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Ali Health falls as rule change to hit sales
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SHARES of Hong Kong-listed Alibaba Health Information Technology Ltd sank 14 percent yesterday after the company said a regulatory change might adversely affect its business operations.
The China Food and Drug Administration said it would suspend the Product Identification, Authentication and Tracking System while it drafts changes to regulations on monitoring drug sales, the regulator said in a statement on its official website over the weekend.
“There could be a material adverse impact on the company’s revenue, business and operations,” Ali Health said in a filing to the Hong Kong stock exchange yesterday.
Ali Health said it doesn’t have sufficient information to accurately estimate the impact on its financial results and operating performance.
Caixin magazine reported on its website that China FDA is preparing an open tender to procure the services from a third-party service provider, citing an unidentified source with knowledge of the matter.
Ali Health said it has been providing technical support and maintenance services for the drug tracking system and China FDA is the owner of the system.
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