BGI Genomics Chair Focuses on Research Areas Amid Financial Inconsistencies and Falling Share Price
Qian Tongxin
DATE:  Nov 30 2017
/ SOURCE:  Yicai
BGI Genomics Chair Focuses on Research Areas Amid Financial Inconsistencies and Falling Share Price BGI Genomics Chair Focuses on Research Areas Amid Financial Inconsistencies and Falling Share Price

(Yicai Global) Nov. 30 -- China's biggest genome sequencing firm BGI Genomics Co. [SHE:300676] have fallen recently following inconsistencies reported in the firm's financial data. The firm had seen constant prices rises since going public four months ago, peaking at around CNY100 billion (USD15 billion). However, its shares have fallen recently over financial data inconsistencies.

"Reports said yesterday evening that the BGI Genomics bubble has burst. Let's see if the bubble will deflate," said company chair Wang Jian.

The firm has received inquiries from the Shenzhen Stock Exchange (SSE) over inconsistent production and sales data for reproductive health services for 2014 submitted during its initial public offering (IPO) application in 2015 and will be called on to answer a series of related questions, International Financial News reported on Saturday.

Local residents in Shenzhen's Dameisha district have also sued the company and complained to the local government over their concern that the firm's local office may cause environmental pollution. The ultimately lost the case, which lasted from 2014 until 2017. However, BGI Genomics did not disclose this matter in its IPO documents.

The differences in production and sales data were due to different statistics standards, and the litigation case already ended when the company applied for an IPO, BGI Genomics said in a subsequent statement.

BGI Genomics has four areas of research including the origins of life, evolution & diversity, birth, aging, diseases & death, energy-efficient agriculture and brain science, Wang said in a public speech. "Now our gene reading and writing is all done locally. Our total investment has exceeded CNY5 billion and we have been able to understand proteins, small molecules and immunology and even birth, aging, diseases and death. We hope to store all this information in the future."

Wang made particular reference to BGI Genomics' tumor marker. Precision medicine will lead to new industry research and new development, and it represents a whole new idea, Wang said. "We face three futures including future medical education, future medical research, and future medical practices as well as an industrial base for precision medicine."

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Keywords:   BGI Genomics Co.,IPO,Shenzhen Stock Exchange