Sequoia-backed biomedicine firm New Industries eyes $183m in ChiNext IPO

Sequoia-backed biomedicine firm New Industries eyes $183m in ChiNext IPO

Sequoia-backed in-vitro diagnosis focused biomedicine company Shenzhen New Industries Biomedical Engineering Co., Ltd (also known as Snibe) has kicked off its IPO subscription exercise targeting to raise  1.29 billion yuan ($183 million) on the ChiNext board of the Shenzhen Stock Exchange. 

Snibe’s IPO application secured the approval of the China Securities Regulatory Commission on April 17. 

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