Chinese regulators put an end to BGI’s IPO quest

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Chinese securities regulators, citing a lack of required documentation, are not proceeding with a review of BGI’s IPO application, just short of a year from when the genomics company filed to get on the Chi-Next board of the Shenzhen Stock Exchange.

The regulatory decision regarding the IPO, which had a $3 billion valuation, as reported by China Money Network, is a big blow to what’s been a three-year quest.

In Aug. 2013, FierceBiotech reported on the DNA sequencing service provider’s IPO interest citing a Forbes article that noted IPOs in biotech were on the upswing. Since then BGI has been busy attracting substantial funding, from a $205 million round in 2012 to an investment by Chinese insurance company Taikang Life for a 20% stake in 2015, notes China Money Network.

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In 2014 it became the first company to be certified under China’s food safety rules regarding genetic testing, notes China Money Network.

This year BGI, a global leader in foundational DNA sequencing regarding genetic traits, launched a partnership in May with UW Medicine regarding precision medicine and population genetics. That partnership followed a corporate leadership shuffle in 2015 as CEO Wang Jun left and started an AI healthcare company called iCarbonX. The startup, as FierceBiotech reported earlier this year, has a valuation of $1 billion.

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