CanSino Biologics Inc. (CASBF), a Chinese vaccine maker, has emerged as the rising star of the Hong Kong market after its COVID-19 clinical trial application was approved by Health Canada, the country's federal health policy department.

CanSino Biologics’ shares rose 380% in 2020, making it the darling of Hong Kong investors. The shares have outperformed all others with a market capitalization in excess of $2 billion in recent days, reported Fortune.

What Happened

The gains seen in CanSino have led to a word of caution from an expert. Castor Pang, head of research at Core Pacific-Yamaichi International Hong Kong, told Fortune, “No one knows how much CanSino is worth.” 

Pang warned, “People are making bets on the success of its vaccine, but the trial is just in stage two and there is a possibility for it to fail.”

Why It Matters

Health care stocks are performing well in Hong Kong this year, with AK Medical Holdings Ltd. higher by 184% as of Thursday morning, and Alibaba Health Information Technology Ltd. (ALBHF) gaining 130%.

In the United States, it’s a similar story as Moderna Inc. (MRNA) gained as much as 20% on Monday and shot up 275.66% on a year-to-date basis.

Moderna’s shares fell by 6% on Tuesday after it was revealed that its vaccine trial was missing critical data.

Price Action 

CanSino Biologics OTC shares closed 0.74% lower at $32.25 on Wednesday. On Thursday, the company’s shares traded lower by 14.47% at $27.15 in Hong Kong at press time.