The US government is concerned that certain Chinese biotech companies are contributing technology or research and development for use by China s military, and the proposed legislation would restrict US government funds going to those Chinese companies.
(Bloomberg) Shares of WuXi AppTec Co. and WuXi Biologics (Cayman) Inc. slumped in Hong Kong as a bipartisan group of US lawmakers urged a formal probe against the companies, potentially placing them on sanctions lists.Most Read from BloombergMusk Says Putin Can’t Lose in Ukraine, Opposes Senate BillStanChart Weighs Break Up of Corporate, Investment BankPutin Seeks Revenge on a World Order He Once Wanted to JoinLyft Corrects Earnings Margin Gain to 50 Basis Points From 500Retail Traders Are Lo
A bill in the U.S. Congress that sparked a sell-off in shares of China's WuXi AppTec hit a delay in the Senate this week, a Senate aide and three other sources said on Friday. The bill would prohibit federal agencies from contracting with China's BGI Group, MGI, Complete Genomics, WuXi AppTec, their subsidiaries and other biotechnology companies of concern.
(Bloomberg) WuXi Biologics Cayman Inc. shares slumped for the second day as investors worried over a ramp-up in geopolitical tensions following a US draft bill targeting Chinese biotech companies.Most Read from BloombergTraders Line Up for ‘Once-in-a-Generation’ Emerging Markets BetSingapore’s $200,000 Toyotas Fuel Angst Over Wealth GapHouthi Hit on Russian Fuel Has Traders Recalculating RisksThree US Troops Killed in Attack Tied to Iran-Backed GroupsTrump’s Cash Stockpile at Risk From $450 M
(Bloomberg) WuXi Biologics Cayman Inc. shares slumped for the second day as investors worried over a ramp-up in geopolitical tensions following a US draft bill targeting Chinese biotech companies.Most Read from BloombergTraders Line Up for ‘Once-in-a-Generation’ Emerging Markets BetBlackstone Is Building a $25 Billion Empire of Power-Hungry Data CentersTrump Cash Stockpile at Risk From $450 Million Dual VerdictsMusk Says First Human Patient Has Received Brain ImplantAmazon Drops iRobot Deal;