--- title: "Vaccine sector stocks have collectively surged, with some funds entering during the low period to \"buy the dip.\"" type: "News" locale: "en" url: "https://longbridge.com/en/news/285936446.md" description: "On May 11th, the vaccine sector saw a general rise in stock prices, with WALVAX hitting the limit up, and companies such as Wantai Biological, BioKangtai, and ZHIFEI-BIOL also experiencing significant increases in their stock prices. The resurgence of the hantavirus epidemic and the approval of related products are driving factors. Although the vaccine industry as a whole is still in a downturn, some funds have begun to \"bottom-fish\" for investments. The president of the Shanghai Biomedical Fund stated that now is a good time to acquire quality assets" datetime: "2026-05-11T11:43:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285936446.md) - [en](https://longbridge.com/en/news/285936446.md) - [zh-HK](https://longbridge.com/zh-HK/news/285936446.md) --- # Vaccine sector stocks have collectively surged, with some funds entering during the low period to "buy the dip." ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O_SHqhvlQCzwEfFPmnVC-7HlCqfazgbc_BOV3MJx9TYeUAA/1000?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) On May 11, the vaccine sector saw a general surge in stock prices. By the close, WALVAX (300142.SZ) hit the daily limit, Wantai Biological (603392.SH) rose nearly 8%, BioKangtai (300601.SZ) increased over 7%, and ZHIFEI-BIOL (300122.SZ) climbed over 6%. One factor driving the strong rise in the vaccine sector is the recent resurgence of the hantavirus outbreak. Currently, products for hantavirus antibody testing from companies like Wantai Biological have been approved. Additionally, China Biologic Products (1177.HK) announced on May 11 that its subsidiary, Chengdu Kanghong, has reached an exclusive strategic cooperation with GlaxoSmithKline (GSK) for a novel first-in-class (FIC) hepatitis B vaccine, Bepirovirsen. Earlier this year, Bepirovirsen submitted a marketing application to the National Medical Products Administration (NMPA) and was included in the priority review list, expected to become the first drug to achieve functional cure for chronic hepatitis B. However, overall, the domestic vaccine industry is still experiencing a downturn. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O4v3D6vv4vP-jxWrk5YxgiPSLHePKd4NTdW7su47gF0lUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) According to the first quarter company performance reports, several leading companies in the A-share vaccine sector, including Wantai Biological and ZHIFEI-BIOL, reported losses. Among them, Wantai Biological reported its first loss since its listing in 2020, with vaccine revenue falling below 460 million yuan. As of the close on May 11, Wantai Biological had a total market capitalization of approximately 58.4 billion yuan, ranking first among vaccine production companies. In the global market, recent financial reports from two major vaccine stars, BioNTech and Moderna, also did not reverse their loss situation. BioNTech announced last week that it would close three vaccine production plants in Germany and operations in Singapore, affecting over 1,800 jobs. The market capitalization of these two companies, which rose due to the COVID-19 vaccine, is now less than one-tenth of its peak. However, the industry's slump is also brewing investment opportunities, with some funds already entering to "buy the dip." Liu Dawei, president of the Shanghai Biomedical Fund and the Shanghai Biomedical M&A Fund, stated at the 2026 Taihu Bay Life and Health Future Conference held last weekend that acquiring good assets at the right time and price is the investment logic of the fund, and the timing for vaccine investment is favorable. In November last year, the Shanghai Biomedical M&A Fund acquired a 21.9% stake in Kanghua Biological, becoming the controlling shareholder. Liu Dawei cited industry indices showing that the vaccine industry is experiencing a downturn; in August 2020, the industry index reached a high of 62,209 points, but by April 29, 2026, the industry index had fallen to only 10,717 points, a drop of 83% The data he cited also shows that in 2022, the total market value of 14 vaccine companies reached 499 billion yuan, but by April 2026, the total market value of 17 vaccine companies was only 208.3 billion yuan, a decline of nearly 60%; the total revenue and profit of these companies fell even more sharply: in 2022, the total revenue of these vaccine companies was 74.9 billion yuan, while the revenue in 2025 was only 20.8 billion yuan, a decrease of 72%; the net profit of vaccine companies in 2022 reached 14 billion yuan, but in 2025, the companies incurred a loss of 14.7 billion yuan. Liu Dawei stated that looking globally, the four giants Merck, Pfizer, Sanofi, and GSK have continuously consolidated their market positions through mergers and acquisitions and ongoing technological iterations, forming their own mature product fields and engaging in differentiated layouts, with each company having 2-3 leading products; in contrast, Chinese vaccine companies are still growing rapidly but the industry is highly fragmented. So far, 50 Chinese vaccine companies have obtained registration approvals, of which 30 have only 1-2 products. "It will be difficult for the future market to support the long-term healthy development of 50 manufacturing companies," he said. It is worth noting that after receiving investment from the Shanghai Biomedical M&A Fund, last month, Kanghua Biotech announced plans to fully acquire mRNA vaccine developer Naimixin for up to approximately 632 million yuan. In this regard, a biomedical investor analyzed to Yicai Global: "In the context of a sluggish industry market value, tightened IPOs, and difficulties for investors to exit, traditional vaccine companies with cash flow acquiring cutting-edge biotechnology through mergers and acquisitions may become a significant trend in the future." 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