LEGN - U.S.-listed Chinese biotechs slip amid regulatory concerns

Chinese biotech companies listed on U.S. financial markets are trading lower in the pre-market amid reports that the Biden administration is weighing tougher sanctions on China’s largest chipmaker, Semiconductor Manufacturing International Corp. (OTCQX:SMICY). A meeting scheduled for Thursday by the National Security Council is likely to include a proposal to tighten the rules on exports to Shanghai-based SMIC, Bloomberg reported Tuesday citing people familiar with the matter. Along with tech-focused Chinese stocks such as Alibaba Group (NYSE:BABA) and Baidu (NASDAQ:BIDU), Chinese biotech companies listed in the U.S. have also taken a hit. I-Mab (NASDAQ:IMAB), BeiGene (NASDAQ:BGNE), Zai Lab (NASDAQ:ZLAB), and Legend Biotech (NASDAQ:LEGN) have lost ~8.5%, ~6.6%, 5.9%, and ~6.8% in early trading, respectively. Meanwhile, HUTCHMED (NASDAQ:HCM) has added ~4.3% on the back of presentations at the 63rd American Society for Hematology’s (ASH) Annual Meeting on early-stage data for HMPL-523, its experimental therapy for primary immune thrombocytopenia.

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U.S.-listed Chinese biotechs slip amid regulatory concerns