BGI Genomics Benefits from Overseas Epidemic, Buying Financial Services with Cash While Raising CNY 500 million in debt
On May 11, BGI Genomics released the good news that the World Health Organization (WHO) included the novel coronavirus nucleic acid test products of its wholly-owned subsidiary into the emergency use list, with a procurement period of one year. According to the company, the inclusion in the list can provide a procurement basis for WHO member states and potential buyers, which is conducive to further enhancing the international competitiveness of the company's products and helping the prevention and control of the new coronary pneumonia epidemic on a global scale. Against the background of the outbreak of the new coronary pneumonia abroad, BGI has already started the overseas “gold rush” mode. At present, the company's new products have released in the EU, the US, Japan, Australia, Singapore, Canada and many other countries and regions. Thanks to the impact of the epidemic, the quarterly revenue of the company increased by 35.78% year-on-year, and then the company released no more than CNY 2 billion to purchase financial products. The move puzzled investors, with one side of the ledger flush with funds to go buy money management, while the other side of the company issues CNY 500 million in bonds to supplement the liquidity.