0423 GMT - Investor confidence in WuXi companies looks stronger ahead of Trump's inauguration, Daiwa analyst Wilfred Yuen says. After the proposed U.S. Biosecure Act, which restricts some Chinese biotech companies from doing business in the U.S., was not enacted under the Biden administration, investors are watching to see what the fate of the legislation or any potential successor will be under Trump, Yuen says. Trump's promise on Sunday to save social media app TikTok from being banned in the U.S. is giving some the impression that he may be more pragmatic in dealing with national security-related issues, he says. WuXi AppTec and WuXi Biologics also gave positive updates last week at a conference, confirming that fundamentals are intact, he adds. WuXi AppTec and WuXi Biologics' shares are up 7.3% and 5.4%, respectively, in Hong Kong. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
January 19, 2025 23:23 ET (04:23 GMT)
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