Major Covid-19 testing equipment supplier MGI Tech made 2.78 billion yuan in revenue in 2020, mostly from its gene sequencing business

IDG Capital and CPE China Fund lead investors backing four-year-old startup of billionaire entrepreneur Wang Jian, who also controls genome giant BGI Group

Leading Chinese TV maker Hisense plans sale of 17.2% of equity in mixed-ownership restructuring; coronavirus test gear maker MGI Tech raises $1 billion

Gene-sequencing unit raises $200 million — one-fifth the expected amount — amid investor concern over sluggish sales

MGI Tech would be valued at $5 billion based on planned fundraising; Hong Kong listing may follow in 2019