More than a dozen Chinese-listed companies said they had suspended production in coronavirus-hit parts of China's eastern Zhejiang province in response to local government's tightened COVID-19 curbs, causing their share prices to plunge.
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Zhejiang reported a total of 173 locally transmitted cases with confirmed symptoms during the Dec 6 to 12 period, official numbers showed on Monday (Dec 13), marking the province's first domestic cluster outbreak this year.
In October, the province reported just one local case.
A slew of companies, including Ningbo Homelink Eco-Itech, Zhejiang Zhongxin Fluoride Materials, Zhejiang Jingsheng Mechanical & Electrical and Zhejiang Fenglong Electric, announced the production suspension through exchange filings over the weekend.
Their shares fell sharply in early trading on Monday. Zhejiang Chunhui Intelligent Control and Zhejiang Yankon Group suffered the biggest losses, with their shares falling more than 7 per cent each.
China reported 80 new locally transmitted cases with symptoms on the mainland on Dec 12, including 74 identified in Zhejiang.
Ningbo Homelink, which makes plastic products, said in an exchange filing late on Sunday that it had halted production in its home city Ningbo at the request of local authorities, and is taking measures to minimise the negative impact on its business.