By Clarence LeongShares of WuXi AppTec Co. declined sharply in Hong Kong Monday after its largest shareholder announced it planned to cut its stake. The disposal, to be carried out between July 4 and Sept. 30, has been proposed due to the "capital needs" of selling shareholders, according to Wuxi AppTec. Wuxi AppTec is mainly owned by a consortium which holds about 23% of the company. The planned disposal is "the key reason for the selldown today for Wuxi AppTec," UOB Kay Hian analyst Carol Dou said. Write to Clarence Leong at clarence.leong@wsj.com(END) Dow Jones NewswiresJune 12, 2022 23:14 ET (03:14 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.

Source: Wall Street Journal June 13, 2022 03:22 UTC