Chinese biotech giant WuXi AppTec’s shares jump after Pentagon blacklist reversal

AI Summary

WuXi AppTec shares rose after the U.S. Department of Defense removed the Chinese biotech company from its list of entities allegedly linked to China’s military. The reversal is a boost for the firm and may encourage other mainland companies contesting U.S. blacklists.

WuXi AppTec’s shares jumped on Tuesday after the Pentagon removed the company from a list of entities allegedly linked to the Chinese military, marking a win for the biotech service giant and raising hopes among other mainland firms challenging US blacklists. The US deputy secretary of defence decided to delist WuXi AppTec from its list of “Chinese military companies”, according to a notice published on the Federal Register on Tuesday. WuXi AppTec surged more than 6 per cent at the open in Hong...