US adds Chinese entities to red-flag export list

The US Commerce Department said on Monday it had added 33 Chinese entities to its so-called 'unverified list', which requires US exporters to go through more procedures before shipping goods to the entities.

The department said it was taking the step as it was unable to verify the legitimacy and reliability of those entities in relation to their use of US exports.

The entities included listed companies, universities as well as aerospace and electronics suppliers.

WuXi Biologics saw its stock plummet more than 25 per cent on Tuesday to wipe HK$77 billion ($9.9 billion) off its market value following the addition of its units in Wuxi and Shanghai to the list. Trade in its shares was later halted.