(Yicai Global) Nov. 29 -- Shares of Zhejiang Orient Gene Biotech, Beijing Hotgen Biotech, and Jiangsu Bioperfectus Technologies surged after the producers of Covid-19 nucleic acid tests said their reagents can recognize the new omicron mutant strain.

Orient Gene [SHA: 688298] ended 6.7 percent up at CNY169.64 (USD26.56), after soaring by as much as 11.7 percent earlier today. Hotgen Biotech [SHA: 688068] gained 7 percent to CNY124.10, pulling back from a 16 percent gain, while Bioperfectus [SHA: 688399] added 12.9 percent. It had soared by almost 20 percent. All three firms are listed on Shanghai’s Nasdaq-like Star Market.

Bioperfectus’ reagents can detect Covid-19 variants including alpha, delta, and omicron, without any error or omission, the Taizhou, Jiangsu province-based company said on Nov. 27. Orient Gene and Hotgen Biotech released similar statements yesterday.

The omicron variant was officially recognized by the World Health Organization on Nov. 26. First reported to the international health agency from South Africa on Nov. 24, it has a large number of mutations and may spread faster, the WHO’s statement said.

Orient Gene, Hotgen Biotech, and Bioperfectus brought out Covid-19 test kits following the outbreak of the SARS-CoV-2 virus to meet huge demand at home and overseas during the pandemic. That has boosted their earnings along with their share prices.

In the nine months ended Sept. 30, net profit at Beijing-based Hotgen Biotech skyrocketed 290-fold to CNY1.5 billion (USD235 million) on a 2,508 percent jump in revenue to CNY3.8 billion.

Huzhou, Zhejiang province-based Orient Gene saw profit climb almost 490 percent to CNY3.9 billion in the same period, after revenue from its main business jumped 572 percent to CNY7.4 billion. Profit at Bioperfectus rose 71 percent to CNY996 million (USD156 million), with income from its main business up 97 percent at CNY2.2 billion.

Editor: Futura Costaglione