Shares of the WuXi family of biotech and research companies extended losses amid fresh concerns of U.S. lawmakers pushing for government restrictions on the Chinese companies.
WuXi AppTec was recently 15% lower at 40.00 Hong Kong dollars (US$5.12) on Wednesday as trading resumed in Hong Kong after the Lunar New Year holiday. Sister company WuXi Biologics was last down 9.1%, while WuXi XDC Cayman, a contract medical-research unit in which WuXi Biologics and WuXi Apptec are controlling shareholders, shed 9.3%.
The declines came after a group of U.S. lawmakers this week urged the Defense, Commerce and Treasury departments to investigate WuXi AppTec and subsidiaries over alleged ties to the Chinese military and the Chinese Communist Party.
www.wsj.com/business/wuxi-shares-hit-by-u-s-committee-seeking-inquiry-blacklisting-24f95784