Prenetics becomes first HK unicorn to go public

Leading diagnostic testing firm Prenetics agrees merger with Artisan, becoming Hong Kong's first unicorn to list on NASDAQ.

Hong Kong-based genomic and diagnostic testing firm, Prenetics Group announced yesterday September 16 that it has entered into a definitive merger agreement with special purpose acquisition company SPAC, Artisan Acquisition Group, which is privately owned by entrepreneur, Adrian Cheng.

Originally founded in 2014, the transaction values Prenetics at an enterprise value of US$1.25 billion, with a combined equity value of approximately $1.7 billion, and marks the largest ever de-SPAC of a Hong Kong-based company.

Following completion, Prenetics will be the first Hong Kong unicorn - a start-up company with a value of over $1 billion - to list on the NASDAQ bourse.

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