Caixin reports that China’s securities regulator has approved the initial public offering of the country’s largest biotech genetic startup, BGI Genomics, a key step forward for the company after failed attempts to list on foreign bourses. BGI’s plan to raise 1.73 billion yuan ($251 million) on the Shenzhen Stock Exchange’s Nasdaq-style ChiNext board was given the green light after a meeting Wednesday with the China Securities Regulatory Commission (CSRC), according to the CSRC website. BGI, the world’s largest provider of genome sequencing services, which is responsible for establishing China’s first national gene bank, made profit of 350 million yuan in 2016, up 28% from a year earlier, according to its prospectus. Some of its largest clients include state-owned China National Tobacco Corp. and the University of Oxford.
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