Chinese Biotech Firms’ Shares Tumble After U.S. Panel Advances Ban Bill

(Bloomberg) — WuXi AppTec Co. Ltd. tumbled after a U.S. Senate committee advanced a bill that may ban Chinese biotech firms from winning federal contracts and largely cut off the biopharmaceutical company from the market that generates more than half its revenue.

Shares of WuXi AppTec plunged as much as 24%, while its sister company WuXi Biologics Cayman Inc., also named in the bill, dropped 23%. Both stocks have lost more than 40% so far this year, making them the worst performers on the benchmark Hang Seng Index in Hong Kong.