An unprecedented surge of COVID cases in China has sparked panic buying of fever medication, painkillers and even home remedies like canned peaches, causing shortages online and in stores. Authorities said on Wednesday they had detected 2,249 symptomatic COVID-19 cases nationwide based on nucleic acid testing, 20% of which were detected in the capital Beijing. CNN reports from the city suggest the number of cases in the Chinese capital could be much higher than recorded. Demand for fever and cold medicines like Tylenol and Advil is rising across the country as people rush to stockpile medicines for fear they could contract the virus. Canned yellow peaches, considered a particularly nutritious delicacy in many parts of China, have been snapped up by people looking for ways to combat COVID. The product is currently sold out in many online shops. The sudden surge in popularity prompted Dalian Leasun Food, one of the country’s largest canners, to clarify in a Weibo post that canned yellow peaches have no medicinal effect. “Yellow peaches ≠ drugs!” the company said in the post published on Friday. “There are enough supply, so there is no need to panic. There is no rush to shop.” The People’s Daily, the mouthpiece of the Communist Party, also tried to set the record straight. It published a lengthy Weibo post on Sunday urging the public not to stock the peaches and named them “useless in relieving symptoms of the disease. Authorities also called on the public not to stockpile medical supplies. On Monday, Beijing’s municipal government warned residents they were facing “great pressures” due to panic buying and an influx of patients at clinics ” Faced with meeting demand for medicines and medical services they have no symptoms. Stock frenzy Rising demand and tight supply of COVID cures have fueled bets on drugmakers. Shares of Xinhua Pharmaceutical, China’s largest maker of ibuprofen, are up in Hong Kong up 60% in the last five days D The stock is up 147% in the first two weeks of this month so far. “Our company’s production lines are running at full capacity, and we’re working overtime to produce much-needed medicines like ibuprofen tablets,” Xinhua Pharmaceutical said Monday. Ibuprofen is an anti-inflammatory drug used to treat pain and fever. It is also known as Advil, Brufen or Fenbid. Drug shortages have spread from mainland China to Hong Kong, a special administrative region with a separate local government system. On Sunday, the city’s health chief urged the public not to buy panic cold medicine they don’t need and urged residents “not to overdo it.” sold out. Most of the buyers sent the drugs to their families and friends on the mainland, sales representatives told CNN. Shares of Shenzhen-listed Guizhou Bailing Group Pharmaceuticals, known for making cough syrup, are up 21% this week and are up 51% so far this month. Yiling Pharmaceutical, the sole maker of lianhua qingwen, a traditional Chinese medicine recommended by the government to treat COVID, is also up more than 30% over the past month. Even providers of funeral services and burial sites have seen a huge boom. Shares in Hong Kong-traded Fu Shou Yuan International, China’s largest funeral home, are up more than 50% since last month. 2023 sees “strong pent-up demand for funeral homes,” analysts at Citi Group said in a recent research report, adding that they’d noticed increasing investor interest in the sector. Lockdowns across much of the country have halted funeral services, they said.
An unprecedented surge of COVID cases in China has sparked panic buying of fever medication, painkillers and even home remedies like canned peaches, causing shortages online and in stores.
Authorities said on Wednesday they had detected 2,249 symptomatic COVID-19 cases nationwide through nucleic acid testing, 20% of which were detected in the capital Beijing. CNN reports from the city suggest case numbers in the Chinese capital could be much higher than recorded.
Demand for fever and cold medicines like Tylenol and Advil is rising across the country as people rush to stockpile medicines over fears of catching the virus.
Canned yellow peaches, considered a particularly nutritious delicacy in many parts of China, have been snapped up by people looking for ways to combat COVID. The product is currently sold out in many online shops.
The sudden surge in popularity prompted Dalian Leasun Food, one of the country’s largest canners, to clarify in a Weibo post that canned yellow peaches have no medicinal properties.
“Canned Yellow Peaches ≠ Medicines!” the company said in the post released on Friday. “There’s enough supply, so there’s no need to panic. There’s no rush to buy anything.”
The People’s Daily, the mouthpiece of the Communist Party, also attempted to set the record straight. It published a lengthy Weibo post on Sunday urging the public not to store the peaches and calling them “useless in relieving disease symptoms.”
Authorities also appealed to the public not to stockpile medical supplies. On Monday, Beijing’s municipal government warned residents it was facing “great pressure” to meet demand for medicines and medical services due to panic buying and an influx of patients into clinics.
It urged the public not to stockpile drugs or call emergency services if they have no symptoms.
stock rush
Soaring demand and tight supply of COVID cures have fueled bets on drugmakers.
Shares in Hong Kong-listed Xinhua Pharmaceutical, China’s largest maker of ibuprofen, are up 60% in the past five days. The stock is up 147% in the first two weeks of this month so far.
“Our company’s production lines are running at full capacity, and we’re working overtime to produce much-needed drugs like ibuprofen tablets,” Xinhua Pharmaceutical said Monday.
Ibuprofen is an anti-inflammatory drug used to treat pain and fever. It is also known as Advil, Brufen or Fenbid.
Drug shortages have spread from mainland China to Hong Kong, a special administrative region with a separate local government system. On Sunday, the city’s health chief urged the public not to panic buy drugs they don’t need and urged residents “not to overdo it.”
Fever medications such as Panadol, the local brand name for Tylenol, are out of stock in some drugstores in Hong Kong. Most of the buyers sent the drugs to their families and friends on the mainland, sales representatives told CNN.
Shares of Shenzhen-listed Guizhou Bailing Group Pharmaceuticals, known for making cough syrup, are up 21% this week and are up 51% so far this month. Yiling Pharmaceutical, the sole maker of lianhua qingwen, a traditional Chinese medicine recommended by the government to treat COVID, is also up more than 30% over the past month.
Providers of funeral services and burial sites have also received an enormous boost. Shares in Hong Kong-traded Fu Shou Yuan International, China’s largest funeral home, are up more than 50% since last month.
2023 will see “strong pent-up demand for burial sites,” analysts at Citi Group said in a recent research report, adding that they had seen increasing investor interest in the sector.
They cited the existence of hundreds of thousands of cremated remains temporarily stored in government facilities awaiting burial. Lockdowns across much of the country have halted funeral services, they said.
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