China’s BGI Genomics Denies Flawed PCR Tests Claim; Firm’s Shares Drop
Dou Shicong
DATE:  Dec 05 2022
/ SOURCE:  Yicai
China’s BGI Genomics Denies Flawed PCR Tests Claim; Firm’s Shares Drop China’s BGI Genomics Denies Flawed PCR Tests Claim; Firm’s Shares Drop

(Yicai Global) Dec. 5 -- Chinese gene-sequencing giant BGI Genomics said it will pursue legal action against a former business for allegedly fabricating stories that besmirch the firm. BGI’s shares plunged today, after Wang Deming said on social media that its polymerase chain reaction test results were inaccurate.

After slumping by almost 7.8 percent this morning, BGI’s stock [SHE: 300676] closed down 4.6 percent at CNY56.23 (USD8.07).

Wang said on social media yesterday that BGI’s PCR test results were inaccurate, alleging that he was beaten up by people hired by BGI executives for filing a whistleblower complaint with authorities. He has suffered permanent disability, as a result of the beating, Wang added.

BGI Group, the parent company of BGI, issued an official statement this afternoon, saying that Wang had made up stories to defame BGI’s business and management.

Wang used to be a business partner of Shenzhen-based BGI, but he repeatedly concocted stories to defame the company after their cooperation broke down, it said, adding that BGI has launched legal defense measures.

Hit by falling overseas demand for Covid-19 tests, BGI’s earnings fell this year. Net profit in the first three quarters tallied CNY747 million (USD107 million), down 47 percent from a year earlier, with revenue 12 percent lower at CNY4.5 billion, according to its latest trading results.

Editor: Peter Thomas

Follow Yicai Global on
Keywords:   BGI Genomics,polymerase chain reaction test