Shares of WuXi AppTec Co., Ltd. (HKEX: 02359) plummeted 8.98% on October 14, 2024, after Morgan Stanley disclosed significant changes to its positions in the Chinese pharmaceutical company.
According to a filing with the Hong Kong Stock Exchange, Morgan Stanley increased its long position in WuXi AppTec's H-shares to 6.69% as of October 8, up from 4.49% previously. Simultaneously, the investment bank also increased its short position in the company's H-shares to 7.47%, up from 5.64%.
The substantial adjustments to Morgan Stanley's long and short positions in WuXi AppTec have raised concerns among investors, potentially contributing to the sharp sell-off in the stock. However, the motivations behind these position changes remain unclear, as the investment bank has not provided any additional commentary.
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