Chinese precision oncology firm Burning Rock Biotech files for US IPO

Burning Rock Biotech on Friday filed for a U.S. initial public offering (IPO), making it the latest Chinese firm to opt for an American listing amid tighter rules by lawmakers.

The firm, which focuses on precision oncology and early cancer detection, set a placeholder amount of $100 million and did not specify the size of its offering.

In a filing, the company said it intends to list its American Depository Shares on Nasdaq under the symbol ‘BNR’.

Sources said on Monday Nasdaq Inc would unveil new restrictions on IPOs, in a move that will make it harder for some Chinese companies to debut on its stock exchange due to their lack of accounting transparency and close ties to powerful insiders.

China’s Luckin Coffee Inc said on Tuesday Nasdaq had notified the company of plans to delist it from the exchange, a month after it disclosed that some employees had fabricated sales accounts.

Separately, the U.S. Senate passed legislation on Wednesday that could prevent some Chinese companies from listing their shares on U.S. exchanges unless they follow standards for U.S. audits and regulations.

Last week, Chinese online grocery firm Dada Nexus Ltd, a joint venture of e-commerce major JD.com, also filed for a U.S. listing.

Burning Rock Biotech’s net loss attributable to ordinary shareholders last year widened to 334.2 million yuan ($46.85 million) from 232.3 million yuan in 2018.

Morgan Stanley, BofA Securities and Cowen are among the lead underwriters to the company’s offering.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.