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Hong Kong biotech Prenetics tumbles after Nasdaq debut

CEO warns key COVID-19 testing business to drop as pandemic recedes

Prenetics Chief Executive Danny Yeung, right, stands with New World Development's Adrian Cheng during the biotech startup's trading debut on the Nasdaq on May 18. (Courtesy of Prenetics)

HONG KONG -- Biotech company Prenetics has lost more than one-third of its value since listing on the Nasdaq this week, as the Hong Kong startup's chief executive warned that a key virus-screening business was set for a steep fall.

Shares in the company, a COVID-19 test provider that helped soccer's Premier League resume matches, closed at $5.10 in New York on Thursday, down 40% from a high of $8.50 reached on its U.S. trading debut Wednesday.

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