The market was lower throughout the day, with all three major indexes closing lower. As of **, the Shanghai Composite Index fell 041%, the Shenzhen Component Index fell 137%, the GEM index fell 233%。
In terms of sectors, tourism, industrial metals, high-speed rail and other sectors were among the top gainers, while CRO, MR, pharmaceutical, CPO and other sectors were among the top decliners.
Overall, there are more than 3,500 stocks in the whole market, and the turnover of the Shanghai and Shenzhen markets today is 981.7 billion, an increase of 50 billion from the previous trading day.
Northbound funds sold a net of 21 throughout the day4.1 billion yuan, of which the Shanghai-Hong Kong Stock Connect is net **10.3 billion yuan, Shenzhen Stock Connect net selling 224.4 billion yuan.
The pharmaceutical and biological sector led the decline, with a market value of more than 500 billion CXO concept stocks collectively driving the pharmaceutical and biological sector downward, WuXi AppTec hit the intraday limit, and many stocks such as Pharmaron, Gloria Young, and Tigermed fell by more than 5% intraday. WuXi AppTec rushed to the hot search on Weibo, and the stock also rushed to the first place on the list of popular stocks in Snowball.
Source: The Paper.
It is worth noting that as of midday, the half-day turnover of A-share WuXi AppTec was nearly 6 billion yuan, ranking first in A-share turnover.
As of **, WuXi AppTec fell to 5286 yuan, turnover 60400 million yuan.
After-hours data shows that the Shanghai Stock Connect sells 62.1 billion yuan and **24.7 billion yuan, the three institutions sold a total of 400 million yuan, and one institution **91.57 million yuan.
On the news side, on March 6, the U.S. Senate Homeland Security Committee voted to pass a bill that may restrict business dealings with Chinese biotech companies such as BGI and WuXi AppTec on the grounds of ***. Senator Rand Paul, a Republican from Kentucky, cast the only negative vote, calling the practice "narrow-minded protectionism." He also expressed concern about the impact the bill could have on the biotech chain of U.S. companies.
On the afternoon of the 7th, WuXi AppTec announced on the Hong Kong Stock Exchange that the U.S. Senate Committee on Homeland Security and ** Affairs voted on March 6 to report to the Senate a revised draft bill S3558。The amendments to the Bill include, but are not limited to, a non-retroactive clause exempting existing contracts entered into prior to the entry into force of the proposed legislation; and procedures for designating and reviewing "companies of concern" by U.S.** agencies. Despite these revisions and the existing issue assessment procedures of U.S.** institutions, the draft pre-defines WuXi AppTec as one of the "biotechnology companies of concern". The Company strongly opposes this prior and unfair definition without due process, and we strongly believe that WuXi AppTec has not, is, and will not pose a significant risk to the United States or any other country in the past. The Company also reiterates that WuXi AppTec does not have a human genomics business, and the Company's existing businesses do not collect human genome data. In the coming months, the draft will continue to go through the legislative process in the Senate. The Company will continue to engage in communication and dialogue with stakeholders involved in the draft and the ongoing legislative process of the corresponding bill in the U.S. House of Representatives, which is subject to further consideration and possible changes.
In terms of Hong Kong stocks, as of **, WuXi AppTec fell more than 20% to HK$45. As of March 7**, WuXi AppTec's A** value was 156.1 billion yuan. This incident has wiped out WuXi AppTec's market value by more than 50 billion yuan.
Bay Area Finance and Economics Comprehensive ** Times, China Business Network, Sina Finance Report.
Editor: Xiaoya.