Hong Kong pharmaceutical stocks fell on Wednesday after US President Donald Trump said his administration would soon implement "a major tariff on pharmaceuticals" from foreign nations.
Trump made the remarks at a Republican event, suggesting the move will force drug companies to relocate their operations to the US, according to a USA Today report.
While initially sparing pharmaceuticals from recent tariffs, Trump has indicated for months that the imported drug industry is a future target, the report said.
The news sent shares of Hong Kong-listed drugmakers falling on Wednesday afternoon.
Alphamab Oncology (HKG:9966) led the decliners with an almost 6% fall, followed by Boan Biotech (HKG:6955) with a 5% drop. Luye Pharma (HKG:2186) slid 4.4%, while BeiGene (HKG:6160) and Genscript Bio (HKG:1548) retreated nearly 4%. Zai Lab (HKG:9688) slipped 3%.
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