The US politicians made a lot of money shorting the Chinese biotech companies
WuXi Company Shares Tumble on U.S. Bill Aimed at Chinese Biotech -- Update
Shares of the WuXi family of companies tumbled on concerns that a proposed bill will block the U.S. government from doing business with Chinese biotechnology companies due to alleged military ties, potentially broadening sanctions already existing in sectors from semiconductors to cotton trade.In Hong Kong, WuXi Biologics closed 18% lower. WuXi AppTec, a sister company, shed 16%, and WuXi XDC, the recently listed medical-research unit of WuXi Biologics, lost 20%. Shanghai-listed shares of WuXi AppTec fell by their daily limit of 10%.The selloffs in Asia afternoon trading on Friday came after U.S. lawmakers introduced a bill Thursday barring contracts with Beijing Genomics Institute and some Chinese biotech entities due to alleged connections with the People's Liberation Army.The WuXi companies were among those named in the bill. Lawmakers said WuXi AppTec "presents a national security threat to the United States," naming examples of its connections with the military. It said WuXi Biolo
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