China’s MGI Tech to Divest US Subsidiary Citing Geopolitics

Chinese biotechnology firm MGI Tech Co. announced it will divest its wholly-owned US subsidiary, Complete Genomics Inc, retreating from a decade-long quest to expand in the American market amid what it described as an increasingly grim policy environment.

MGI, which manufactures gene-sequencing equipment, will sell 100% of its shareholding in Complete Genomics to Swiss Rockets AG for around $50 million, according to a filing with the Shanghai stock exchange on Tuesday.