Chinese Biotech Stock Soars on New Cannabis Subsidiary

(Bloomberg) -- Shineco Inc. shares doubled in U.S. trading after the Chinese biotech company said it has established a cannabis-focused subsidiary.

• Shares of the Beijing-based company opened at their highest level since July, rising as much as 142 percent
• Shineco aims “to expand in the industrial cannabis market including planting, CBD processing, CBD derivatives development and the comprehensive utilization of industrial hemp”
• The company produces and distributes plant-based health products in China; its market valuation was $15.1 million as of Monday’s close

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