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Genome Giant Denies Falsifying Revenue Data

By Wang Luyao and Tang Ziyi / Apr 09, 2019 12:22 PM / Business & Tech

Photo: VCG

Photo: VCG

Chinese genome giant BGI Genomics denies it falsified profit records after a securities regulator said the company had inflated its 2017 income by millions of yuan.

Shenzhen's Securities Regulatory Commission said the company exaggerated its project business income for 2017 by 13.3 million yuan ($1.98 million), and its net profit from its project business by 12.4 million yuan, according to a statement filed by BGI last week.

BGI said on Sunday that the revenue discrepancy was caused by “irregular” accounting standards and that the company has taken measures to update its data in accordance with regulations.

Related: Gene-Sequencer Illumina Faces Tough Competition as It Officially Enters China

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