Vaccine producer Walvax Biotechnology (300142) posted a 34.4 percent year-on-year rise in 2011 net profit to 208 million yuan on a 32.06 percent increase in revenue to 474 million yuan, reports China Businesses News, citing a company filing.
The company announced plans to distribute cash dividends of three yuan (including tax) and covert two shares for every 10 shares held.
According to the report, three major shareholders reduced their shareholdings in the fourth quarter of 2011.
The Yunnan Food and Drug Administration said on March 5 the company had previously withdrawn its application for clinical tests of the pneumococcus polysaccharide conjugate vaccine.
With Walvax Biotechnology not disclosing this matter, the report triggered turmoil in the company's stock price movements.
Walvax Biotechnology clarified it had stopped the application in December on consideration of the required investment costs and other related reasons.
Last May, the company said three investments made using capital raised from its initial public offering failed, sending its share price sharply lower.

Source:capitalvue.com