China’s government is set to spend more than $52bn in 2022 on testing, new medical facilities, monitoring equipment and other anti-Covid-19 measures
Beijing —
China aims to have Covid-19 testing facilities within 15-minutes’ walk of everyone in its big cities and continues to impose mass testing at the slightest sign of an outbreak. Hong Kong-based Pacific Securities estimates this has created a market worth more than $15bn a year for test makers and providers.
Shanghai Runda Medical Technology said it was processing up to 400,000 Covid-19 tests per day in April, during the almost two-month-long lockdown of Shanghai, generating more than $30m a month, according to an article by the state-run Securities Times. Investors are uncertain how long the boom will last for companies like Dian, Adicon and Shanghai Runda, whose fortunes are closely tied to government spending. Analysts, on average, expect Dian's revenue to dip slightly in 2023, while they see Shanghai Runda’s continuing to grow. Stocks of both are down from the start of 2022.
Wuhan Guide, one of the world’s leading manufacturers of thermal imaging equipment, doubled its revenue in 2020 as it worked overtime to supply fever-detecting cameras across China and overseas. Growth flattened out in 2021, but analysts expect it to pick up again this year and next. The company did not respond to a request for comment.
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