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Chinese Biotech Stock Soars on New Cannabis Subsidiary
Chinese Biotech Stock Soars on New Cannabis Subsidiary
20 Mar 2019, 12:36 AM IST
(Bloomberg) -- Shineco Inc. shares doubled in U.S. trading after the Chinese biotech company said it has established a cannabis-focused 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
To contact the reporter on this story: Rebecca Choong Wilkins in New York at rchoongwilki@bloomberg.net
To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Catherine Larkin
©2019 Bloomberg L.P.
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