Successful trials of western pharmaceutical groups’ coronavirus vaccines have sliced more than $13bn off the market capitalisation of Chinese rivals, hitting Beijing’s ambitions to lead the global fight against the pandemic.

An index tracking shares of 14 vaccine producers listed in Shanghai and Shenzhen has dropped 11 per cent since Pfizer first announced its positive phase-three trial results earlier this month, and is down about a third from its peak in August.

But analysts said support from Beijing and confidence that Chinese producers would be the first to tap demand in developing markets have helped stabilise the companies’ share prices. Their total market value was up almost 125 per cent this year at more than Rmb1tn ($159.7bn), according to data provider Wind.