International Business: US adds Chinese entities to red-flag export list, WuXi Bio shares plunge – Gulf Digital News

International Business: US adds Chinese entities to red-flag export list, WuXi Bio shares plunge – Gulf Digital News

WASHINGTON: The US Commerce Department said on Monday it had added 33 Chinese entities to its so-called 'unverified list', which requires US exporters to go through more procedures before shipping goods to the entities.

The department said it was taking the step as it was unable to verify the legitimacy and reliability of those entities in relation to their use of US exports. The entities included listed companies, universities as well as aerospace and electronics suppliers.

WuXi Biologics saw its stock plummet more than 25% on Tuesday to wipe HK$77 billion ($9.9 billion) off its market value following the addition of its units in Wuxi and Shanghai to the list. Trade in its shares was later halted.

The maker of ingredients for vaccines including AstraZeneca's Covid-19 vaccine said, however, that while it had imported manufacturing equipment subject to US export controls, Washington's move had no impact on its business or ongoing services to global partners.

WuXi Bio was prevented by US export controls from reselling or re-exporting items purchased from the United States but the Commerce Department had been unable to conduct checks that WuXi Bio was in compliance due to the pandemic, WuXi Bio's CEO Chris Chen told an investor call on