STAR-listed company surges on mask production announcement

Shares of Guangzhou Jet Biofiltration Co jumped by 108.5 percent on Monday following news that it would resume mask production through a subsidiary.

Guangzhou Jet Biofiltration Co, which listed on the Shanghai SSE STAR Market, surged by 108.5 percent to close at 122 yuan (US7.4) on Monday following news that it would resume mask production.

The company announced on Sunday that it would cancel an earlier application with local regulators to shut down its mask-production subsidiary.

It has resumed production of masks through the subsidiary, the company said.

Masks, especially N95 masks, are urgently-needed in the fight against the coronavirus, the Ministry of Industry and Information Technology said.

The firm’s mask production also hinges on supplies of related input materials, the company said on Monday. 

In their first five trading days, newly-listed firms don’t have daily limits on price changes, according to the rules of the SSE STAR market.