INFO · Search
· Chinese version · Subscribe

Business

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.

Comments

Hongkongers flock to Sai Kung during Chinese New Year

One last haircut and worship before toughened Covid rules