US bill proposing to ban Chinese medical tech firms from federal contracts leads to significant stock decline for WuXi AppTec and Wuxi Biologics.

WuXi AppTec and Wuxi Biologics experienced significant stock declines following the introduction of a US bill proposing to ban the Chinese medical technology companies and their units from accessing federal contracts. The proposed legislation aims to protect American personal health and genetic information from foreign adversaries, as stated by Democratic Senator Gary Peters. The market reaction to this legislation was not immediately clear.

January 26, 2024
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