China's WuXi AppTec drops after splitting with biotech trade association

WuXi Biologics (Cayman)

14/03/2024 06:07

** Hong Kong shares of WuXi AppTec  2359.HK  drop as much as
14% to HK$44, their biggest intraday pct drop since since March
7
    ** Stock on course for a second session of falls, and is
biggest pct loser in Hang Seng Index  .HSI , Hang Seng Composite
Index  .HSCI  and Hang Seng Commerce & Industry Index  .HSNC 
    ** Shanghai stock  603259.SS  drops 8.6% to 51.88 yuan,
lowest since March 11 
    ** Washington-based Biotechnology Innovation Organization
(BIO), a global trade association representing biotechnology
companies, is taking steps to "separate" from Chinese member
Wuxi AppTec, according to a letter from its new CEO on Wednesday
    ** WuXi AppTec, in a letter to BIO dated Tuesday that it
provided to Reuters, said it was ending its membership in the
organization
    ** Shares of WuXi Biologics  2269.HK  fall 12.3% to
HK$16.22, their lowest since Feb 16
    ** WuXi XDC  2268.HK , a unit of WuXi Biologics, drops 15.5%
to HK$16.70, its lowest since Feb 21
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 0.7%,
while Seng Composite Index  .HSCI  and Hang Seng Index  .HSI 
each slip 0.9%
    ** WuXi AppTec's Hong Kong stock fell 43.7% YTD, Shanghai
shares down 27.3% YTD
      

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