MGI, dedicated to building core tools and technology to lead life science through intelligent innovation, will accelerate the application and expansion of the genetic sequencing industry with its registration of the initial public offering of shares on the Shanghai Stock Exchange STAR Market.
MGI
China Securities Regulatory Commission released the news that MGI (Chinese: 华大智造) was authorized to register the initial public offering of shares on the Shanghai Stock Exchange Science and Technology Innovation Board following the statutory procedures on 26 July.
According to its prospectus, MGI intends to raise funding worth CNY 2.53 billion (USD 374 million) for the construction of the intelligent manufacturing and R&D base and R&D production center for semiconductor-based gene sequencing instruments and supporting equipment reagents.
Founded in 2016, MGI focuses on R&D, production and sales of DNA sequencing instruments, reagents, and related products. What's more, the company provides real-time, panoramic, and full-life-cycle equipment and systems for precision medicine, precision agriculture, precision healthcare and other relevant industries.
According to public disclosure, from 2018 to 2020, the company's revenue grew to CNY 1.097 billion (USD 162 million), CNY 1.091 billion (USD 161 million) and CNY 2.78 billion (USD 411 million) separately, with the compound annual growth rate of 59.17%.
MGI's competitors include Berry Genomics (Chinese: 贝瑞基因), GeneMind (Chinese: 真迈生物) and CapitalBio (Chinese: 博奥生物).
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