Oct 26, 2023 07:44 PM
BUSINESS
China Regulators Warn of Misinformation Amid Weight-Loss Drug Share Rally
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As the stocks of anti-obesity drugmakers soared in the past month, regulators demanded some be more truthful about their products.
The buzz around new weight-loss drugs in the Chinese market that sent the stock of several pharmaceutical companies skyrocketing since mid-September has been deflated somewhat by warnings from regulators, who suggested that some of them had been misleading investors about their products that are still in development.
Yuan Jiandong, chairman of BrightGene Bio-Medical Technology Co. Ltd. (688166.SH), made misleading remarks during a teleconference on Oct. 12 about the effectiveness of a weight-loss drug the company is developing, the Jiangsu branch of the China Securities Regulatory Commission (CSRC) said.
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