The positive business update from Chinese drug manufacturer Wuxi AppTec is causing the stock to rise despite US bills

Wuxi AppTec reported a surge in drug development and manufacturing orders as U.S. lawmakers pushed for global pharmaceutical companies to cut ties with the Chinese service provider, pushing the stock to a record profit.

The Chinese drug discovery and contract manufacturer said in an investor presentation on Thursday that its core chemicals business, which accounts for the majority of its revenue, remained robust and could see an increase in new projects and active customers in the first half of 2024.

The positive outlook sent the company's shares higher in Hong Kong. It closed Friday up 23.9 percent, its highest since its listing in 2018. The company's Shanghai-listed shares also rose by the daily limit of 10 percent. The broader Hong Kong market also gained on Friday, with the Hang Seng Index rising 3.6 percent.

The presentation offered a rare glimpse into how Wuxi has fared under intense political pressure and suggested limited impact on its actual business.