WuXi AppTec and WuXi Biologics were 6.0% and 5.7% lower, respectively, in Hong Kong at midday. The declines came despite WuXi AppTec saying late Friday that it abides by laws and regulations in the countries in which it operates, including China and the U.S. Lawmakers said WuXi AppTec "presents a national security threat to the United States," naming examples of its connections with the military. In a separate filing Monday, WuXi Biologics said that the draft bill contained a misleading description of the background of its CEO, Zhisheng Chen. Analysts said the proposed bill is still in the early stages and faces many uncertainties.

Source: Wall Street Journal January 29, 2024 04:49 UTC