{"id":129203,"date":"2022-09-07T07:37:08","date_gmt":"2022-09-07T07:37:08","guid":{"rendered":"https:\/\/fin2me.com\/?p=129203"},"modified":"2022-09-07T07:37:08","modified_gmt":"2022-09-07T07:37:08","slug":"video-china-tests-everything-for-covid-even-wind-from-north-korea","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/video-china-tests-everything-for-covid-even-wind-from-north-korea\/","title":{"rendered":"Video: China tests everything for Covid, even wind from North Korea"},"content":{"rendered":"<p><cite>Hong Kong (CNN Business)<\/cite>China&#8217;s zero-Covid strategy of endless testing and lockdowns has hammered its economy and taken a toll on company profits, but it has delivered a windfall for test makers.<\/p>\n<p>Twelve of China&#8217;s top Covid testing firms have recently posted huge increases in both revenues and net profits for the first half of this year.<br \/>\nAndon Health, which supplies Covid test kits both at home and abroad, reported that its net profit skyrocketed by 27,728% in the first six months of 2022, reaching 15.24 billion yuan ($2.2 billion). It was the biggest increase recorded by any listed company in mainland China. <\/p>\n<ul><\/ul>\n<p>Meanwhile, its revenue surged 3,989%. <\/p>\n<ul><\/ul>\n<p>The company benefits not only from China&#8217;s aggressive testing campaign at home, but also from huge demand in the United States, as its iHealth Lab had recently won US government contracts for supplying antigen rapid tests.<\/p>\n<p>Assure Tech, a Hangzhou-based diagnostic firm, also posted a 1,324% increase in net income because of strong demand in the global Covid testing market.<\/p>\n<p><img decoding=\"async\" alt=\"A large number of people wait in a long line at a nucleic acid testing point in Nanning, South China&amp;#39;s Guangxi Zhuang autonomous region, Sept 6, 2022.\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220907003233-01-china-covid-testing-firms-moneymakers-intl-hnk-large-169.jpg\"><\/p>\n<p>Other test makers recorded net profit increases from 55% and 376% for the first six months of the year. <\/p>\n<ul><\/ul>\n<p>Endless Covid testings, back-and-forth government-enforced lockdowns, and border restrictions have wreaked havoc on China&#8217;s economy. GDP grew only 0.4% in the second quarter, the slowest pace in more than two years. Major investment banks have slashed their full-year growth forecasts for China to 3% or under, sharply lower than the 5.5% official target set by the government earlier this year.<br \/>\nChinese companies have also suffered one of their worst earnings recessions on record. More than half of the 4,800 companies listed in Shanghai, Shenzhen, and Beijing posted a decline in net profit for the first half of the year \u2014 almost as bad as early 2020, when most companies posted their worst earnings season ever.<br \/>\n<img decoding=\"async\" alt=\"Chinese company profits are collapsing like its 2020 again\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220902024857-01-corporate-china-worst-earnings-season-zero-covid-large-169.jpg\"><br \/>\nBut the diagnostic firms are one of the biggest moneymakers during the pandemic, benefiting from enormous demand for testing as Beijing sticks with its zero-Covid policy that involves forced quarantines, mass mandatory testings, and snap lockdowns.<br \/>\nFrom the beginning of the pandemic through April 2022, 11.5 billion tests had been conducted<strong> <\/strong>in China, according to the government.<br \/>\nThat figure may have significantly increased since then, as analysts from Soochow Securities recently estimated that 10.8 billion tests had been conducted in the three months from April to June.<\/p>\n<p><img decoding=\"async\" alt=\"A medical worker takes a swab sample from a resident for nucleic acid test at a community testing site for COVID-19 in Yunyan District of Guiyang, southwest China&amp;#39;s Guizhou Province, Sept. 5, 2022.\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220907003429-02-china-covid-testing-firms-moneymakers-intl-hnk-large-169.jpg\"><\/p>\n<p>The costs may be a big burden on the Chinese government&#8217;s finances, which have already taken a hit from collapsing property sales. In May, officials in Beijing made it clear provincial and city governments had to bear the costs for regular Covid testing.<\/p>\n<ul><\/ul>\n<p>Assuming big Chinese cities that account for 30% of the population conduct Covid tests twice a week, the direct cost of testing may total 200 billion yuan ($30.1 billion) from May to the year&#8217;s end, according to an estimate by Goldman Sachs earlier this year.<br \/>\nThe number could rise further if the remaining 70% of the population is tested and costs of setting up testing sites and quarantine centers are taken into account, Goldman Sachs said. <\/p>\n<p><img decoding=\"async\" alt=\"Related video: See why Chinese authorities are swabbing seafood\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220819011555-02-china-fish-covid-testing-large-169.jpg\"><br \/>\n<img decoding=\"async\" alt=\"Related video: See why Chinese authorities are swabbing seafood\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/220819011555-02-china-fish-covid-testing-large-169.jpg\"><\/p>\n<ul>\n<h3>JUST WATCHED<\/h3>\n<h2><span>Related video: See why Chinese authorities are swabbing seafood<\/span><\/h2>\n<\/ul>\n<h4>MUST WATCH<\/h4>\n<p><span><\/span><\/p>\n<p>Source: <a href=\"https:\/\/edition.cnn.com\/2022\/09\/07\/economy\/china-covid-testing-firms-moneymakers-intl-hnk\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong (CNN Business)China&#8217;s zero-Covid strategy of endless testing and lockdowns has hammered its economy and taken a toll on company profits, but it has [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":129202,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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