DATA GRAPHICS | Data Byte
No bounce for Chinese shares after Biosecure changes
Modest gains for WuXi AppTec fail to materialize for WuXi Biologics
May 13, 2024 11:39 PM UTC
Three of four companies named in the Biosecure Act traded down on Monday after lawmakers revised the legislation, with only WuXi AppTec gaining ground.
WuXi AppTec Co. Ltd. (Shanghai:603259; HKEX:2359) and WuXi Biologics Inc. (HKEX:2269) — the two companies most affected by the bill and companion legislation in the Senate — moved in opposite directions Monday amid heavy trading. WuXi AppTec finished up 4% on Monday in Hong Kong trade, while shares of WuXi Biologics could not sustain early gains and closed down 4%. Shares of both companies are trading near their 52-week lows, with the CDMOs losing billions in market cap since Biosecure’s introduction in January...