(Yicai Global) June 23 -- The Shanghai-listed shares of CanSino Biologics, a Chinese drugmaker well-known for developing a Covid-19 vaccine, surged to an historic high after its meningitis shot was approved for sale in China.

CanSino [SHA:688185] closed 11.6 percent higher at CNY757 (USD116.82), giving the Tianjing-based firm a market cap of CNY120.3 billion (USD21.9 billion), after it soared up to 17.7 percent earlier in the day. Its Hong Kong-listed stock [HKG:6185] surged as much as 18.5 percent before ending 12.4 percent up at HKD414.60 (USD53.39).

The firm’s Meningococcal Group A&C Conjugate Vaccine won approval from the National Medical Products Administration yesterday, according to the Chinese regulator’s official website. CanSino also issued a statement today announcing the shot’s marketing launch. It is the third inoculation the firm has launched after jabs for Covid-19 and Ebola.

Meningitis is a serious contagious disease frequently seen in babies under 12 months of age, CanSino said, describing the symptoms as similar to those of influenza. If not detected at an early stage, meningitis can cause permanent physical disability and death in 20 percent to 35 percent of cases.

In addition to the new product’s approval, CanSino also saw its recombinant Covid-19 vaccine added yesterday to China’s list of those that can be exported. The commerce ministry said the government will support the self-managed export of vaccines by producers on the list.

CanSino went public in Hong Kong in 2019 and in Shanghai last year, when it joined the bourse’s Nasdaq-style Star Market. The value of its A-shares, those listed in the Chinese mainland, has doubled so far this year.

Editor: Futura Costaglione