The momentum of biopharma companies filing for listings in Hong Kong continues. On December 21, 2025, Genetron Health (Shaoxing) Co., Ltd. officially submitted its prospectus to the Hong Kong Stock Exchange (HKEX), aiming for a main board listing, with CCB International and CMBC Capital serving as joint sponsors. Public information shows that Genetron Health specializes in AI-driven multi-omics technology, deeply integrating AI capabilities into key segments of the biomarker value chain to advance precision diagnostics and drug development through technological innovation.
According to Frost & Sullivan, Genetron Health has built one of the earliest large-scale multi-omics baseline databases in the industry. Leveraging its self-developed multi-omics platform and combining foundational AI models with intelligent agents, the company has established end-to-end capabilities—from biomarker and target discovery to validation, product development, and commercialization. Its core business spans precision diagnostics, drug development enablement, and clinical research and transformation solutions.
Notably, just before its HKEX filing, Genetron Health announced the completion of a RMB 300 million Series D financing round on November 28, 2025. The funds will primarily support AI multi-omics R&D, pipeline expansion, and global service network enhancement, with a focus on accelerating clinical translation for core products like MRD monitoring and early cancer screening.
To date, the company’s shareholder lineup includes industry leaders such as BGI Genomics and Aier Medical, alongside prominent investment firms like GGV Capital, Huagai Capital, Fortune Capital, Changping Investment, and Songhe Venture Capital, providing robust financial backing for future growth.
**Can It Break Through During the Strategic Investment Phase?** In commercialization, Genetron Health has served over 1,000 hospitals—including 30 of China’s top 100—and partnered with more than 200 pharmaceutical companies and 500 clinical research institutions. Its flagship product, the 1021+ MRD personalized molecular residual disease gene monitoring system, enables stable detection of low-abundance ctDNA through ultra-deep sequencing, supporting comprehensive cancer patient management.
However, financial disclosures reveal a shift from profitability to losses. From 2022 to 2024, revenue stood at RMB 1.815 billion, RMB 473 million, and RMB 557 million, respectively, with net profits of RMB 372 million and RMB 54.127 million in 2022 and 2023, followed by a RMB 424 million loss in 2024. By H1 2025, losses widened to RMB 414 million. Precision diagnostics contributed 77.7% of H1 2025 revenue, while clinical research and drug development solutions accounted for 17.7% and 4.6%, respectively.
An analyst from a mid-sized South China brokerage noted that biotech firms often face prolonged R&D cycles, high costs, and risks, with losses being common during critical phases like platform upgrades and clinical translation. For Genetron Health, strategic investments aim to build long-term competitiveness, but returning to profitability hinges on successful product commercialization.
**From Profit to Loss: A Strategic Pivot** The financial shift reflects Genetron Health’s transition from high-growth profitability to a strategic investment phase. The company has ramped up spending on AI multi-omics R&D and pipeline expansion, particularly in AI model and multi-omics data integration, with rising annual allocations.
Its HKEX bid aligns with the exchange’s biotech-friendly policies, offering a capital lifeline for R&D. As of October 2025, Hong Kong led global biotech IPOs with 12 listings raising $1.3 billion, buoyed by deepening Stock Connect mechanisms and heightened international participation. Compared to mainland markets, HKEX’s leniency toward pre-profit biotech firms makes it ideal for innovation-driven companies. J.P. Morgan highlighted that Hong Kong listings provide critical capital access for global M&A and technology adoption, aiding overseas expansion.
**Precision Medicine Meets AI** Genetron Health’s path hasn’t been smooth. The precision medicine sector is fiercely competitive, with rivals also pursuing listings. External factors like shifting regulations and clinical trial setbacks pose additional risks. Internally, widening losses—RMB 424 million in 2024 and RMB 414 million in H1 2025—raise concerns, despite being tied to R&D. Revenue concentration (80% from precision diagnostics in H1 2025) also exposes the firm to market volatility.
Yet, the outlook for precision medicine remains strong. AI and multi-omics convergence is expanding applications in oncology and drug development, supported by favorable policies and rising health awareness. Genetron Health plans to deepen AI-multi-omics integration and global outreach, banking on its database, end-to-end capabilities, and client network to seize opportunities.
Market focus now centers on its risk control during transition, clinical translation progress, and commercialization potential. Whether Genetron Health can leverage HKEX to overcome funding constraints and achieve a tech-commercialization balance will be key to its future—and a test for China’s precision medicine innovation.