GenScript nears 7-year low after US lawmakers ask for briefing on co's China links

Genscript Biotech

03/06/2024 03:10

** Shares of GenScript Biotech Corp  1548.HK  drop 25.7% to
HK$7.43, their lowest since October 2017
    ** Stock last down 18.8%, on course for biggest one-day pct
drop since September 2018; top pct loser on the Hang Seng
Composite Index  .HSCI  and second biggest pct decliner on the
Hong Kong bourse
    ** The U.S. House of Representatives committee on China has
asked the FBI and the intelligence community for a briefing on
GenScript Biotechnology and three subsidiaries to determine if
the Chinese Communist Party has influence over their operations
    ** A spokesperson for GenScript said they were founded in
New Jersey and "do not take direction from any government" 
    ** "The letter does not allege any illicit behaviour on the
company's part," GenScript said in a filing to the Hong Kong
bourse on Sunday
    ** "We will be actively engaging the committee to help them
better understand the company's business and decades-long
commitment to being a force for good in life sciences and the
society" - GenScript
    ** Hong Kong's healthcare index  .HSCIH  climbs 0.5%, Hang
Seng Composite Index rises 2% and Hang Seng Index  .HSI  adds
2.2%
    ** Stock down 60% YTD  
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))