Chinese cancer detection technology maker Burning Rock Biotech has filed to go public in the US.
The company set a USD 100.00 million placeholder for the listing and has yet to specify how many American depositary shares it hopes to float as part of the initial public offering (IPO).
No further details of the quotation have been disclosed at this time.
Reuters picked up on the news and cited sources as saying Nasdaq is on the verge of imposing new restrictions on IPOs which would make it more difficult for Chinese companies to go public on the exchange.
The news provider added that the US Senate has passed legislation which could result in a block on Chinese companies listing in the country, unless they follow US audit and regulation standards.
Burning Rock Biotech was founded in 2014 and has since developed 32 products for different types of cancer and clinical applications, including benign/malignant tumour diagnosis, minimal residual disease monitoring, tumour recurrence and progression prediction tests.
The company now claims to have one of the largest cancer genomic databases in solid tumours in China.
According to Zephyr, the M&A database published by Bureau van Dijk, it has received three rounds of funding, the most recent of which closed in February 2019.
That injection saw it secure CNY 850.00 million (USD 119.15 million) in an injection led by GIC Special Investments and also including participation from Lyfe Equity Investment Management (Shanghai), CMB International Asset Management (Shenzhen) and Lilly Asia Ventures Management, among others.
Proceeds of that deal were to be used for the ongoing development of the firm’s early cancer detection products, while expanding the sales and marketing team for its diagnostics unit.
Since the beginning of 2020, there have been 173 IPOs by Chinese companies announced worldwide, according to Zephyr, the M&A database published by Bureau van Dijk. The combined value of those deals is USD 16.95 billion.
In the whole of 2019, there were 605 listings worth an aggregate USD 55.46 billion signed off by Chinese companies.
© Zephus Ltd