins are squeezed amid intense competition. Net profit plunged by more than 98 percent in the first half from the same period last year to CNY12.2 million (USD1.8 million) while revenue slumped 69 percent to CNY630 million, according to its latest earnings report.

China has approved nine Covid-19 vaccines to go to market or for emergency use on the mainland, three of which are included in the World Health Organization’s emergency-use list. Several other jabs are undergoing clinical trials.

Editors: Dou Shicong, Kim Taylor