Chinese Stocks Retreat Most in Two Weeks as Drugmakers Decline
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China’s stocks fell, dragging the benchmark index down the most in two weeks, as drugmakers slid amid the start of a corruption probe and automakers declined.
Jiangsu Hengrui Medicine Co. and Beijing SL Pharmaceutical Co. sank more than 5 percent. Regulators will crack down on illegal competition and bribery in drug sales and medical services, the official Xinhua News Agency reported. SAIC Motor Corp. slumped 2.9 percent, paring its advance this month to 10 percent. Wuliangye Yibin Co., China’s second-biggest liquor maker, gained 2.4 percent after reporting first-half earnings.