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Coronavirus test-equipment maker MGI Tech rakes in $1bn funding

MGI Tech, a major provider of COVID-19 testing equipment in China, completed a $1 billion series B round led by IDG Capital and Citic Private Equity Funds Management.

The second round was much bigger than the first, which brought in $200 million a year ago, though the company had expected to raise $1 billion. MGI declined to disclose the company’s new valuation after the latest round.

The COVID-19 pandemic has created a favorable fundraising environment for the maker, as business rises on huge demand for its nucleic acid extraction kits used for detecting the disease.

MGI said it has been

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Century-old apparel maker Renown files for bankruptcy

TOKYO– Century-old apparel maker Renown said it entered bankruptcy proceedings Friday, becoming the first Japan-listed company to enter legal reorganization during the coronavirus pandemic.

Once one of the world’s biggest apparel makers, the company has seen its revenue nearly cut off as department stores and retailers have shut their doors.

Nikkei reported earlier that Renown’s filing Friday with the Tokyo District Court under the Civil Rehabilitation Law was approved the same day. The filing lists 13.9 billion yen ($130 million) in liabilities.

The company, which is majority owned by China’s Shandong Ruyi, is expected to take about a month to

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Top Thai medical gloves maker files IPO as pandemic spurs demand

BANGKOK — Sri Trang Gloves Thailand, the country’s biggest producer of medical gloves, has filed for an initial public offering on the Stock Exchange of Thailand to raise funds to increase production capacity, with the company seeing substantially increased demand for its products as a result of the new coronavirus pandemic.

“Glove demand tends to rise globally in line with the [growth of the] medical sector, and the coronavirus pandemic has also pushed demand much higher,” said Jarinya Jirojkul, chief executive of Sri Trang Gloves. “That has encouraged our company to raise funds from the Stock Exchange of Thailand for

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Panel maker BOE teams with Qualcomm despite US-China rivalry

BEIJING — Chinese display manufacturer BOE Technology Group and U.S. chipmaker Qualcomm announced a partnership Wednesday to develop panels with an advanced fingerprint recognition technology, even as tensions between Washington and Beijing make such arrangements difficult.

As a first step, BOE plans to mass-produce organic light-emitting diode displays that incorporate Qualcomm’s ultrasonic fingerprint sensors. This will allow smartphone makers to create products with super-thin and highly secure fingerprint readers, as well as streamline supply chains, the announcement said. Panels with the integrated sensors are expected to begin shipping late this year.

The companies expect the partnership to cover fifth-generation mobile

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