(Yicai Global) March 11 -- Shares in China's Sinocare have soared this morning after the firm announced it had secured a CE certificate for its novel coronavirus test strip, allowing it to sell to countries in the European Union where cases of the disease are rapidly increasing.

Its share price [SHE:300298] was up 6.65 percent at CNY16.03 (USD2.31) as of 1.19 p.m.

The SARS-CoV-2 Antibody Test Strip can identify the Covid-19 disease in human serum, plasma, or blood samples in vitro, the Hunan province-based firm said in a statement yesterday. The strip is a quick, convenient method for on-the-spot testing of suspected coronavirus patients and people who had been in close contact with those who suffered the disease.

Many Chinese biotech firms have been trying to develop virus detection products since the public became aware of Covid-19. The disease has swept across China and is now infecting more and more people in Europe, with Italy one of the biggest sufferers outside China.

Despite the rising demand for test kits in Europe, Sinocare did not reveal any plans to start selling to any EU countries.

Editor: James Boynton