HK-listed Genscript Biotech hits 20-month low after Chinese customs raids offices

Genscript Biotech

22/09/2020 04:04

** Shares of Genscript Biotech Corp  1548.HK  fall as much
as 27.1% to HK$10.12, their lowest since Jan 2019
    ** The biotech firm says China's Customs Anti-Smuggling
Department raided its offices in Nanjing and Zhenjiang, in
connection with an investigation on suspected violations of
import and export regulations in the mainland   urn:newsml:reuters.com:*:nFWN2GI0GP
    ** "Business operations remain normal. The company has taken
legal advice as appropriate," Genscript says, adding that it
will proactively assist the law enforcement authority with the
investigation, if required 
    ** Jiangsu-based firm says Chairman Fangliang Zhang is under
"residential surveillance", while four other employees have been
detained for questioning
    ** Chairman Zhang may continue to take part in decision
making via appropriate means but does not participate in the
company's daily operations - Genscript 
    ** Stock on track for its worst day since Sept 2018
    ** Stock is third-biggest percentage decliner among all
listed companies on the Hong Kong bourse, and seventh most
actively traded 
    ** The Hang Seng China enterprises index  .HSCE  slides
0.2%, and the benchmark index  .HSI  eases 0.6%
    ** As of last close, stock down 21.1% this year 

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)