Shares of WUXI BIO, a leading global provider of biologic drug development and manufacturing services, soared 16.33% to close at HK$78.50 on the Hong Kong Stock Exchange on Thursday. The significant rally pushed the stock to a new 52-week high, driven by reports that its subsidiary WuXi Biologics (Cayman) and affiliate WuXi AppTech are planning to sell their cell and gene therapy manufacturing unit, WuXi Advanced Therapies.
The divestment plan is seen as a strategic move by WUXI BIO to address the tightening scrutiny and restrictions imposed by the United States on Chinese companies involved in biotechnology and advanced manufacturing due to national security concerns. By offloading these operations, WUXI BIO aims to mitigate potential regulatory hurdles and risks associated with its US business.
Analysts view this decision as a proactive step by WUXI BIO to protect its core business and maintain its strong foothold in the global biopharmaceutical market. The company's commitment to compliance and adaptability in the face of geopolitical tensions has been well-received by investors, as evidenced by the significant stock price surge.
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