MGI is an offshoot of Chinese genome giant BGI Group. It makes technology for life science firms, providing genetic sequencing, medical imaging and laboratory automation equipment.
Chinese media reported in September 2021 that MGI had secured initial approvals to list on Shanghai’s STAR market, a tech-focused bourse. Regulators were pressing the company for more information on how it would build sales relationships independent of its BGI parent, however. There was also concern about patent lawsuits filed by Illumina, an American competitor.
MGI raised $1 billion in a Series B funding led by IDG Capital and CPE China Fund in May 2020.
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