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U.S. to Blacklist DJI and Seven Other China Firms

Shares of China’s biggest chipmaker and several of its largest pharmaceutical firms sank on Wednesday on fears that Washington will slap investment and export sanctions against more companies. Wuxi Biologics Cayman Inc. tumbled a record 25% in Hong Kong before paring losses, while Sino Biopharmaceutical Ltd. dropped 5% at the close. Semiconductor Manufacturing International Corp., which is already under sanctions, fell 6.4% on a report that the U.S. is mulling tougher measures. The proposal that’s being examined would tighten the rules on exports to Shanghai-based SMIC, with the U.S. National Security Council set to hold a meeting on Thursday, said people familiar with the matter. The Financial Times also reported that the Biden administration will place more companies on a blacklist, some of which are alleged to be involved in the surveillance of China’s Uyghur minorities. It’s not clear why Chinese biotechnology firms will also be on a Commerce Department list. “It’s an extremely painful drop, and until we know more details it’s hard for us to take any action,” said Lin Cun, a fund manager at Shenzhen Senrui Investment Co. specializing in health-care, referring to the decline in Chinese pharmaceutical stocks. “All we can do is watch the losses for now.”

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Bloomberg

 

 

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