Investing.com -- Chinese stocks related to genetic sequencing experienced gains after Beijing implemented a ban on the import of machines from Illumina (NASDAQ:ILMN), a US-based company.
This move is part of a series of retaliatory measures Beijing has taken in response to the United States doubling its tariffs on all imports from China.
The ban was announced by the Ministry of Commerce in Beijing and took effect immediately. In addition to the ban, the Ministry added 10 more US firms to its unreliable entity list.
Following the announcement, shares in MGI Tech, a Chinese company specializing in genetic sequencing, surged by the 20% daily limit, reaching their highest level since December 2023.
Other Chinese companies in the same sector also saw their shares rise: Novogene by 8.3%, BGI Genomics by 8.2%, and Amoy Diagnostics by 2.6%.
Meanwhile, Illumina, the US company affected by the ban, saw its shares fall by 5.1% in US trading on Monday.
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