Chinese Biotech Company Stocks Fall Due to U.S. Senate Bill

WuXi Apptec, a Chinese biotech and pharmaceutical company, lost 15% of its stock in Hong Kong’s Hang Seng Index and eight percent in China’s Shanghai and Shenzhen stock markets.

The losses came after the U.S. Senate’s Homeland Security Committee voted on March 6th on a bill that allegedly limits business with similar overseas companies.

The bill in question is Senate Bill 3558, which will restrict contracts with certain biotech companies. The bill will also reduce the amount of U.S. investment in overseas companies such as WuXi Apptec, BGI, MGI, Complete Genomics, and other parent companies.