Coughing New Yorkers(USA) cause Chinese medicine company's stock to soar
Hong Kong-listed Kingworld Medicines Group's shares popped Monday following a U.S. news report that New Yorkers were snapping up its Nin Jiom Pei Pa Koa cough syrup.
The medicine dates back to China's Qing dynasty.
Traditional Chinese medicine is becoming more popular in Western countries, according to market research.
Justina Crabtree | @jlacrabtree
Published 10:30 AM ET Mon, 26 Feb 2018
Shares in a Hong Kong-listed Chinese pharmaceutical company popped Monday following a U.S. news report that New Yorkers were snapping up a cough syrup it sold.
Kingworld Medicines Group's stock closed over 27 percent higher Monday after a Wall Street Journal article was published last week about the popularity of its Nin Jiom Pei Pa Koa cough syrup.
The medicine, which contains natural herbs, honey and loquat extracts, is sold on Amazon for $12.99 for a 300-milliliter bottle.
According to the South China Morning Post, the syrup dates back to the Qing dynasty [1644-1912], during which an official sought a medicine to cure his mother's chronic cough. "Nin jiom" means "in remembrance of my mother."
Traditional Chinese medicine is becoming more popular in Western countries, according to market research firm Mintel.
In the five-year period between April 2012 and March 2017, 36 percent of global Chinese medicine product launches were in Europe, Michelle Teodoro, global food science and nutrition analyst at Mintel, wrote in June last year.
Europe's market share of traditional Chinese medicine products increased by 93 percent during this time period, she added.
Nin Jiom Pei Pa Koa accounted for 43 percent of Kingworld's total sales in the first half of 2017.