Chinese Regulators Put an End to BGI’s IPO Quest
Monday, November 7, 2016
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.