Wuxi AppTec denies military ties after being named in US bill, share price drops

Chinese drug research and development group WuXi AppTec said on Monday it "firmly" believes its business does not pose national security risks to any country, after a U.S. House bill on genetic info sharing mentioned its name.

Chinese drug research and development group WuXi AppTec said on Monday it "firmly" believes its business does not pose national security risks to any country, after a U.S. House bill on genetic info sharing mentioned its name. The company has not sponsored any conference or activity with the theme of "civil-military integration," nor has it received any direct investment from "civil-military integration" funds, WuXi AppTec said in a filing to Shanghai bourse.

Hong Kong shares of WuXi AppTec fell 10.6% to HK$57.75 and its Shanghai stock slumped 10.0% to 59.36 yuan ($8.27). A congressional committee focused on China has introduced a bill that would restrict federally funded medical providers from allowing China's BGI Group, WuXi Apptec and other biotech companies from getting genetic information about Americans. ($1 = 7.1798 Chinese yuan renminbi)