Asia Tech Wire (Feb 21) -- The Capital Group Companies Inc., a U.S. financial services firm, has increased its stake in Chinese pharmaceutical company WuXi AppTec Co Ltd (2359.HK) for the third time this year.

Capital Group purchased an additional 975,500 Hong Kong-listed shares of WuXi AppTec at an average price of HK$38.433 per share on February 15, involving about HK$37.49 million ($4.79 million), according to the Hong Kong Stock Exchange's latest disclosure of interests.

After the purchase, the Los Angeles-based financial services company holds about 35,095,070 shares in WuXi AppTec, raising its stake from 8.81% to 9.07%.

This is the third time this year that Capital Group has increased its stake in the Chinese pharmaceutical company. Its two previous purchases took place on February 2 and January 10, when it bought 2.4033 million shares and 395,200 shares at an average price of HK$42.50 per share and HK$73.49 per share, respectively.

Founded in 1931, Capital Group is one of the world's largest and oldest asset managers, according to the company's website.

It is an independent and privately owned company with offices in Europe, Asia, Australia and the Americas, hiring more than 9,000 employees globally.

As of 31 December 2023, Capital Group managed more than $2.5 trillion in assets.

(US$1 = HK$7.8251)