WuXi shares rebound as U.S. sanctions fears ease

WuXi shares rebound as U.S. sanctions fears ease

Shares of WuXi AppTec and its related biotech and research companies surged on Monday, as investors shrugged off concerns about possible U.S. sanctions on some Chinese biotechnology firms. WuXi AppTec’s shares rose 7.3% in Shanghai and 11% in Hong Kong, while WuXi Biologics and WuXi XDC Cayman also posted double-digit gains.

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The rally came after U.S. President Joe Biden signed an executive order last week to prevent the transfer of Americans’ personal data to countries that pose a security threat, such as China. The order did not single out any specific company, but followed a bill introduced by U.S. lawmakers in January that named WuXi AppTec and other Chinese biotech entities as potential targets for sanctions due to their alleged ties with the Chinese military.

Analysts said the executive order was less severe than the bill and suggested that the U.S. would focus on restricting genomic sequencing activities rather than contract research organizations, such as WuXi AppTec and its affiliates. WuXi AppTec provides services to drug makers for research, development and manufacturing of new products.

Sagar Defence Engineering b    



Source : The Wall Street Journal

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