Market Chatter: US Democrat Congressman to Block Bill Banning Business with Chinese Biotech Firms

A US Democratic lawmaker plans to help block a bill banning government business with WuXi Biologics (Cayman) (HKG:2269), BGI (SHE:300676), and other Chinese biotechnology companies due to national security issues, Reuters reported Saturday.

Massachusetts Representative Jim McGovern said the process for including the Chinese companies in the list is non-existent. McGovern also said he could not obtain a sufficient reason for WuXi Biologics' inclusion in the list.

WuXi Biologics is building an installation in McGovern's district.

McGovern said that while he finds issues with companies providing information to China's government, he finds the bill "lousy," the report said.

Congress is about to vote on the Biosecure Act on Monday. The bill, if it becomes law, will prohibit federal contracts with companies to protect the health and genetic information of Americans and US pharmaceutical supply chains, the report said.

Among those identified as companies of concern are MGI Tech (SHA:688114), unit Complete Genomics, and WuXi AppTec (HKG:2359, SHA:603259).

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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