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BGI Genomics Obtains Initial Regulatory Approval for IPO; Plans to Raise RMB 1.7B

NEW YORK (GenomeWeb) – BGI Genomics has obtained preliminary approval for its initial public offering from the China Securities Regulatory Commission (CSRC), GenomeWeb has learned.

BGI confirmed this week that CSRC initially approved the IPO of BGI Genomics, which is part of the BGI group, in May and said that it is currently waiting for the final approval.

The company filed an IPO prospectus in December 2015 to go public on the ChiNext exchange, a board for high-tech and other companies that is part of the Shenzhen Stock Exchange. It plans to raise RMB 1.7 billion ($249 million) in the offering.

According to the prospectus, BGI Genomics had operating income of RMB 1.7 billion last year, consisting of RMB 929.1 million from reproductive health services, RMB 383.3 million from complex disease services, RMB 329.1 from basic research services, and RMB 59.4 million from pharmaceutical services.

Its gross profit margin for 2016 was 58.4 percent, with a gross profit margin of 76.4 percent for reproductive health services, 41 percent for basic research services, 33.9 percent for pharmaceutical services, and 33.6 percent for complex disease services.

BGI declined to provide further information at this time, citing a quiet period related to the pending IPO.