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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Genscript Biotech Corporation    1548   KYG3825B1059

GENSCRIPT BIOTECH CORPORATION

(1548)
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Genscript Biotech says Chinese customs raided offices, shares at 20-month low

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09/22/2020 | 12:25am EDT

Genscript Biotech Corp said customs raided its offices in China in connection with an investigation into suspected violations of import and export regulations, sending the firms' shares plummeting to a 20-month low.

The Jiangsu-based biotech firm said China's Customs Anti-Smuggling Department raided its offices in Nanjing and Zhenjiang, and its Chairman Fangliang Zhang is under "residential surveillance", while four other employees have been detained for questioning.

"The group's business operations remain normal. The company has taken legal advice as appropriate," Genscript said, adding it will assist authorities with the investigation, if required.

No charges has been filed against any entity or individual, the company said, adding that Zhang will continue to take part in decision making via appropriate means but is not participating in Genscript's daily operations.

Zhang is also chairman and chief executive officer of Genscript's unit Legend Biotech Corp. Legend Biotech has appointed its Chief Financial Officer Ying Huang as interim CEO, the Hong Kong-listed firm added.

Shares of Genscript plunged as much as 27.1% to HK$10.12, their lowest since January 2019, and on track for its worst day since September 2018. The benchmark Hang Seng slid 0.3%.

(Reporting by Donny Kwok; Editing by Kim Coghill)


Stocks mentioned in the article
ChangeLast1st jan.
GENSCRIPT BIOTECH CORPORATION 0.52% 11.7 End-of-day quote.-33.90%
HANG SENG 0.87% 24770.78 Real-time Quote.-12.13%
LEGEND BIOTECH CORPORATION -2.65% 26.47 Delayed Quote.0.00%
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Financials (USD)
Sales 2020 335 M - -
Net income 2020 -145 M - -
Net cash 2020 464 M - -
P/E ratio 2020 -131x
Yield 2020 0,07%
Capitalization 22 490 M 2 902 M -
EV / Sales 2020 65,7x
EV / Sales 2021 49,6x
Nbr of Employees 3 973
Free-Float 54,4%
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Technical analysis trends GENSCRIPT BIOTECH CORPORATION
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 2,76 $
Last Close Price 11,70 $
Spread / Highest target -73,3%
Spread / Average Target -76,4%
Spread / Lowest Target -82,4%
EPS Revisions
Managers
NameTitle
Zhenyu Liu Chief Executive Officer
Ye Wang President, COO & Executive Director
Fang Liang Zhang Non-Executive Chairman
Jian Ge Meng Executive Director & VP-Investor Relations
Lu Quan Wang Non-Executive Director
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