WuXi AppTec falls as US Senate bill on Chinese biotech firms moves forward

WuXi Biologics (Cayman)

07/03/2024 02:12

** Hong Kong shares of WuXi AppTec  2359.HK  fall as much as
20.6% to HK$45, their lowest since Feb 21
    ** Stock last down 11.9%; second biggest pct loser in Hang
Seng Index  .HSI  and Hang Seng Composite Index  .HSCI  
    ** Shanghai shares  603259.SS  opens down a maximum 10% 
    ** The U.S. Senate's homeland security committee voted on
Wednesday to approve a bill that could restrict business with
Chinese biotech companies like BGI and WuXi AppTec  603259.SS 
on national security grounds 
    ** The bill is designed to keep Americans' personal health
and genetic information from foreign adversaries
    ** The bill has spurred deep concern among investors,
driving a sell-off in the shares of WuXi AppTec when news of its
introduction first reached Chinese markets last month
    ** Shares of WuXi Biologics  2269.HK , an affilate of WuXi
AppTec, fall as much as 18.9% to HK$17.64, lowest since Feb 21
    ** Stock of WuXi XDC  2268.HK , a unit of WuXi Biologics,
drop 18.8% to HK$18.84, lowest since March 1
    ** Hong Kong's healthcare index  .HSCIH  falls 2.4%, while
Hang Seng Composite Index  .HSCI  and Hang Seng Index  .HSI 
both slip 0.1%
    ** Hong Kong stock of WuXi AppTec drops 38.6% YTD, WuXi
Biologics down 39.1% YTD, WuXi XDC down 36.7% YTD  

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