ARTICLE | Finance
Privacy law sparks China biotech’s latest sell-off
Loncar China ETF sees half its companies fall at least 5%
August 20, 2021 11:45 PM UTC
Beijing’s new data privacy law has led to fresh jitters among traders in China biopharma stocks, even though the directive does not immediately appear to affect drug developers.
Sixty of the 66 companies in the Loncar China BioPharma ETF (NASDAQ:CHNA) traded lower Friday, with seven stocks down more than 10% and 33 down at least 5%. Hardest hit were Everest Medicines Ltd. (HKEX:1952), Keymed Biosciences Inc. (HKEX:2162), New Horizon Health Ltd. (HKEX:6606) and Brii Biosciences Ltd. (HKEX:2137), which were down 12-17%...