Hong Kong Biotech Start-Up Prenetics Plans $1.3 Billion Spac Merger

Prenetics, a genetic testing startup, is expanding into other Asian countries after raising $40 million in a Series B deal, led by Alibaba and the Hong Kong Entrepreneurs Fund. The round includes capital from Yuantai Investment Partners, Mfund and Egarden Ventures, bringing the total to $50 million. According to a predetermined forecast by Brussels-based marketing consulting firm Alex D. Little cited by Prenetics, the global market for genetic profiling services could grow from $1.3 billion in 2019 to $50 billion in 2026. Prenetics, a Hong Kong-based biotechnology company, was displayed on January 26, 2018 in the lab of the company in Hong Kong. Genetic testing company Prenetic has acquired UK-based DNAFIT to expand its global presence and reach into the consumer market. At Prenetic, employees would be paid in cash and shares for the takeover, chief executive Danny Yeung said.

According to sources close to the deal, Prenetics, a Hong Kong biotechnology company, will merge with Artisan Acquisitions, a special purpose company, with a combined value of $1.3 billion or more. A Hong Kong biotechnology company in the company’s laboratory in Hong Kong, based on January 26th, 2018. Prenetics is a company traded on the Nasdaq under the ticker symbol ARTU. In an exclusive interview with Nikkei Asia, Prenetics co-founder and CEO Danny Yeung announced Adrian Cheng, CEO of the Hong Kong conglomerate New World Development, took part in the current round. A company spokesman confirmed that Cheng had invested in the company. Most of the new money in this round will be used for research and development, including the acquisition of companies and technologies that will improve the company’s products.

A sign of Prenetics, a Hong Kong-based biotechnology company, was hung outside its lab in Hong Kong on 26 January 2018. It started with the announcement of a cyber security review of the list by Didi Chuxing of Kanzhun Full Truck Alliance and China Cyberspace Administration (CAC). China promised greater scrutiny of publicly traded companies “data and was considering regulations that could prevent Chinese companies from being listed on the stock exchange. China’s ADR and ECM pipelines are subject to great uncertainty, and transaction flows may stall for the foreseeable future. The first choice remains to debut on Hong Kong’s main board, but Prenetic is aware it will not meet the profitability requirements for an IPO, two sources said. The company could go public at a profit if it achieves the required revenue and market capitalization.

Prenetics is considered a growth company by the Market Board of Hong Kong, whose listing rules are not as strict as the list of special purpose vehicles and blank cheques.

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