(Feb 24): Shares of Asian diagnostic kits and vaccine makers rallied on Monday after a report emerged about a new coronavirus study in bats in China.

Researchers at the Wuhan Institute of Virology in China discovered a new coronavirus in bats that enters cells using the same gateway as the virus that causes Covid-19. The finding, published last week in the journal Cell, does raise the possibility that this new virus could spread from animals to humans, although it hasn’t been detected in humans yet.

Sugentech Inc, a South Korean maker of covid and influenza test kits, was among the top gainers, with its shares jumping as much as 26% in early trading. Coronavirus vaccine maker Cellid Co surged as much as 17%, while Welcron Co, a producer of masks, climbed as much as 5.6% in Seoul.

In Hong Kong, shares of CSPC Pharmaceutical Group, an mRNA vaccine maker, rose as much as 5%. Sinopharm Group Co climbed as much as 1.5%.

The moves follow gains in some US vaccine makers’ shares on Friday. Moderna Inc climbed 5.3%, while American depositary receipts of BioNTech SE — Pfizer Inc’s Covid vaccine partner — rose 1.8%.

The Wuhan virus research center is known for its work on bat coronaviruses. One theory of how the Covid pandemic began is that it leaked from that lab, perhaps through an infected worker. Institute researchers have previously denied working on any viruses that could have started the pandemic.

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Covid-like bat virus discovered by researchers in Chinese lab

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