Jack Ma-Backed Wuxi Diagnostics Considering a Hong Kong IPO

(Bloomberg) -- Wuxi Diagnostic Investment (Cayman) Ltd., a Shanghai-based integrated diagnostics service platform, is weighing an initial public offering in Hong Kong as soon as next year, people with knowledge of the matter said. 

The Chinese firm is in discussions with potential advisers on a Hong Kong listing which could raise about $400 million, said the people, who asked not to be identified as the information is private. 

Deliberations are at an early stage and details such as timing and fundraising size may change, the people said. Representatives for Wuxi Diagnostics didn’t immediately respond to a request for comment. 

Backed by YF Capital, a private equity firm co-founded by David Yu and Alibaba Group Holding Ltd. founder Jack Ma, Wuxi Diagnostics raised $150 million in series B financing in February. New investors in the round included Thermo Fisher Scientific Inc., ABC International Holdings Ltd. and CCBI Tech Venture, it said in a press release at the time. 

Wuxi Diagnostics was established by New Wuxi Life Science Investment Ltd. and Mayo Collaborative Services in 2018, according to its website. The company’s services include disease screening, early diagnosis, genotyping, therapeutic drug monitoring, pharmacogenomics and survival-time prediction, the website shows.

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