(Bloomberg) — Shares of some of China’s largest pharmaceutical companies rebounded Friday after the U.S. released a list of sanctioned entities without links to those firms, easing investor concerns of possible sanctions by Washington.
Wuxi Biologics Cayman Inc. rallied for a second day, advancing as much as 7.8%, before paring gains to about 2%. Its parent, WuXi AppTec Co., jumped as much as 11% in Hong Kong. Other biotech names, including Zai Lab Ltd. and Genscript Biotech Corp., also surged.
Chinese biotech firms faced a huge selloff earlier this week after they were said to be included on a U.S. blacklist, along with companies alleged to be involved in the surveillance of China’s Uyghur minorities. Shares of Wuxi Biologics tumbled a record 19% on Wednesday.
Read: U.S. Steps Up China Pressure Over Surveillance of Uyghurs (3)
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