WuXi AppTec's Hong Kong shares jump as US bill to give more time to cut ties

WuXi Biologics (Cayman)

13/05/2024 02:51

** Hong Kong shares of WuXi AppTec  2359.HK  jump 15.5% to
HK$44, their highest since March 15, and on track for a third
straight session of gain
    ** Stock on course for the biggest one-day rise since March
2022; biggest gainer on Hang Seng Index  .HSI  and Hang Seng
Commerce & Industry Index  .HSNC  
    ** Shanghai shares  603259.SS  rise 6.3% 
    ** A new version of a congressional bill that would restrict
U.S. business with certain Chinese biotechnology companies
including WuXi AppTec and BGI would give U.S. companies until
2032 to end work with the firms, extending the amount of time to
find new partners
    ** The revised bill was introduced last Friday and a U.S.
House of Representatives committee is expected to decide this
week whether to move it forward, according to a House Committee
on Oversight and Accountability spokesperson
    ** Shares of WuXi Biologics  2269.HK  surge 10.6% to
HK$16.22, highest since March 14
    ** Hang Seng Commerce & Industry Index  .HSNC  and Hang Seng
Composite Index  .HSCI  both slip 0.3%, while Hang Seng Index
 .HSI  eases 0.4%
    ** WuXi AppTec's Hong Kong stock down 47.1% YTD, shares of
WuXi Biologics down 48.9% YTD 

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