[Featured Stock] Hyundai Bio Surges Up to 10% Intraday on News of Establishing US Local Corporation

[Asia Economy Reporter Kwon Jae-hee] Hyundai Bio is showing a strong gain of over 5% in early trading following the news of establishing a local subsidiary in Virginia, USA.

As of 10:01 AM on the 19th, Hyundai Bio is trading at 32,950 KRW on the KOSDAQ market, up 5.27% from the previous trading day.

During the session, Hyundai Bio's stock price rose as much as 10.06% to 34,450 KRW before giving up some of the gains.

On the same day, Hyundai Bio announced that it established a local subsidiary, 'Hyundai Bio USA,' in Virginia on the 16th (local time) to apply for emergency use authorization of its antiviral drug candidate 'CP-COV03' and to conduct follow-up clinical trials in the United States.

This move is interpreted as aligning with U.S. President Joe Biden's drive to domesticize bioindustry production.

Previously, the U.S. government has actively promoted the domestic bioindustry, including President Biden signing an executive order for the 'National Biotechnology and Biomanufacturing Initiative.' The U.S. government plans to invest a total of 2 billion USD in the biotechnology sector, including supporting 1 billion USD over five years to expand domestic bio manufacturing and production infrastructure.