WuXi AppTec, Wuxi Bio Tumble as US Lawmakers Propose Ban
- Companies derive significant revenue from US customers
- Declines in the stocks dragged down Hong Kong stock index
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WuXi AppTec Co. tumbled by an intraday record in Hong Kong, with traders attributing the decline to proposed US legislation that would ban the Chinese medical technology company and its units from government contracts.
WuXi AppTec plunged as much as 32% on Friday before trimming losses to about half, while Wuxi Biologics Cayman Inc. fell as much as 28% in Hong Kong. Their decline helped dragged the city’s benchmark index down by 2% at one point.