The U.S.-China relationship has gotten so bad that the market assumes the worst whenever a whiff of escalating tensions wafts through the news. The latest victim: Chinese biotech companies.
Shares of Chinese biotech companies, especially those with large revenue exposure to the U.S., tumbled after President Biden signed an executive order Monday to boost domestic manufacturing in the biotech industry. Shares of Wuxi Biologics, which provides research and manufacturing services to many global pharmaceutical companies, lost 19% of their value this week. Shares in Chinese peer Pharmaron slid 8% in Hong Kong, while Hangzhou Tigermed shares have fallen 6%.
