The Chinese Ministry of Commerce on Tuesday expressed firm opposition to the U.S. adding 33 Chinese companies to its so-called "unverified list" for export controls, requiring U.S. exporters to go through more procedures before shipping goods to the entities.

The U.S. Department of Commerce said it was taking the step as it was unable to verify the legitimacy and reliability of those entities in relation to their use of U.S. exports. The entities included listed companies, universities as well as aerospace and electronics suppliers.

China's commerce ministry hit out at the U.S. decision, urging Washington to correct its "wrongdoings" and return to the track of cooperation and contribute more to global economic recovery.

In addition to Wuxi Bio, a Chinese pharmaceutical and biotechnology company, additions to the list include technology companies such as Shenzhen Hymson Laser Intelligent Equipment Co., Guangdong Guanghua Sci-Tech Co. and Zhuzhou CRRC Special Equipment Technology Co. Ltd.

This has triggered worries that Sino-U.S. trade tensions are once again on the rise. The move also weighed negatively on Wuxi Biologics, a leading company which makes ingredients for vaccines including AstraZeneca's COVID-19 vaccine. Trading of the company's shares was suspended in Hong Kong Tuesday after its inclusion to the list.

With its units in Wuxi and Shanghai added to the unverified list, the company's stock plummeted more than 25 percent on Tuesday to wipe $9.9 billion off its market value. The CSI 300 Health Care Index also dropped 1.3 percent on the same day to close at its lowest in nearly two years. The company has filed for trading to resume. 

Shares in another Chinese company Hymson, a manufacturer of laser and automation equipment, also slid more than 7 percent after a unit was added to the list.

However, Chinese firms on the list aren't barred from doing business in the U.S. They may need additional licenses to buy products from American entities.

Wu Xianfeng, a fund manager at Shenzhen Longteng Assets Management Co. said the U.S. lists and sanction are just something Chinese firms need to learn to live with if they still want business with the U.S. in the future.  

As an investor, Wu is most concerned and worried about each firm's competitive edge as he suggested the entities may seek substitutes for their current goods or services to mitigate the potential impact.