The victory of US President-elect Donald Trump will not directly impact the US Biosecure Act, Yicai Global reported, citing WuXi AppTec (HKG:2359, SHA:603259) Vice Chairman and Chief Investment Officer Hu Zhengguo.
Passage of the US Biosecure Act, aimed at restricting US federal agencies from transacting with Chinese biotechnology firms due to probable security risks, is still uncertain as Congress adjourns in January 2025, the report said, citing Hu.
The bill still needs to pass through the Senate before the president signs it into law.
However, the impending legislation has already hurt WuXi AppTec's Hong Kong stock by as much as 33% and its Shanghai stock by about 26% since the beginning of 2024.
The biotechnology company reiterated its opposition of the "biotechnology company of concern" tagging without due process, saying it complies with the laws of the countries it operates in, Yicai said, citing Hu.
Shares in WuXi AppTec rose 1% in Shanghai during Wednesday's trading.
(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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