Recently Yahoo News on-line reported the following:
China Biotech Rout Shows Growing Pain from US Decoupling Drive
Jeanny Yu
Tue, September 13, 2022 at 2:12 AM
(Bloomberg) -- The latest US effort to reduce reliance on
China is striking hard at the Asian nation’s biotech stocks, as investors price
in more indications of decoupling between the world’s two biggest economies.
Following US President Joe Biden’s executive order to
bolster domestic bio-manufacturing and cut reliance on foreign companies, bellwether
Chinese stocks such as Wuxi Biologics Cayman Inc. and WuXi AppTec Co. tumbled
at least 16% Tuesday in Hong Kong.
Coming on the heels of US export curbs of advanced chips to China, the latest Biden order underlines stiffening strategic competition between the two nations and adds to the selling pressure on Chinese stocks. With the Asian nation also manufacturing a host of industrial and high-tech products, there are questions over what other sectors may be affected next.
“I think market hasn’t fully priced in such a risk of Sino-US conflicts. That’s why healthcare firms are plunging today,” said Paul Pong, managing director at Pegasus Fund Managers Ltd. “Competition between China and the US in areas including aerospace, AI manufacturing remains fierce and it wouldn’t surprising to see sanctions by US.”
Pharmaron Beijing Co., Asymchem Laboratories Tianjin Co. and WuXi AppTec were the worst performers on China’s CSI 300 Index Tuesday, falling at least 10% each. The benchmark gauge closed up 0.4%. In Hong Kong, Wuxi Biologics tumbled nearly 20%, the biggest drag on the Hang Seng Index.
The Biden administration has been looking for ways to curb investment in China’s industries as the Asian nation ascends as a superpower in advanced technology. Meantime, China has been relentless in its pursuit for tech supremacy, with President Xi Jinping last week renewing calls to step up development.
And defying investor expectations of an improvement from the Trump administration days, tension has remained high with a number of thorny issues unresolved.
Earlier this month, the Biden administration said it will allow Trump-era tariffs on hundreds of billions of dollars of Chinese merchandise imports to continue while it reviews the need for the duties.
The key question facing traders now is which sector will be the next to be targeted by American officials.
The US “could move the sanctions down along the supply chain in the areas that’s already sanctioned, such as semiconductor and biotech segments,” said Dai Ming, Shanghai-based fund manager at Huichen Asset Management. It may also target areas that may threaten US position, such as new energy and AI-related industries, he said.
Any additional sanctions or export restrictions by the US, China’s largest trade partner, will deal a blow to stocks at a time when the economic outlook is under pressure from Beijing’s zero Covid pursuit.
The Hang Seng China Enterprises Index, a benchmark of Chinese firms trading in Hong Kong, is down more than 19% this year, one of the worst performers among major equity indexes worldwide.
Further US actions are likely to hit tech stocks particularly hard, deepening woes in a sector that saw more than a year of Beijing’s crackdown and faces the risk of being removed from US exchanges.
“I think the tension between the two countries stays and there is a lack of trust about each other’s intention and grand strategies,” said Redmond Wong, a strategist at Saxo Capital Markets.
Translation
(彭博社) - 隨著投資者對世界兩大經濟體脫鉤的更多跡象進去行評價之際, 美國為減少對中國的依賴而採取的最新舉措, 正在猛烈打擊亞洲國家的生物科技股。
繼美國總統拜登發布行政命令以支持國內生物製造並減少對外國公司的依賴後，Wuxi
Biologics Cayman Inc. 及
WuXi AppTec Co. 等中國領導者股票週二在香港下跌至少 16%。
在美國限制向中國出口先進芯片之後，拜登的最新命令突顯了兩國之間日益激烈的戰略競爭，並增加了中國股市的拋售壓力。由於這個亞洲國家還製造了大量工業和高科技產品，存在的疑問是接下來還有哪些行業可能會受到影響。
Pegasus Fund Managers Ltd. 董事總經理
Paul Pong 說: “我認為市場還沒有完全消化中美衝突的風險。這就是今天醫療保健公司暴跌的原因”; “中美在航空航天、人工智能製造等領域的競爭仍然很激烈，看到美國的製裁也就不足為奇了。”
北京康龍化成、凱萊英醫藥集團(天津)股份有限公司和藥明康德是周二在中國滬深 300 指數中表現最差的股票，均下跌至少 10%。基準指數收盤上漲 0.4%。在香港，药明生物重挫近 20%，是對恆生指數的最大拖累。
隨著這亞洲國家崛起為先進技術超級大國，拜登政府一直在尋找限制對中國工業投資的方法。與此同時，中國一直在不懈地追求科技霸權，習近平主席上週再次呼籲加快發展。
與投資者的期望對比特朗普執政時期有所改善的預期背道而馳，緊張局勢仍然很高，許多棘手的問題仍未解決。
本月早些時候，在時審查徵收關稅的必要性時, 拜登政府表示，將允許繼續執行特朗普時代對數千億美元的中國商品進口徵收關稅。
現在交易員面臨的關鍵問題是，哪個行業將成為美國官員的下一個目標。
Huichen Asset Management 駐上海的基金經理 Dai Ming 表示，美國 “目標可能會在已經受到製裁的領域，如半導體和生物技術領域，沿著供應鏈向下推進制裁” 。他說，美國還可能針對可能威其脅地位的領域，例如新能源和人工智能相關行業。
作為中國最大貿易夥伴的美國, 任何額外制裁或出口限制，都將會在經濟前景面臨北京零新冠感染壓力之際, 對股市造成打擊。
恆生中國企業指數是在香港交易的中國公司的基準指數，今年以來下跌超過 19%，是全球主要股指中表現最差的指數之一。
美國的進一步行動可能會對科技股造成特別沉重的打擊，加深該行業的困境，該行業經歷了一年多的北京打壓, 並面臨被美國交易所除名的風險。
Saxo Capital Markets的策略師 Redmond Wong 說: “我認為兩國之間的緊張關係會繼續存在，對彼此的意圖和宏觀策略缺乏信任” 。
So, the latest US effort to
reduce reliance on China is striking hard at the Asian nation’s biotech stocks.
Following US President Joe Biden’s executive order to bolster domestic
bio-manufacturing and to cut reliance on foreign companies, leading Chinese
stocks tumble in Hong Kong. Obvious the Sino-American competition will continue
for sometime.
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