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GenScript Biotech Climbs Back From Plunge After Chairman Detention

·1 min read

By Alfred Romann

Investing.com – Hong Kong-listed biotech company GenScript Biotech saw its shares continue to claw back some of the hefty losses sustained Monday after the company’s chairman was effectively detained in China on corruption allegations.

GenScript shares (HK:1548) had plunged as much as 27% on Monday to a 20-month low but recovered almost 10% on Tuesday and continued to gain ground on Wednesday. They were up 2.79% to HK$11.80 ($1.52) by 11:22 PM ET (3:22 AM GMT).

CEO Frank Fangliang Zhang was placed under “residential surveillance” while four other employees were detained by the Customs Anti-Smuggling Department. The detentions were related to breaches of import and export regulations related to human genetic material.

In a statement to the Hong Kong Stock Exchange Monday, the company said it is continuing to operate as usual. Ying Huang, chief financial officer at GenScript parent company Legend Biotech Corp (NASDAQ:LEGN), will lead the company in the interim.

Listed in Nasdaq, Legend also saw its shares plunge about 15% on Monday but rise 6.15% on Tuesday.

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