WXXWY - Chinese biotechs lower after WuXi Biologics added to U.S. 'unverified' list

U.S.-listed Chinese biotech companies are trading lower after the U.S. commerce department added life-sciences company, WuXi Biologics (OTCPK:WXXWY -13.5%) (OTCPK:WXIBF -22.6%), to its “unverified” list for exporters. Notable decliners include I-Mab (IMAB -5.7%) and BeiGene (BGNE -5.2%). Zai Lab (ZLAB -0.2%), and HUTCHMED (China) Limited (HCM -1.2%) are also in the red. WuXi’s Hong Long listed shares sold off on the news leading to an over $10B decline in its market cap on Tuesday before the company suspended the trading in morning hours. With the addition to the “unverified” list, WuXi and 32 other Chinese entities will be barred from accessing U.S. technology. However, WuXi shrugged off its business impact.  “WuXi Biologics has been importing certain hardware controllers for bioreactors and certain hollow-fibre filters that are subject to US export controls but have received [US] approval for the last 10 years,” The Financial Times quoted the company as saying late Monday. The ban

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Chinese biotechs lower after WuXi Biologics added to U.S. ‘unverified’ list