Shares of WUXI BIO (02269) soared 16.33% to close at HK$78.50 on Thursday, amid news that its subsidiary WuXi Biologics (Cayman) and affiliate WuXi AppTech are planning to sell certain operations in response to restrictions imposed by the United States.
WUXI BIO, a leading global provider of innovative biologic drug development and manufacturing services, saw its stock surge to a new 52-week high on the Hong Kong Stock Exchange. The rally was driven by reports that WuXi Biologics (Cayman) and WuXi AppTech are offloading their cell and gene therapy manufacturing unit, WuXi Advanced Therapies.
The move comes as the US government has tightened scrutiny on Chinese companies involved in biotechnology and advanced manufacturing due to national security concerns. By divesting these operations, WUXI BIO aims to address potential regulatory hurdles and mitigate risks associated with its US business.
Analysts view the divestment plan as a strategic move 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.
The Hong Kong Stock Exchange saw broad gains on Thursday, with the Hang Seng Index climbing 2.82% to 22,736.87 points, boosted by a rally in tech and e-commerce stocks. WUXI BIO's strong performance contributed to the positive sentiment in the market.
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