GenScript Biotech Holdings surged in Hong Kong after the Chinese biotechnology company pushed back against renewed scrutiny from US lawmakers over alleged national security concerns.
The shares rose as much as 29 per cent on Wednesday before trimming gains to trade 18 per cent higher at HK$14.35 by late morning. The benchmark Hang Seng Index fell 1.6 per cent.
The Nanjing-based company issued a statement saying it operated transparently and professionally across all markets and adhered to the highest standards of data security and intellectual property protection.
The response followed a letter from two US lawmakers to the directors of the Federal Bureau of Investigation and the Office of the Director of National Intelligence seeking updated information about GenScript and its affiliates.
The same lawmakers requested a similar briefing last year, raising concerns over whether the company could be influenced by Beijing or used to advance China’s biotechnology ambitions.
“We are aware of ongoing discussions involving the biotechnology industry and congressional correspondence,” GenScript said.