JPMorgan shares drop sharply after warning on interest income

Shares in Hong Kong-listed Chinese biotechnology companies fell on Tuesday after the US House of Representatives passed a bill aimed at restricting their funding and operations within America.

WuXi AppTec fell 7.7 per cent, while WuXi Biologics shed 3.4 per cent. BGI Genomics dropped 3.3 per cent, while CSPC, Sino Biopharm and BeiGene fell 1.5 per cent, 0.3 per cent and 0.6 per cent, respectively.

The bipartisan legislation prohibits US taxpayer funds flowing to biotech companies “owned, operated or controlled by China or other foreign adversaries”, Republican congressman James Comer, a bill sponsor, told the House.

The Biosecure Act passed the House 306-81. The legislation now goes to the Senate.

Comer criticised several companies, alleging that WuXi “helps carry out research to promote the Chinese military, and has reportedly stolen US firms’ intellectual property”.