China'S WuXi AppTec hits near 4-year low despite share buyback plan

WuXi Biologics (Cayman)

02/02/2024 03:08

** Hong Kong shares of WuXi AppTec Co Ltd  2359.HK  fall
5.9% to HK$52.20, lowest since March 2020 
    ** Stock of the Chinese drug research and development group
on track to end the week down 19% in its worse week since
February 2022
    ** Stock is the second biggest pct loser in Hang Seng Index
 .SHI  and Hang Seng Commerce & Industry Index  .HSNC 
    ** Shanghai-listed stock  603259.SS  down 3.2%, on course to
end the week down 18% in its worse week since February 2022 
    ** WuXi AppTec says it 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  also drops 6.1% to HK$19.86,
lowest since January 2019 
    ** Healthcare index  .HSCIH  slips 0.6%, Hang Seng Commerce
& Industry Index  .HSNC  rises 1.8%, Hang Seng Index  .HSI  adds
1.4%
    ** WuXi AppTec Hong Kong shares down 32.4% YTD, Shanghai
shares down 24.4% 


($1 = 7.1790 Chinese yuan renminbi)

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