International Business: US to add more Chinese firms to investment, export blacklists – Gulf Digital News

International Business: US to add more Chinese firms to investment, export blacklists – Gulf Digital News

Shares in Chinese health care and technology firms tumbled on Wednesday after a report that the United States will add more Chinese firms, including the largest commercial drone maker and biotech firms, to investment and export blacklists this week.

The Financial Times reported, citing two sources briefed on the plans, that the United States will add eight Chinese companies, including leading global commercial drone manufacturer DJI Technology Co Ltd, to an investment blacklist on Thursday.

The US commerce department is also set to on Thursday place more than two dozen Chinese companies, including some involved in biotechnology, on an "entity list" restricting exports to them by US firms, the paper cited the sources as saying.

The report accelerated a sell-off in Chinese health-care shares in afternoon trade, knocking 3.2% off a mainland index tracking the sector against a 0.87% drop in the broader index.

The impact was sharper still in Hong Kong, where the Hang Seng Healthcare Index was down 7.6% in late afternoon trade

Health care firms had already been under pressure on Wednesday after Chinese biotech company BeiGene Ltd plunged on its Shanghai debut on Wednesday, amid worries some Chinese companies could be ordered to delist from the US stock market.

The Financial