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China Detains Legend Biotech CEO, Exposes Genetic Material Minefield

Move Seems Harsh And With Little Explanation So Far

 
• By Brian Yang

Frank Zhang, co-founder and chair of the Hong Kong-listed Chinese biotech Genscript, parent of Nasdaq-listed cell therapy star, Legend Biotech, has been detained by Chinese authorities, along with four employees.

Restrictions
CHINA DETAINS LEGEND BIO CEO IN SUSPECTED GENETIC MATERIALS EXPORT VIOLATION • Source: Shutterstock

A company notice sent to the Hong Kong Stock Exchange on 21 September shows that Fangliang (Frank) Zhang, chairman of Genscript Biotech Corporation and non-executive director of the company, is under “residential surveillance”, a term used by authorities in China to detain suspects without taking them into custody.

Four other employees of the Hong Kong-listed company have been detained for questioning, while the China Customs’ Anti-Smuggling Department personnel raided on 17 September the company’s business in Nanjing and nearby Zhenjiang city

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