China'S WuXi AppTec drops most on record despite share buyback plan

WuXi Biologics (Cayman)

02/02/2024 06:35

(Update stocks prices, milestones)
    ** WuXi AppTec's  2359.HK  Hong Kong shares drop 26.7% to
HK$40.65, marking the biggest one-day pct drop since debut in
December 2018
    ** Stock of the Chinese drug research and development group
hits the lowest since August 2019; biggest pct loser in Hang
Seng Index  .SHI , Hang Seng Commerce & Industry Index  .HSNC 
    ** On track to end the week down 34.2%, its worse week since
listing in 2018
    ** Shanghai-listed stock  603259.SS  down 10%, ending the
week down 23.9% in its worse week since debut in May 2018 
    ** WuXi AppTec plans to buy back 1 billion yuan ($139.30
million) worth of A shares in a move to safeguard the company
value and shareholders' interests after the recent stock price
weakness  
    ** Company had on Monday denied military ties after being
named in U.S. House bill and said company "firmly" believes its
business does not pose national security risks to any country 
    ** WuXi Biologics  2269.HK  plunges 22.9% to HK$16.30,
lowest since January 2019 
    ** WuXi AppTec Hong Kong shares down 44.2% YTD, Shanghai
shares down 31% 


($1 = 7.1790 Chinese yuan renminbi)

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