(Yicai) March 15 -- Shares of WuXi AppTec sank after a US-based biotechnology trade association clarified that it was the Chinese company that voluntarily withdrew.

WuXi AppTec [SHA: 603259] closed 4.1 percent down at CNY51.31 (USD7.13) in Shanghai today, after falling 5.7 percent yesterday. The company's Hong Kong-listed stock [HKG: 2359] plunged 8.7 percent to HKD41 (USD5.24) today, after dropping 12.1 percent yesterday.

"WuXi AppTec proactively ended its membership in the Biotechnology Industry Organization," New York-based BIO announced yesterday. Yicai tried to contact WuXi AppTec today but did not receive a response.

The BIO announced on March 13 that it would support the Biosecure Act, work with the US Congress as the legislation progresses, and take steps to separate from WuXi AppTec regarding membership in the organization. In yesterday's statement, the BIO reiterated that it will support the act.

The BIO is the world's largest biotechnology organization, providing advocacy, business development, and communications services to more than 1,200 members worldwide, according to its introduction on professional networking platform LinkedIn.

Released last December, the Biosecure Act aims to prevent foreign countries from stealing the genetic data and personal health information of US citizens. It won approval from the Senate Homeland Security and Governmental Affairs Committee on March 6. The bill puts several Chinese biotech firms, including WuXi AppTec, on a list of "biotechnology companies of concern" to prevent them from getting US government funding.

WuXi AppTec has repeatedly said that its business poses no security risk to any country, and it will continue to talk with the parties involved in the Biosecure Act’s legislative process in the coming months. Changes to the bill are still possible, the Shanghai-based firm noted on March 7.

Editor: Futura Costaglione