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⭐️ New position BNR (Burning Rock Biotech) is a small, by revenue standards, Chinese biotech company focused on discovering and developing tests and diagnostics for the cancer market.

BNR operates three segments of business. The first and core business is centralized lab services that helps doctors choose the right therapy for late-state cancer patients. Adjacent to that are testing services for in-hospital and drug development. These three testing arms make up 100% of the companies current revenue.

Up and coming is Burning Rocks early-detection testing suite that's projected to roll out in 2022.

With a focus on, and headquarters in, China, this is the first Chinese name we've seen added into the portfolio since the whole ADR deluge from ARK this summer. Biotech appears to have escaped much of the China revaluation, and is certainly different than consumer tech so the risk profile here is lower.

ARK started with a tiny, 0.004% position in ARKG. They own less than .1% of the company.