China’s biotech stocks faced renewed selling pressure as geopolitical concerns add to a list of headwinds weighing on the sector.
A gauge of Chinese biotech firms has underperformed the MSCI China Index by the most since early 2020 amid a recently proposed US legislation to ban some Chinese firms from government contracts. This comes after China’s health-care sector was beaten down over the past two years by factors such as the inclusion of some companies in US’ unverified list and a government crackdown on corruption.
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