WuXi Biologics drops on concern over military ties; rivals dip

Genscript Biotech

26/01/2024 09:51

(Updates, adds change of sentiment, speculation on sanction,
military tie)
    ** Shares of WuXi Biologics Cayman  2269.HK  reverse early
gains and plunge as much as 27.8% to HK$21.65 in afternoon
trade, hitting their lowest level since January 2019 on concerns
over military ties and sanctions targeting Chinese drug
researchers and developers
        ** Stock last down 18.2% at HK$24.55, biggest one-day
pct. decline since Dec. 4; biggest pct loser in the Hang Seng
Index  .HSI  and Hang Seng Commerce & Industry Index  .HSNC  
    ** Concerns over risks linked to military ties and U.S.
sanctions targeting Chinese biologic firms surfaced and
triggered selling in the afternoon, while investors also squared
their position ahead of the weekend - brokers
        ** Chairman Li Ge's long position in WuXi Biologics
increased to 13.84% on Jan. 24 from 13.72%, data from a Hong
Kong bourse filing shows
    ** WuXi AppTec's Hong Kong shares  2359.HK  plunge 32% to
HK$52.55, lowest since March 2020; stock last down 16.4%
        ** WuXi AppTec's Shanghai shares  603259.SS  also fall
10% 
  
        ** Pharmaron's Hong Kong shares  3759.HK , CARsgen
Therapeutics  2171.HK  and Genscript Biotech  1548.HK  down
12.1%-15%
  
    ** Healthcare index  .HSCIH  down 5.8%, Hang Seng Commerce &
Industry Index  .HSNC  declines 2.7% and Hang Seng Index  .HIS 
falls 1.6%
    
  

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