The new version of the Biosafety Act of the United States (H.Cryptothrillscasinonodepositbonuscodes2022.RCryptothrillscasinonodepositbonuscodes2022.8333 draft legislationCryptothrillscasinonodepositbonuscodes2022In response to a new development, Yao Ming Kant (603259) issued a quick announcement this morning, saying that the draft still keeps the company name of Yao Ming Kant in the definition of "biotechnology company of concern". The company strongly opposes this preset and unreasonable definition without due process.
Prior to this, the company issued on January 27, 2024, the announcement said.Cryptothrillscasinonodepositbonuscodes2022The "clarification announcement" has been issued, and the "announcement of abnormal volatility in Stock Trading" and the "further announcement on clarification matters" have been issued many times to explain and clarify the relevant matters mentioned in a proposed draft legislation submitted to the US House of Representatives and the US Senate. The company understands that on May 15, 2024, the U.S. House of Representatives Committee voted to report to the House of Representatives a draft legislation numbered H.R.8333, which is a revised version of the proposed draft Biosafety Act previously numbered H.R.7085. The amendments to the draft H.R.8333 include, but are not limited to, the removal of previous allegations against Yao Ming Kant and the addition of a non-retroactive clause exempting existing contracts entered into before the proposed restrictions take effect.
The announcement pointed out that although US government agencies already have assessment procedures for national security issues, the H.R.8333 draft still retains the company name of Yao Ming Kant in the definition of "biotechnology company of concern", and the company strongly opposes this preset and unreasonable definition without due process. The company firmly believes that Yao Ming Kant did not pose a national security risk to the United States or any other country in the past, present and future, and that the company has not been subject to any sanctions from U.S. Government agencies. The company also reiterated that Yao Ming Kant has no human genomics business and that its existing businesses do not involve the collection of human genome data in the United States, China or any other region.
The announcement said that in the coming months, the H.R.8333 draft will continue to go through the legislative process in the House of Representatives. In collaboration with consultants, the company will continue to communicate and dialogue with interested parties involved in the ongoing draft H.R.8333 and draft legislation numbered S.3558 (hereinafter referred to as "draft S.3558"), which was voted by the U.S. Senate Committee on Homeland Security and Government Affairs on March 6, 2024. The contents of draft H.R.8333 and draft S.3558 need to be agreed upon and subject to further consideration and possible changes.
In terms of news background, since the end of January this year, the storm of the US Biosafety Act has brought a great impact on domestic pharmaceutical outsourcing enterprises. As the leader of pharmaceutical R & D service, the share price of Yao Ming Kant has flashed many times. On the evening of May 15, Beijing time, the US House of Representatives Committee voted on the spot to approve the Biosafety Act and enter the next legislative process. Compared with the previous version, the new version of the bill is relatively moderate, requiring the exemption of existing contracts / products of the companies concerned to be extended to January 1, 2032, that is, requiring American companies to end their cooperation with companies covered by the Act by 2032. Media reports show that the number of Chinese companies covered by the new version of the bill has increased to five, including Yao Ming Biology, Yao Ming Kant, BGI, BGI and its subsidiary Complete Genomics.
Analysts say this means that companies covered by the current bill, such as Yao Ming Kant, will have an eight-year buffer period for their business in the US. Although it is bad for the enterprises concerned to be included in the list, the eight-year buffer period also gives the enterprises a longer time to adapt to the new policy environment and adjust their business structure in response to changes to reduce contingent losses.
In the secondary market, Yao Ming Kant opened low this morning. As of 10:00, it was at 44.71 yuan per share, down 1.13%. The latest real-time total market value is 131.2 billion yuan.
(article source: read Chuang)
