(Yicai Global) July 17 -- Shares of BGI Genomics, a Chinese developer and maker of Covid-19 testing kits, fell by the daily exchange-imposed limit after hitting a high for the year yesterday and despite saying it expected an eight-fold surge in first-half profit.

BGI’s stock price [SHE:300676] closed 10 percent lower today at CNY176.40 (USD25.2). It ended at CNY196 yesterday after touching a 52-week high of CNY199.40.

Net profit at the key provider of genomic sequencing and proteomic services is expected to have surged 723 percent to CNY1.6 billion (USD228.4 million) in the six months ended June 30, the Shenzhen-based company said in a statement after the market closed yesterday.

The firm attributed the strong gain in earnings to surging demand for Covid-19 testing kits as a result of the coronavirus pandemic.