China Drugmaker Plunges After Wanda Scion Doubts Covid Medicine Efficacy

(Bloomberg) — Shares of a traditional Chinese medicine-maker plunged by the daily limit after the son of one of China’s richest men questioned the efficacy of its drug commonly used to treat mild cases of Covid-19 in China.

Shijiazhuang Yiling Pharmaceutical Co. Ltd. fell by 10% in Shenzhen on Monday after Wang Sicong — Dalian Wanda Group Co. Ltd. Chairman Wang Jianlin’s son — reposted a video late last week on Weibo that questioned whether the World Health Organization had ever recommended the firm’s drug as Covid-19 treatment. The city of Shanghai has been distributing the medicine to its residents as the financial hub battles the virus outbreak.