(Bloomberg) -- In a year when global markets were tethered to anticipation over the end to China’s Covid-Zero policy, the nation’s virus rules and its abrupt unwinding heavily influenced local stock winners and losers.

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The MSCI China Index has dropped 23%, poised for its worst year since 2008, lagging Asia’s regional benchmark as sectors such as electric vehicles and tech hardware suffered from lockdowns and weak consumer confidence. Yet China’s dizzying about-face toward Covid rules has given impetus to virus-related drugmakers like Shijiazhuang Yiling Pharmaceutical Co, and China Meheco Co., making them the gauge’s biggest gainers.

A persistent property crisis was another key theme that contributed to some of the pessimism in Chinese assets. However, a burgeoning reopening and measures aimed at extending a lifeline to troubled developers may lead to a turnaround in the sector.

Here’s a look at some of most significant stock moves of 2022 for firms domiciled in China and Hong Kong as of Wednesday’s close:

Winners

Jinko Solar Co. (+196%)

While peers JA Solar Technology Co. and Tongwei Co. were ripe for profit taking after a 2021 rally, Jinko benefited from its newcomer status to the mainland China market. The solar cell maker soared 111% in its January debut in Shanghai, and continued strong through the year as it made strides in TOPcon technology, with one of the highest solar conversion rates in the market. Analysts expect it to further ramp up capacity and expand margins, after it showed resilience amid a power crunch and bucked worries of waning overseas demand and steepened competition among local firms.

China Meheco Co. (+127%)

The vaccine maker has more than doubled this year initially on speculation, and later on confirmation, that it would get approval to sell Pfizer Inc.’s Covid pill Paxlovid in China. Its share rally accelerated on bets that demand for Covid drugs will surge as the country began abandoning Covid restrictions.