On November 10, WUXI APPTEC rose 4.65% in regular trading, trading at HK$207.4, with turnover of HK$182 million.
The key catalyst was the company’s disclosure that the US Department of Defense decided on November 9 to remove WUXI APPTEC from the Chinese military companies list under Section 1260H of the 2023 National Defense Authorization Act.
The development is notable because 1260H-related designation risk had been an overhang for the stock. Supporting the improving sentiment, recent disclosures also showed The Capital Group Companies increased its H-share stake by 3.48 million shares at about HK$203.97 per share, lifting its holding to 5.01%, while BlackRock’s long position in the H shares increased to 6.06%. Separately, the company’s latest quarterly update showed first-nine-month revenue of RMB455.4 billion, up 38.6%, backlog of RMB76.74 billion, up 36.4%, and a higher full-year revenue guide of RMB61.0 billion to RMB61.9 billion.
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