(Yicai Global) Dec. 3 -- Shares of Zhifei Biological Products surged after the Chinese vaccine maker said that its Covid-19 vaccine candidate has entered human trials in south-central Hunan province.

Zhifei's stock price [SHE:300122] touched CNY138.59 (USD21.10) this morning, an 8.2 percent increase, after which it was 4.6 percent up in the afternoon.

The Chongqing-based firm's recombinant vaccine, co-developed by Anhui province-based unit Zhifei Longcom Biopharmaceutical and the Chinese Academy of Sciences's Institute of Microbiology, began phase III clinical trial in Xiangtan, the research institute said in a statement today.

More than 10 Chinese firms are racing to come up with the first widely available inoculation to tackle the Covid-19 pandemic amid new waves of infections mostly abroad.

Zhifei and its partners are also promoting phase III trials in Uzbekistan, Indonesia, Pakistan, and Ecuador, planning to recruit 29,000 volunteers worldwide, according to earlier reports. The development process has been super fast as Zhifei kicked off phase I trial in Beijing, Chongqing, and Hunan province in June.

The wrapped up phase I and II have given critical data to prove that the product is safe to use and that it generates immune system responses, Zhifei said on Oct. 29.

Editor: Emmi Laine