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Hong Kong stocks slip on Wuxi Biologics’ record 32 percent slump

Hong Kong stocks slid as the US Department of Commerce added two subsidiaries of Wuxi Biologics’ to the red-flag list, with other 32 Chinese companies. Today’s main turnover was HK$129.5 billion.

The Hang Seng Index closed at 24,329.49, down 1.02% following weakness from technology stocks. The city’s Tech index dropped 1.67%, closing at 5,436.92.

Alibaba and Meituan fell 3.30% and 2.13% respectively. The stock price of Alibaba Health Information Technology tumbled 7.52%.

Before its suspension started from 10:51 am, Wuxi Biologics plunged 22.77% to HK$ 62.3 after its inclusion to the “Unverifyed list” of US government, a list of business wordwide subjected to stricter export control as US officials cannot do routine check.

The company’s stock sank as much as 32% in Hong Kong before the halt, dragging down the city’s benchmark and health-care stocks.

WuXi Biologics’ associates, WuXi AppTec slumped 11.36% while JW (Cayman) Therapeutics fell 4.01%.

Auto stocks also shrank. Great Wall was down 3.55% while BYD and Geely shrank 2.49% and 2.2% respectively.

The state’s decision affected mainland stocks. Crypto stocks fell while semiconductor stocks followed. Insurance stocks demonstrated movements in opposite directions.

The Shanghai Composite Index was up 0.67%, closing at 3,452.63, while the SZSE Composite Index inched down 0.24% to 2,280.51. The CSI Health Care Index, which tracks the performance of pharmaceutical companies listed in Shanghai and Shenzhen, decreased 1.32% to a 22-month low.

《The Young Reporter》

The Young Reporter (TYR) started as a newspaper in 1969. Today, it is published across multiple media platforms and updated constantly to bring the latest news and analyses to its readers.


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