US Listed Chinese Bio-Tech firms Soar in Market

Sinovac Biotech Ltd. (AMEX:SVA) up by 44.6%, Tiens Biotech Group (USA), Inc. (AMEX:TBV) up by 37.3%, Tianyin Pharmaceutical Co, Inc. (AMEX:TPI) up by 21.4% in the last week. China announced an order for 7.3M doses of H1N1 flu vaccine from two domestic manufacturers: 3.3M doses from Sinovac and another 4M from Hualan Biological Engineering. Also, China granted emergency approval for Relenza, a GlaxoSmithKline (NYSE: GSK) drug that is both a prophylaxis and treatment for influenza A and B. All of this news caused Sinovac’s shares to soar. After closing out the previous week at $6.30 per share, Sinovac ended last week’s trading at $9.14, an increase of $2.80 or 45%. On Monday, it briefly hit a high of $12.50, a record price for the stock.