BGI Genomics Ltd has made its IPO debut on the Shenzhen Stock Exchange raising $250 million, while Lenovo Capital led the series A round in medical imaging startup Imsight Medical.
BGI Genomics raises $250m in IPO debut
BGI Genomics Co Ltd made its listing debut, raising $250 million in its initial public offering debut on the ChiNext board in Shenzhen, the China Money Network reported.
The gene sequencing firm issued shares at RMB13.64 per share, indicating a price-earning ratio of 22.99.
BGI Genomics founder Wang Jian is projected to become a billionare as a result of the IPO, putting his net-worth at around $960 million to $1.6 billion, based on the trading price range predicted by Chinese brokerage firms.
Earlier, BGI Genomics attempted to go public in the US and Hong Kong but failed in its efforts. It also fell short in its bid to achieve an A-share float via reverse merger.
Founded in the late 1999, BGI generates most of its income from fertilization and health services, basic research services, complex disease services and drugs research services.
BGI Genomics is backed by Shenzhen Venture Capital Co Ltd, Yunfeng Capital, State Development & Investment Corp, and Shenzhen Co-Win Venture Capital Investments Ltd.
Lenovo Capital leads series A in Imsight Medical
Lenovo Group Ltd’s venture capital arm Lenovo Capital and Incubator Group, has led a $3 million (RMB20 million) series A round in Imsight Medical, an early-stage startup developing artificial intelligence-assisted medical imaging analysis tools.
Founded in February 2017, Imsight Medical uses computer medical image analysis and AI in its diagnosis and treatment programmes meant to reducing the time doctors need to spend on cumbersome, and repetitive work.
The startup plans to use its fresh capital to improve technology, product development, and expansion of its core team, the CMN reported.
Based in Shenzhen and Hong Kong, Imsight Medical originally started as part of Lenovo Capital’s incubator program as part of Lenovo Group’s big data and smart healthcare initiatives.
Lenovo Capital introduced Imsight Medical to key partners as well as major hospitals in Guangzhou and Sichuan province.
The Hong Kong Innovation and Technology Commission previously provided funding in Imsight Medical.